Calima Energy (ASX:CE1) commences oil and drilling programs

• Calima Energy (CE1) commences its initial 2022 oil and gas drilling campaign at its Brooks site in Canada
• The program comprises the multi-stage fracture stimulation of two wells at Brooks and the drilling of an additional third Glauconitic well
• Following the multi-stage fracture stimulation programs the wells will be tied-in to existing infrastructure and facilities
• Each of the wells is expected to be producing at full potential in late February or early March 2022
• Shares have been up 7.1 per cent trading at 22 cents

Calima Energy (CE1) has commenced its initial 2022 oil and gas drilling program at its Brooks site in Canada.

The program includes multi-stage fracture stimulation of two wells drilled prior to Christmas. These Pisces 1 and 2 wells have commenced completion and fracture stimulations with flow testing expected to commence the last week of January.

The company says an additional well, Pisces 3, is glauconitic and spudded January 2 of this year. The well will be drilled to a measured depth of approximately 2,600 metres and is expected to take 10 days to drill. Glauconitic wells are anticipated to have an estimated ultimate recovery of 170 to 400 million barrels of oil equivalent.

Following the multi-stage fracture stimulation programs the wells will be tied-in to existing infrastructure and facilities.

The company anticipates initial flowback will occur by the last week of January for the first two Pisces wells.

The company says each of the wells is expected to be producing at full potential in late February or early March of this year.

Shares were up 7.1 per cent trading at 22 cents at 1.07 pm AEDT.