The board of Advantage Oil and Gas has approved a capital and operating budget of $216m for a 12-month period ending June 2012.
The firm allocated $200m for phase IV of the development programme at its Glacier gas plant in the Canadian state of Alberta.
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At Glacier, $155m will be used to increase the daily throughput capacity from 100MMcf to 140MMcf by the second quarter of 2012.
The firm will also develop the Middle and Lower Montney formations in Glacier with an investment of $45m.
To date, a total of 60 Montney horizontal wells have been drilled on the 80 net section land.
According to the firm’s review of drilling results, the Montney well inventory consists of up to 1,150 horizontal wells.
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By GlobalData
