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Calima Energy is targeting production of approximately 5,000 barrels per day

Good news from Australian oil and gas producer Calima Energy ( ASX CE1 / WKN A2DWL4 ) . The Company, with assets located in Canada, is pleased to report that the Pisces #8 and Pisces #9 wells have now been completed and tied-in.

Drilling has been in test operations since late last week with initial production rates meeting the Company's expectations. According to Calima, production at the end of the tests was around 500 boed/d (barrels of oil equivalent per day).

Calima has drilled and brought into production a total of nine Pisces wells now in 2022 and 2023 and has achieved greater success with this work program than originally anticipated. Not only was the company's production level increased significantly, but the reserves projected for the future also increased.

Jordan Kevol, CEO and President, was suitably pleased: “The Company has drilled and brought into production nine Pisces wells in the last 15 months. Drilling in the Pisces Glauconitic Formation has been an integral part of our Company's production growth, with some of the wells performing excellently and significantly increasing the Company's production and future reserves.”

According to Calima's CEO, the company's annual average production has already exceeded 4,500 boe/d and the company is now on track to achieve an average daily production of around 5,000 barrels of oil equivalent per day.