- Calima Energy (CE1) progresses activities within its Brooks operations in Canada, after wrapping up drilling in one well and spudding another
- The Gemini #8 well finished drilling yesterday, with oil and gas shows at expected levels
- In the next two weeks, the company is planning to complete and place the well on production
- Meanwhile, operations of the Gemini #9 well have accelerated, with spudding now complete and drilling to total depth anticipated to take eight days
- Shares are trading 2.56 per cent lower today at 19 cents each at 12:57 pm AEST
Calima Energy (CE1) has progressed activities within its Brooks operations in Canada, after wrapping up drilling in one well and spudding another.
The Gemini #8 well finished drilling yesterday, with oil and gas shows at expected levels.
In the next two weeks, the company is planning to complete and place the well on production.
Meanwhile, operations of the Gemini #9 well have accelerated, with spudding now complete.
The well is targeting the Sunburst Formation and is expected to take eight days to reach its total depth.
CEO and President Jordan Kevol was thrilled to see activities progressing.
“The company is pleased that Gemini #8 has been drilled and with a West Texas Intermediate Oil Benchmark Price (WTI) of about US$120/bbl, each well will have a meaningful impact on revenue,” he said.
“The two Thorsby wells are now back on production above 550 barrel of oil equivalent (boe) per day after their coil cleanouts.”
Calima also has plans to drill the Pisces #4 and #5 wells, both of which will target the Glauconitic Formation.
Shares were trading 2.56 per cent lower today at 19 cents each at 12:57 pm AEST.