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Highlights
- Calima Energy has spudded the second well, Gemini #9 in the Brooks area.
- The well is part of the recently commenced four-well (3.5 net) drilling campaign at Brooks.
- WTI prices are hovering around US$120/bbl.
Canada-focused oil & gas producer Calima Energy Limited (ASX:CE1|OTCQB:CLMEF) has spudded Gemini #9, the second well as part of the ongoing four-well drilling campaign in the Brooks area of Alberta.
The Gemini #9 well was spudded on 12 June 2022. The drilling operation is expected to complete in eight days with a lateral length of the well around 1,050m.
At present, the well is drilling ahead to target the Sunburst Formation.
Commenting on the drilling campaign, Calima’s CEO and President Jordan Kevol said, “The Company is pleased that Gemini #8 has been drilled and with WTI ~US$120/bbl, each well will have a meaningful impact on revenue. The two Thorsby wells are now back on production above 550 boe per day after their coil cleanouts.”
Recent update: Calima Energy (ASX:CE1) gets drill rods spinning for 4-well program at Brooks
Gemini #8 to be tied to the production stream
The drilling operation on Gemini #8, the first well in the ongoing campaign, was completed on 14 June 2022. The well reported oil & gas shows during drilling as expected. Gemini #8 is expected to be completed and placed on production within two weeks.
Two more wells – Pisces #4 and Pisces #5 will be drilled in the Brooks area. The Pisces wells are planned to be drilled on the Glauconitic Formation in the Brooks asset area.
The company also informed that Leo #1 and #2 re-commenced production after successful coil tubing clean-outs. Such well interventions are normal in the industry and are required to keep the well flowing and maintain the production levels.
The wells are contributing more than 550boe/d of hydrocarbon production post the clean-outs.
Q3 2022 drilling campaign summary (Data source: Company update, 15 June 2022)
Also read: Calima Energy (ASX:CE1) outlines key initiatives in inaugural ESG Report
CE1 shares were trading at AU$0.19 apiece on the ASX midday on 15 June 2022 with a market cap of AU$120.13 million.