Published On: January 12th, 2023
Pisces #6 and #7 on the same lease site
Calima Energy (ASX: CE1) declares the completion of Pisces #6 and #7 drilling programs. Currently, the two wells are undergoing the process of “clean up” and are producing back the frac fluid introduced into the reservoir as part of the accomplishment. They are also producing hydrocarbons at strong rates. Calima Energy and CEO Jordan Kevol also promulgate the commencement of the Pisces #8 and #9 drilling program, with the former being spud on 6 January at Brooks Alberta. The latest Calima energy share price is AUD 0.140.
More Insights on Pisces #6 & #7
Calima Energy and CEO Jordan Kevol estimate that Pisces #6 and #7 will complete the clean-up process and start producing at significantly high rates within 30 days of initial production. The recently drilled Sunburst wells (2.5 net), namely Gemini #10, #11, and #12, are all in production. The three wells presently produce nearly 420 boe/d (gross) and 370 boe/d (net). Additionally, the Q4 Gemini program has achieved almost 35% higher production than budgeted type curves during the initial 30-day period.
Through the first week of January, the production has reflected a marked increase of more than 4,500 boe/d with the new wells. Calima also observes the new wells as they undergo the clean-up closely.
Q1 2023 Program: Latest Updates
Pisces #8 is being drilled from the same lease from where Pisces #9 will be subsequently drilled.
Calima Energy and CEO Jordan Kevol declare the initiation of the drilling Pisces #8 and #9 (100%WI) for Q1-23 at Brooks. Both the horizontal Glauconitic formation wells will be drilled off the same pad, offering savings and efficiencies on drilling, fracture completion, and gas tie-in infrastructure. The drilling project for each well is estimated to take approximately ten days, followed by the commencement of the completion operations.
Furthermore, both wells are projected to have a 2,750m long horizontal section, commensurate with Pisces #2, the longest Glauconitic well drilled by Calima Energy. While both wells are anticipated to be completed and ready for production testing in late February, their total depth will be determined by several elements, such as reservoir conditions, geology, and directional drilling factors. The high-level expectations of more excellent production and reserve for both wells are because they are 15% longer with 60% more fracs than the 12-23 well.
Calima Energy President and CEO Jordan Kevol
Calima Energy CEO Jordan Kevol
The Calima Energy Senior Management comprises highly knowledgeable and profoundly experienced mining industry experts who are well-known for creating a high shareholder value.
Following is the comment by Calima Energy CEO Jordan Kevol concerning the latest developments in the Calima Energy projects.
“Drilling continues at Brooks. After a drilling break in December to get Pisces #6 and #7 completed and tied in, we have brought the rig back to drill another two Pisces Glauconitic wells. These wells are being drilled into a known Glauconitic pool which was proven in 2020. We are excited to be drilling these two follow-up wells with a more intensive fracture completion compared to the 2020 well in the same pool. The production from our successful Q4 Gemini campaign, coupled with Pisces 6 & 7 now on production and cleaning up, has increased corporate production rates to a current peak of 4,500 boe/d, above budgeted rates for January. The drilling of Pisces 8 and 9 will further contribute to production rates in late Q1 and into Q2. Plans are in the works for more wells to be drilled in Brooks and Thorsby for late Q2 and Q3 2023.”
Investor Outlook
- Calima Energy Limited is a free cash flow and growth-centric producer and exporter of natural resources in Australia and rare earth minerals, specifically oil and gas.
- The Company underwent a game-changing collaboration with Blackspur Oil in 2021. It successfully grew into a high-margin oil and gas producer leveraged to WTI pricing plus exposure to rising natural gas prices.
- Calima Energy Limited experienced a surge of +7.69% in its ASX performance to date (2023), proving highly beneficial to Calima Energy investors.
- Calima boasts a superlative portfolio comprising assets in Alberta (Brooks and Thorsby), a de-risked asset base with existing wells and booked reserves with extensive 3D seismic.
For more information, visit www.calimaenergy.com.
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