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Advantage Oil             & Gas’ latest pad, comprising of eight wells, produced at a combined 120 mmcf/d. Analyst Phung mentioned that the average well cost of the six Lower Montney wells was C$4.3 million, as compared to the estimate of C$5.1 million.

“Despite a drilling program with relatively few wells, we are impressed with the cost reduction and we wonder if AAV is only near the beginning of its learning curve for cost and productivity optimization”.

The EPS             estimates for 2016, 2017 and 2018 have been raised from $0.02 to $0.03, from $0.33 to $0.36 and from $0.53 to $0.55, respectively.

“Factoring in improving capital efficiencies, we wonder if Advantage may become the gold             standard among dry gas operators in Western Canada should costs be further reduced with further demonstrated execution”.
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