The Explorers 2016: Caelus taking a risk on Smith Bay

Caelus Energy LLC offers a reason for concern and a reason for hope.

A local subsidiary of the Texas-based independent is slowing its development of the Nuna satellite at its Oooguruk unit because persistently low oil prices and the resulting political uncertainty have challenged the economics of that North Slope project.

At the same time, the company proceeded with a two-well exploration program in an even more remote and challenging region of Smith Bay farther west – a region that could only be developed economically if oil prices rise considerably over the near future

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