News: CE1 Calima Energy Announces Leo Program Production Update

Jan 5 (Reuters) - Calima Energy Ltd (CE1) :

• DURING THIRD WEEK OF DEC, PRODUCTION LEVELS EXCEEDED 3,800 BOE/D AT THE 3 LEO WELLS
• ON DEC 23, LEO 3 ENCOUNTERED DOWNTIME EVENT REQUIRING A WELL INTERVENTION WHICH COULD NOT BE RESOLVED UNTIL 3 JAN
• ONCE LOAD IS FULLY RECOVERED, LEO 1 EXPECTED TO RESULT IN PEAK PRODUCTION OF 450-550 BOE/D
• LEO 2 EXPECTED TO PRODUCE AT STABILIZED OIL CUT OF 55%, EXPECTED TO RESULT IN PEAK PRODUCTION OF 450-550 BOE/D AFTER FULL RECOVERY LOAD
• LOAD RECOVERY FOR LEO 1 IS ESTIMATED TO TAKE 90 DAYS
• LEO 3 EXPECTED TO PRODUCE AT STABILIZED OIL CUT OF 75%, EXPECTED TO RESULT IN PEAK PRODUCTION OF 500-600 BOE/D AFTER FULL LOAD RECOVERY
• LOAD RECOVERY FOR LEO 3 IS ESTIMATED TO TAKE 120 DAYS