A reminder that the deadline for retiring 20% of your wells in the IWCP is March 31, 2018. An updated IWCP compliance report will be made available on April 1, 2018 by the AER. This report will contain the remaining noncompliant inventory and the target quota for the upcoming year for each operator. Operators who have not retired 20% of their IWCP inventory in the second year of the program may be subject to enforcement action and/or penalties by the AER.
An updated Inactive Well Compliance List is available
The AER's deemed liability of a well may help you decide which wells to bring into compliance this year, particularly if doing so can reduce your company's LMR security deposit, which may even result in a refund from the AER.
The IWCP and LMR programs should not be considered mutually exclusive. While a reduction of your company's IWCP inventory may seem costly, any reduction in your LMR security deposit, by either a reduction in the deemed liabilities or an increase in the deemed assets, will help offset the economic burden.
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