Birchcliff Energy Ltd. (TSE:BIR) has released an update.
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Birchcliff Energy Ltd. reported solid Q1 2024 performance with an average production of 75,402 boe/d, surpassing internal projections thanks to strong initial rates from five new wells. Despite a net loss to shareholders, the company is optimistic about the natural gas market’s future and remains committed to its financial strategy, including maintaining a total debt to annual adjusted funds flow ratio below 1.0. Birchcliff has adjusted its 2024 capital program, focusing on strategic exploration investments and preparing for an efficient 2025 capital program within the $240 to $260 million expenditure guidance.
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