For 2024 and 2025, Cardinal will continue to meet or exceed regulatory mandated expenditure levels, with an expected increase in spend in 2026. Cardinal’s original 2024 budget included C$20 million for ARO expenditures, which will now be reduced to approximately C$10 million, of which C$4.3 million was spent in the first quarter of 2024.
The balance of capital spending for 2024, excluding the first quarter of 2024 spend, will be approximately C$70 million on our conventional asset base, C$6 million related to ARO, and C$54 million on Cardinal’s Reford SAGD project.
