Calima Energy Limited (ASX: CE1), which operates over 60,000 acres of drilling rights (Calima Lands) in British Columbia, has announced that 248.9 billion cubic feet of gas and 12.4 million barrels of light oil and natural gas liquids of contingent resources have been upgraded to the development pending category.
The updated independent resource assessment was undertaken by McDaniel & Associates following the recent acquisition of the Tommy Lakes facilities by the Company.
These resources, which lie within leases that do not expire until 2029, would be classified as 2P reserves, once Calima secures the necessary funding to construct a tie-in pipeline.
CE1 stock was trading at $0.004 on 14 July 2020 (AEST 12:31 PM).
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