Calima Energy Ltd completes drilling of Sunburst #6 and #7 wells, Leo #4 reaches total depth

“With the continued production increases seen on Leo 1-3 combined with Pisces 1 and 2 now in production, we are pleased to take advantage of a growing production base in a rising super energy cycle,” the CEO said. .

Calima Energy Ltd (ASX:CE1) has released the rig after completing horizontal Gemini #6 and #7 Sunburst wells in the Brooks prospect, while Leo #4 at North Thorsby has reached total depth planned.

Pisces #1 and #2 were connected to Battery 2-29 and have been in service since Jan. 27, with both wells showing signs of oil in flowback fluid within hours of the process starting.

The capital program was funded by operating cash flow and Calima’s credit facility.

Capitalizing on the rise of the energy “super cycle”

“The company has completed drilling its 3-well Gemini Brooks Alberta program,” said Calima Energy CEO and President Jordan Kevol.

“This program consisted of a vertical stratigraphic test well targeting Sunburst (Gemini #5) in a previously undrilled portion of our Sunburst Channel, as well as two horizontal wells designed to extend the extent of known basins.

“Drilling costs to date are on budget, and we are very pleased with the geological results of the stratigraphic test and the two horizontals.

“The rig has been released from Gemini #7, which concludes Brooks’ drilling for the quarter.

“We started 2022 with a bang, having accelerated our program by sinking two wells in December 2021, followed by five more in January 2022, the company is on track to meet estimated production targets of 4,000 to 5,000 barrels of oil. oil equivalent (boe) per day this semester.

“With the continued production increases seen on Leo 1-3 combined with Pisces 1 and 2 now in production, we are happy to take advantage of a growing production base in a rising super energy cycle.”

The Leo #4 well (50% interest) was launched on January 20, 2022 and reached a total depth of 4,088 meters measured on January 27.

Gemini #6 & #7 (100% WI), the 2nd and 3rd Sunburst wells of the 2022 drilling campaign, both reached total depth and the pad was released on January 27, 2022.

The wells were drilled to measured depths of approximately 1,855 meters and 1,970 meters and each well required six days of drilling.

About Calima Energy

Calima Energy’s business strategy is counter-cyclical, designed to take advantage of the renewed momentum in the oil and gas sector after the sharp drop in global oil and gas prices that began in 2014.

The company’s primary asset is located in a liquid-rich sweet spot of money formation in northeastern British Columbia, where it has been able to cover approximately 60% of its 63,000 total acres under a 10-year lease thanks to a successful exploratory drilling program. .

Calima also merged with Blackspur Oil Corp, a privately held Canadian company that owns oil and gas assets in two central regions of Alberta – in Brooks and Thorsby.