- Calima Energy (CE1) shares are in the green following progress at its Brooks Project in Alberta, Canada
- The current program includes Gemini one, two, three and four wells, which are targeting the Sunburst formation
- CE1 is targeting to achieve year-end production guidance of 4500 barrels of oil equivalent per day
- The Brooks wells have low carbon dioxide reservoir at two per cent and the company’s multi-well pad drilling reduces the environmental footprint
- On the market today, Calima is up 6.25 per cent and is trading at 0.9 cents per share at 12:40 pm AEST
Calima Energy (CE1) shares are up following progress at its Gemini wells in Alberta, Canada.
The company is currently undertaking a Sunburst program at its Brooks project, which includes Gemini one, two, three and four wells.
CE1 is progressing with the four Gemini wells as it is targeting the Sunburst formation, ahead of its goal to achieve year-end production guidance of 4500 barrels of oil equivalent per day.
The Brooks drilling program will now include four Sunburst Wells and three Thorsby wells, which are being prioritised for drilling in the September quarter.
Notably, the Brooks wells have low carbon dioxide reservoir at two per cent and the company’s multi-well pad drilling reduces the environmental footprint.
CE1 has now successfully executed the drilling of three Gemini wells and has recently commenced the step-out drilling at Gemini four.
Drilling at Gemini four is expected to be completed in 11 days.
CEO Jordan Kevol said of the drilling: “The Calima operations team has been working at a phenomenal pace, getting horizontal wells drilled, completed and tied-in, in record time.
“The shallow drilling depth, short tie-in to the Calima owned infrastructure, combined with the team’s expertise and experience in the area has resulted in unrivaled ‘spud to onstream’ times.
“With continued high oil prices and the highly attractive economics of the Thorsby area wells at current energy prices, we are prioritising our three well Thorsby drilling campaign which is to commence in late July.”
On the market today, Calima was up 12.5 per cent and is trading at 0.9 cents per share at 12:40 pm AEST.