- Calima Energy (CE1) sees a boost in corporate production to more than 4500 barrels of oil equivalent per day (boe/d)
- The energy stock completed the Pisces six and seven wells at its Brooks operation, which were put on production at the end of 2022, and are expected to produce at peak rates
- Calima is also seeing strong performance from the three Gemini wells, which were completed at the Canada-based operation and are producing a combined 420 boe/d
- The company is now completing two more Pisces wells, which will further support production rates
- Company shares are trading steady at 14 cents at 1:45 pm AEDT
Calima Energy (CE1) has completed two Pisces wells at its Brooks operation in Canada.
The Pisces six and seven wells were completed, tied in and both put on production as of December 29, 2022.
The energy stock is now cleaning up the wells and expects them to produce at peak rates within 30 days from when production started.
In addition to the Pisces wells, the three Gemini wells are all on production and producing a combined total of roughly 420 barrels of oil equivalent per day (boe/d) (gross) and 370 boe/d (net).
With these new wells, Calima Energy’s current corporate production has recently increased to more than 4500 boe/d. The company is closely monitoring the new wells as they clean-up and determine how the initial ‘flush’ production will decline.
“The production from our successful Q4 Gemini campaign, coupled with Pisces six and seven now on production and cleaning up has increased corporate production rates to a current peak of 4500 boe/d, which is above budgeted rates for January,” CEO and President Jordan Kevol said.
The company also recently began another drilling program at Brooks, which comprises two more Pisces wells, including Pisces eight which spud on January 6.
Pisces eight and nine are planned to have a 2750-metre-long horizontal section, which is equal to Pisces two, the longest Glauconitic well Calima has drilled to date.
“The drilling of Pisces eight and nine will further contribute to production rates in late Q1 and into Q2. Plans are in the works for more wells to be drilled in both Brooks and Thorsby for late Q2 and Q3 2023,” Mr Kevol added.
Both wells are scheduled for completion and ready to be production tested in late February.
Company shares were trading steady at 14 cents at 1:45 pm AEDT.