I see a 1c div or $6m to be paid around the same time as last year. My base case scenario is that I don’t see us being 100% owners of Montney, so we’re not bearing all the capex.
Any sell down would cover the capex with the exception of a full sale which should result in a material capital return.
My low end oil price forecast gets me to $10m FCF after $40m capex. That’s also based on 4,450 BOE/d, which I think is reasonable / conservative. That leaves $4m to cash growth given I see only a marginal low probability scenario where we fully develop Montney.
CE1 Price at posting:
12.0¢ Sentiment: None Disclosure: Held
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