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Calima Energy completes 3-well Brooks program in Alberta with Pisces #3 drilled to 2,600-metre depth

Published: 13:23 11 Jan 2022 AEDT

Calima Energy Ltd -

Calima Energy Ltd (ASX:CE1) has finished drilling the Pisces #3 Glauconitic well, marking the completion of the company’s 3-well Brooks drilling program in Alberta, Canada.

Pisces #3 was spudded on January 2, 2022, with about 2,600 metres of drilling completed by January 8 and multi-stage fracking expected to begin next month followed by flow testing.

Flow testing for Pisces #1 and #2 is expected to commence in the last week of January.

The Pisces Glauconitic wells are expected to have an estimated ultimate recovery (EUR) of between 170 and 400 million barrels of oil equivalent (BOE), with IP90s (initial average production over 90 days) of 200-400 BOE per day.

“Efficiency and expediency”

“The company has finished drilling its 3-well Pisces Brooks Alberta program. We are very pleased with the efficiency and expediency that the Calima Operations Team executed on this program," Calima Energy president and CEO Jordan Kevol said.

“The drill costs to date are on budget. The rig has been released from Pisces #3 and we are now preparing for the multi-stage frac of #3 in February 2022.”

Once multi-stage frac stimulation programs are complete, all three wells will be tied into existing Calima’s facilities at the Brooks site, funded by operational cash flows and the company’s credit facility.

CE1 shares are 4.55% higher to A$0.23 while the company's market cap is approximately A$113.1 million.

3-Well Pisces oil and gas program

The three Pisces wells have been targeted toward the Glauconitic zone; a type of sandstone formation known to form excellent oil reservoirs.

The Glauconitic zone is a shallower (younger) formation compared to Calima’s core Sunburst conventional target, with all three Pisces wells classified as ‘development wells’ which will be tied into the 2-29 Bantry oil battery.

About Calima Energy

Calima Energy’s business strategy is counter-cyclical, designed to take advantage of momentum returning to the oil and gas sector after the savage downturn in global oil and gas prices that started in 2014.

The company’s core asset lies within a liquids-rich sweet spot of the Montney Formation in northeast British Columbia where it has been able to covert around 60% of its total 63,000 acres holding to 10-year lease through a successful exploratory drilling program.

Calima has also merged with Blackspur Oil Corp, a privately held Canadian company producing oil and natural gas assets in two core areas within Alberta - at Brooks and Thorsby.

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