- Calima Energy (CE1) progresses a number of activities across its portfolio in Canada, including drilling and implementing a new hedge policy
- The company completed drilling of the Gemini #9, Gemini #8 and Pisces #4 wells, with Pisces #5 spudded
- Meanwhile, the Leo #4 frac program was completed, with the well to be shut-in for two weeks in order to undertake activities for an extended production test
- The company revises its hedge policy to take advantage of the current upswing in oil prices, but to also protect from potential price downturns
- Shares end the day 2.94 per cent in the green to close at 17.5 cents
Calima Energy (CE1) has progressed a number of activities across its portfolio in Canada, including drilling and implementing a new hedge policy.
The company completed drilling of the Gemini #9 and Gemini #8 wells, with both expected to be placed on production within the next week.
In addition both the Pisces #4 and Pisces #5 wells were spudded, with the aim of following up historical drilling.
Pisces #4 has now been completed, with fracture stimulation due in the coming weeks and production anticipated in August.
Meanwhile, the Leo #4 frac program was completed, with the well to be shut-in for two weeks in order to undertake activities for an extended production test.
In other news, Calima reported lower production due to the failure of a gas compressor at Brooks and a third party’s gas turnaround time at Thorsby.
CEO and President Jordan Kevol said these issues have been rectified.
“Well downtime has affected our average production for June with our third-party gas plant requiring maintenance at Thorsby and mechanical failure of the compressor at Brooks 2-29,” he said.
“However, production is on track to be back at about 4100 barrels of oil equivalent in early July.”
Finally, the company executed a revised hedge policy, which is designed to take advantage of the current upside in oil prices while also protecting it from potential price downturns.
Shares ended the day 2.94 per cent in the green to close at 17.5 cents.