Published On: November 28th, 2022
Calima Energy is a growth-oriented Australian oil and gas producer and explorer. In 2021, the energy Company underwent a ground-breaking merger with Blackspur Oil and transformed into a high-margin oil and gas producer. The Company runs three primary drilling operations: Brooks, Thorsby, and Montney. Calima Energy and CEO Jordan Kevol have recently announced the completion of drilling of four out of its five wells in the Q4 drilling program. The latest Calima Energy share price is AUD 0.13.
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An Overview Of Recent Updates Regarding Q4 Drilling Operations
Calima Energy Limited (ASX: CE1) has recently announced the completion of four of its five wells in the Q4 drilling program of Brooks. These comprise the three Sunburst wells, namely Gemini #10, #11, and #12, and the two Glauconitic Formation horizontal wells, namely Pisces #6 and #7. Out of the five wells, the three Sunburst wells and one Glauconitic well (Pisces #6) have already been drilled, while the drilling work for one Glauconitic (Pisces #7) is in progress, expected to finish by the end of November.
While the status of Gemini #10 and Gemini #11 is “on production”, Gemini 12 has been drilled and will soon begin production. Also, the IP30 production for these wells is modelled at 120 boe/d. Besides, fracture stimulation for Pisces #6 and #7 is expected to begin in the second week of December. Initial flow back and testing are expected to occur in the latter half of December, and their IP30 production is modelled at 230 boe/d. The Company will continue to evaluate and explore more commodity contracts for its portfolio hedge for 2023.
Developments In Leo #4
Drilled in January 2022 and fracture stimulated in June 2022, the Leo #4 (50% WI) is yielding positive operating revenue and will include new reserves while treating the fluids at Thorsby 16-5 battery Calima wholly owns. The well is 4,088 meters deep and is outfitted with a 52-stage liner. During the testing period of four months, the well produced 13,150 boe till October. Calima also examines a follow-up location off the same pad as Leo #4. It would target the Sparky “C” sand, representing a different reservoir within the Sparky age rock.
President And CEO Jordan Kevol
The Calima Energy Senior Management includes highly qualified and experienced members, with Jordan Kevol as the President and CEO of the Company. Announcing the latest developments in the Calima Energy projects, CEO Jordan Kevol released the following statement –
“Our current drilling program at Brooks is ~80% complete. Gemini #10 has already been in production for ~3 weeks, and we are pleased with the rates meeting our budgeted curve. Gemini #11 has just come into production today, and Gemini #12, is planned to be in production in the coming days. We expect to see initial oil production from the two wells approximately a week after they each come into production. Drilling is ongoing on our final well (Pisces #7), and we anticipate finishing it in about a week. The two Pisces wells will be prepped for frac, and we expect them to be completed in the first half of December. Both wells are short tie-ins, so production dates for both wells are expected to be in late December.
Leo #4, while a lower boe rate than we had modelled, was encouraging with the high fluid inflow rate from the zone. Further evaluation is occurring across our Holborn land base. We believe the prospectivity across the other Sparky sand bodies has not been affected, negatively or positively (from a geological perspective) by the results from Leo #4″.
For the Montney Formation in British Columbia “Calima Lands” owns over 63,103 acres of production & drilling rights. Previously known as Azonto Petroleum Limited, the Company strives to facilitate the further exploration as well as the development of natural gas and oil assets in the Western Canadian Sedimentary Basin in an environmentally sustainable manner.
Calima Energy has issued 611,750,769 shares and has a market cap of AUD79,527,60. The company is only expected to experience further growth in the upcoming years, making it a lucrative investment choice for Calima Energy investors. Explore the official website for more information.