The board of directors approved the initial 2017 capital budget of $300 million, Eclipse Resources Corp. (NYSE: ECR) said Feb. 7.
It includes about $261 million for drilling and completions, $33 million for land activities and $6 million for other capital requirements.
The initial capital budget assumes the drilling of 19 net (22 gross) horizontal Utica wells, and completion of 19 net (20 gross) horizontal Utica wells. The budget also includes the drilling and completion of 1.9 net (2 gross) Marcellus wells.
The wells to be drilled in 2017 should average about 13,300 ft in lateral length.
Regarding finances, Eclipse Resources said it increased the borrowing base to $175 million from $125 million during the recently completed spring redetermination, in which the bank group extended the revolving credit facility’s maturity to January 2020.
Assuming this transaction closes under the terms as currently anticipated, the company estimates it exited 2016 with $342 million in liquidity.
Eclipse Resources Corp. is based in State College, Pa.
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