- Calima Energy (CE1) nears completion of its drilling operations for this year at its Brooks asset in Alberta, Canada
- Drilling of the Sunburst wells, three Gemini wells, and one Glauconitic well, Pisces 6, is complete with the Pisces 7 well in progress
- Of the completed wells, Gemini 10 has been on production for the past three weeks and according to the company, the rates are meeting its budgeted type curve
- Meanwhile, Gemini 11 began production today, Gemini 12 is due to begin in a matter of days and the two Pisces wells are scheduled for production testing in late December
- Shares in CE1 last traded at 13.5 cents at 2:28 pm AEDT
Calima Energy (CE1) is nearing completion of its drilling operations for this year at its Brooks asset in Alberta, Canada.
The company told investors today that three of its Sunburst wells, Gemini 10, 11 and 12, and one Glauconitic well, Pisces 6, had been completed so far as part of its quarter four drilling program, with one well, Pisces 7, in progress.
Out of the completed wells, Gemini 10 has been on production for the past three weeks and according to CEO Jordan Kevol, the rates are meeting the company’s budgeted type curve.
Meanwhile, Gemini 11 began production today and Gemini 12 is awaiting tie-in with production due to begin in a matter of days.
Drilling of Pisces 7, in the Glauconitic Formation, is underway and will be the final well of the program.
The two Pisces wells are expected to be fracture stimulated early next month, with initial production testing tipped for late December.
At the start of this year, Calima drilled a step-out oil well dubbed Leo 4 at its Thorsby asset, as part of its 50 per cent working interest.
After a four-month-long testing period, CE1 determined the well produced a lower barrel of oil equivalent (boe) than modelled at 13,150 boe.
Despite this, the company recorded high rates of fluid inflow which it said indicates a “very permeable reservoir” and further technical work will seek to pinpoint higher oil saturation targets.
The company continues further evaluation across this area and believes the prospectivity of its other sand bodies has not been affected positively or negatively from the Leo 4 results.
Looking forward, CE1 has secured partial three-way collar hedges for the new year with 400 barrels of oil per day (bbl/d) for the first two quarters and 250 bbl/d in quarter three.
Shares in CE1 were trading grey at 13.5 cents at 2:28 pm AEDT.