The following is a summary of the Advantage Energy Ltd. (AAVVF) Q1 2024 Earnings Call Transcript:
Financial Performance:
Advantage Energy reported Q1 2024 adjusted funds flow of $67 million with capital expenditure of $76 million.
Their net debt was $233 million, falling within their target range.
The Company repurchased 2.4 million shares at an average price of $0.86, returning $21 million to shareholders.
Q1 production was over 66,000 barrels of oil equivalent per day, reflecting an 18% per share increase from the last year.
Liquids production rose to 6,452 barrels per day, a 17% per share increase over Q1 2023.
Business Progress:
Advantage's Glacier wells maintained record production levels.
The company initiated drilling a three-well pad at Wembley despite suppressed North American gas prices, expecting these to be operational by early Q3.
The development of the Progress gas plant is expected to be commissioned by mid-2025.
Advantage aims to continue growing cash flow per share while maintaining a net debt target of between $200 million and $250 million.
The company is benefiting from an effective drilling program, expecting to achieve this year's targets with fewer wells, possibly leading to a reduction in the 2024 capital.
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