Two gas plants we have been watching, that service the greater Alberta Montney, are now slated to come on-stream in the next few months. Combined these plants represent ~260MMcf/d of raw gas processing capacity in broadly under-served areas. CSV's 150MMcf/d sour plant near Hythe will primarily take NuVista Pipestone and Kelt Wembley volumes, while CSV's Gordondale plant in the Pouce Coupe area will be more flexible, taking volumes from Kelt and Storm.

NorthRiver's Gordondale West expansion now has a semi-firm in-service date of May 20th, and per members of the Kelt management team, they are now expecting an on-stream date of the CSV Albright gas plant of "late June".

These are positive developments, allowing producers the flexibility to resume growth; albeit at a poor time with oil prices at ~US$60/Bbl (and these plants are accompanied by take-or-pay agreements), though broadly, more processing service is good and allows operators to execute asset delineation and derisking (i.e. NAV expansion). We expect to see that especially so in the Gordondale West area where both the Montney and Charlie Lake are emerging oil-weighted plays.

Granted,we are still expecting an on-stream date in Q3 of 2025 for CSV Alberta (per our early 2025 notes), we'd be very pleased with slightly an early comissionoing. Recall the initial CSV on-stream date of Q4 2024 was delayed due to accident at construction site where a crane operator dropped a sulphur handling unit. Companies with service at CSV Albright include Kelt (50MMcf/d), NuVista (40MMcf/d), Advantage (20MMcf/d), and Tamarack (5MMcf/d). We are less certain about firm service owners at Gordondale West, though using permitted and recently constructed pipelines, we think it's extremely like Kelt and Storm hold service; and likely that Bonterra and Tourmaline hold service.

This is slightly positive for Kelt and NuVista. For NuVista, we believe that CSV Albright adds another failsafe to their processing arsenal, in respect to their ability to deliver on their 2025 stated growth targets (exit at a spot rate of 100,000BOE/d). For Kelt, we are actually slightly excited, as Gordondale West is not a plant the broader market is expecting, with the commissioning of Gordondale West able to accept volumes from Pouce Coupe Montney (where they recently completed 2 wet gas wells), along with the Montney and Charlie Lake to the north. Notably, Kelt recently spud their 09-12 Montney pad (2 wells), which should see their entire greater Pouce Coupe North budget come on-stream concurrent with the commissioning of Gordondale West.

Below we show a map clip of Montney and Charlie Lake soaking/DUC wells that will eventually feed into these plants, along with a recent photo of NorthRiver Gordondale West from their most recent industry update flyer.