11:42 AM EDT, 06/03/2024 (MT Newswires) -- RBC Capital Markets on Monday said Kiwetinohk Energy's ( KWTEF ) announcement of an acceleration to its 2024 budget outlook is largely in line with prior estimates.

The company's accelerated budget outlook features more than $45 million in incremental capital alongside unchanged production figures.

Core exploration and production expenditures will continue to focus on developments in the Duvernay with 13 wells and the Montney with 4 wells in 2024. The three-year plan continues along this thread with an annual production target of 40,000 barrels of oil equivalent per day in 2026.

The bank built in a slightly higher capital budget figure into its estimates. RBC also noted that the budget outlook incorporates slightly stronger volumes in 2025 on the updated investment.

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