- Calima Energy (CE1) wraps up its Montney re-testing program on Wells 2 and 3, both on time and “substantially” under budget
- The company says the program will aid its development plans for its 34,000-acre Montney asset
- Calima Well 2’s peak 24-hour condensate rate was 396 barrels per day (bbl/d) at a rate of 3.4 million standard cubic feet per day (mmcf/d) gas, while Well 3’s peak 24-hour condensate rate was 21.7 bbl/d at a rate of 4.9 mmcf/d gas
- The company says it was able to execute the program under budget following the 5,900 barrels of oil produced and sold from the wells
- Shares in CE1 are trading at 14 cents at 1:50 pm AEDT
Calima Energy (CE1) has completed its testing and evaluation program on its Calima 2 and 3 Wells, both on time and “substantially” under budget.
The company said the successful re-testing program would aid its development plans for its 34,000-acre Montney asset.
“Our Montney testing program has been a huge success with stellar condensate yields from our middle Montney Calima 2 well. Production data analysis will support and aid in the design of a full field development program,” Calima CEO and President Jordan Kevol commented.
Calima Well 2’s peak 24-hour condensate rate was 396 barrels per day (bbl/d) at a rate of 3.4 million standard cubic feet per day (mmcf/d) gas.
As for Well 3, its peak 24-hour condensate rate was 21.7 bbl/d at a rate of 4.9 mmcf/d gas.
The company said the site has been demobilised and total costs were estimated at $2 million for the program.
This would be offset by the sale of around 5,900 barrels of condensate at an expected cost of around $1.4 million to $1.5 million.
It’s estimated the testing program will fall around 30 per cent under budget, aided by the sale of condensate.
“Excellent planning and execution from both our office and field staff resulted in the program coming in significantly under budget,” Mr Kevol added.
Calima said it will complete a full analysis of the production data early in this year’s second quarter.
Shares in CE1 were trading at 14 cents at 1:50 pm AEDT.