Published On: June 16th, 2022
Calima Energy Limited is a company based in Australia, founded in 2005. It takes pride in developing natural gas and oil in the Canadian Basin and being an environmentally responsible energy producer. The company recently released the Inaugural ESG Report, stating the environmental and social impact of the company’s drilling projects. The major environmental impacts they are focusing on are GHG Emissions, Spill Prevention and Reporting, and Asset Retirement Obligations. Moreover, they are also focussing on Safe Operations, Community and Stakeholders, and Corporate Governance & Policies.
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Understanding The Latest Stock News of Calima Energy (ASX: #CE1)
As per the recent tweets by Calima Energy (ASX: #CE1 $CE1), they have begun the initial drilling of a second well for the June session. The project started at Brooks, and the stock has shown an 18.75% yearly return. The Calima energy share price was last recorded at AUD 0.19.
About The CEO And Executive Director
Jordan Kevol, CEO and President, has recently announced on 15 June 2022:
“The Company is pleased that Gemini #8 has been drilled and with WTI ~US$120/bbl, each well will have a meaningful impact on revenue. The two Thorsby wells are back on production above 550 boe per day after their coil cleanouts.”
In the latest report, he said: “Calima’s operations team has been working in a phenomenal manner, getting horizontal wells drilled, completed, and tied-in in record time.”
Glenn Whiddon, Executive Director and Executive Chairman, helped the company close a major deal. On 30 April 2021, the headlines read ‘Calima Energy Acquires Blackspur Oil.’
What Is the Sunburst Formation?
As it is known, Calima Energy is on its way towards its sunburst formation with the Gemini and Pisces wells. Both the wells are horizontal. The company had started its sunburst formation by drilling a series of horizontal wells, and they aimed to achieve and produce about 4,000 boe p/d for the year-end production. On 15 June 2022, we had some major updates regarding this sunburst formation.
Latest Update on Gemini #8
The drilling for the Gemini #8 was completed on 14 June 2022. This well was spudded on 1 June 2022, with a lateral length of 670 meters. As per the notice, it shall be completed within two weeks when the production begins. They announced some good news too, stating that the oil and gas were found to be available per the company’s analysis.
Gas The Drilling of Gemini #9 Begun?
Furthermore, they also announced that they started the drilling of the Gemini #9 horizontal well. This shall be a huge addition to their sunburst formation. The drilling for Gemini #9 shall take up to 8 days, per their current calculations, to its full depth. The lateral drilling length is expected to be about 1050 meters. It was spudded on 12 June 2022.
Calima Energy ASX: Investor Perspective
- With the help of their sunburst formation, the company is growing immensely.
- The stock price of ce1 ASX is soon to skyrocket.
- Calima Energy has been giving definite targets and staying put on them.
- The analysis made by the team is very accurate.
Calima Energy has proved itself as a successful oil and natural gas company in recent years, and the growth rate of investment has been continually thriving. The sunburst formation at Calima energy has made the company a leader in energy drilling in Australia. You can also look at the latest developments and announcements of the company on their different social media handles.
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