CA - InPlay outlines 2023 capex and production says macro outlook for oil positive

InPlay Oil (TSX: IPO) ( OTCQX:IPOOF ) said Wednesday its board approved a capital program of $75 – $80 million for 2023, with expectations to deliver annual average production of 9,500 – 10,500 boe/d (58% – 61% light oil and NGLs).

InPlay said it believes that the macro outlook for oil prices is more positive than the macro outlook for natural gas prices, and has pivoted its 2023 capital program towards higher oil weighted properties.

The company said it sees increase in total light oil production of 14% – 24% in 2023 from last year.

2023 AFF is forecasted to be between $126 – $138 million, while FAFF is expected to be around $46 – $63 million, InPlay said.

The company expects paying dividend of $15 – $16 million during the year, which translates to monthly dividend rate of $0.015/share or $0.18/share on an annualized basis.

Annual average production for 2022 is forecasted to be about 9,150 boe/d, at the lower end of its production guidance.

The company also appointed Regan Davis as a board member.

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