TSX:CJOil and Gas
Will Reford 2 Expansion Change Cardinal Energy Stock Narrative
Cardinal Energy announced an expansion of its Reford 2 SAGD project, increasing targeted nameplate capacity to 6,000 bbl/d from 4,250 bbl/d with an incremental cost of about $40 million and most spending expected in 2027, while reaffirming a September cash dividend of $0.06 per share, designated as an eligible dividend for Canadian tax purposes.
The revised Reford 2 scope indicates that Cardinal Energy is planning for capital efficiencies of $30,000 per flowing barrel or less. Together with...