Calima Energy Limited (ASX: CE1) is an oil and gas company. The company is into the exploration and production of petroleum-based products. It invests in oil and gas projects which are renowned globally and has over 72,000 acres of drilling rights across the regions of British Columbia, the most active oil and gas region in Canada.
The company, today on 13 March 2019, has published the investor presentation. It has 72,000 acres of Montney drilling rights, which is one of the best resource plays in North America with a prospective resource of 475 mmboe. Montney is the biggest oil and gas play in Canada which ranks alongside the best among the US. It has an upstream investment of more than Canadian $5 billion and an active M&A market. The estimated remaining reserves as of 2014 is 449 tcf of gas and 14.4 billion bbls of condensate.
Calima owns 72,000 acres of drilling rights in northeast British Columbia, known as The Calima Lands. The company has several pipelines as stated in the presentation. There is spare capacity in a pipeline to the Jedney processing facility. Moreover having been close to the North Montney Mainline, it will have the privilege of gas supply to the Shell-operated LNG Canada project. The company is also well located with respect to the T-North pipeline which will supply gas to the proposed Chevron/Woodside LNG terminal at Kitimat.
Moreover, further in an announcement today the company conveyed that it had success in completion of a 92-stage reservoir stimulation operation, which covers an area of 2,561 meters lateral section at the Calima-3 well.
Rigging down of completion equipment and cessation of water management has commenced. Production testing equipment is being installed on both Calima-2 and Calima-3 horizontal wells. The Calima-2 and Calima-3 wells will be tested independently, commencing imminently. Initial results are anticipated over the coming two weeks, with longer-term test results delivered during April 2019.
As per the statement of the Managing Director of the company, Alan Stein it is pleasing that the company has reported another critical phase of the work program successfully. He stated that the company has delivered the planned proppant loading of 45 tonnes per stage, as per the schedule and budget of the company.
This provides excellent platforms for production testing which is slated to start in the next twenty-four hours. The MD believes that the team has done a great job and based on data gathered to-date, the results from the well should meet expectations or even exceed them.
At the time of writing (13 March 2019, AEST 4:00 PM), the stock of Calima Energy Limited is trading at $0.046, trading flat during the day’s trade, with a market capitalisation of $66.46 million. The stock has generated a negative YTD return of 2.13% and a negative return of 16.36% over the past six months. The stock had a 52-week high price of A$ 0.067 and a 52-week low price of A$ 0.039, with an average trading volume of 801,784.
This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.