Ivanhoe Energy says to triple spend on drill plan
3/29/2004 9:38:40 AM
(In U.S. dollars)
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TORONTO, March 29 (Reuters) - Ivanhoe Energy Inc. (CA:IE) (IVAN) said on Monday it will more than triple its 2004 spending to participate in drilling 65 wells in the United States and China.
The Vancouver-based company said in a statement it will spend $52 million on the wells in 2004, compared to the $14.6 million it spent in 2003.
"We expect that the 2004 program will substantially increase our daily production of oil and gas by year end, generate recurring cash flow and add value to the company," said Ivanhoe Chairman David Martin.
The program will be funded by the company's equity financings, funding agreements with third parties, and by internally generated cash, he said.
Three of the wells have already been drilled, while 62 wells are new and will be drilled this year.
The small company is known for exploration and production, oil development ventures with national oil companies and research into fuel production from natural gas.
($1=$1.32 Canadian)
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واللي فهمته انهم متوقعيت ارباح ثلاث اضعاف في 2004 عن سنة 2003