Stock of Calima Energy Limited (ASX:CE1) traded 8.3 per cent higher at $0.006 (as at 2:15 PM AEST) following the release of a significant update on the Calima Lands. The Company has successfully retrieved pressure gauges from Calima 2 and 3 wells post 18 months of collecting formation pressure data.
The Company informed that the downhole data was recovered in September 2020 and provided to Canadian Discovery together with the core. Canadian Discovery’s initial findings confirm the following:
- The Middle Montney is over-pressured with a stabilised downhole pressure of 19,382 kPa, which is identical to Montney wells drilled immediately next to the south by Saguaro Resources at Laprise Creek.
- The Upper Montney is normally pressured with a stabilised downhole pressure of 12,860 kPa, which is identical to Montney wells drilled to the south by Storm Resources at Nig Creek and Tourmaline at Birley Creek.
Calima’s Canada President stated that the positive results confirm the excellent productive capacity of the Montney section tested by the two wells.