- Calima Energy’s (CE1) Gemini #5 sunburst well reaches total depth and the rig has been released at its Brooks project in Canada
- The company says the purpose of this well was to prove the presence of sunburst formation and aid in the geological model of the company’s prospective acreage
- Potential production rates from this vertical are unknown, but the company believes the well is unlikely to require fracture stimulation to produce oil
- The company also says should a production test be successful and if sufficient oil and gas rates are realised the well will be tied into its nearby 2-29 oil processing facility
- Shares have been in the grey at 25 cents
Calima Energy’s (CE1) Gemini #5 sunburst well has reached total depth and the rig has been released at its Brooke project in Canada’s Alberta province.
The company says the purpose of the well was to prove the presence of Sunburst Formation and aid in the geological model that shows further extension of the company’s prospective acreage.
The company says the deviated vertical well was drilled to a measured depth of around 1,059 metres and took three days to drill.
Potential production rates from the vertical are unknown, but the company believes the well is unlikely to require fracture stimulation to produce oil.
The company also says should a production test be successful and if sufficient oil and gas rates are realised the well will be tied into its nearby 2-29 oil processing facility.
The tie in will be part of a larger infrastructure project that Calima anticipates embarking on in the coming months.
Shares were trading flat at 25 cents at 10.39 am AEDT.