Calima Energy (ASX:CE1) - CEO, Jordan Kevol
CEO, Jordan Kevol
Source: Calima Energy
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  • Calima Energy’s (CE1) Pisces #3 Glauconitic well at its Brooks site in Canada reaches total depth and the rig has been released
  • The Pisces #3 Glauconitic well was spudded on January 2, 2022, and was released on January 8 after it was drilled to a depth of 2600 metres
  • The Pisces #1 and #2 wells were drilled in December and the frac simulations were recently completed with flow testing expected to begin in the last week of January
  • The glauconitic wells are expected to have an estimated ultimate recovery (EUR) per well of 170 to 400 million barrels of oil equivalent
  • Calima is up 4.55 per cent on the market with shares trading at 23 cents each

Calima Energy’s (CE1) Pisces #3 Glauconitic well at its Brooks site in Canada has reached total depth and the rig has been released.

The Pisces #3 Glauconitic well was spudded on January 2, 2022, and was released on January 8 after it was drilled to a depth of 2600 metres.

Fracturing is estimated to begin early February with flow testing to follow shortly after.

The Pisces #1 and #2 wells were drilled in December and the frac simulations were recently completed with flow testing expected to begin in the last week of January.

The glauconitic wells are expected to have an estimated ultimate recovery (EUR) per well of 170 to 400 million barrels of oil equivalent.

Pisces #3 targeted the Lithic Glauconitic and is classified as a development well and was drilled adjacent to four vertical well logs.

Pisces #2 and #3 are also development wells and targeted oil accumulations in the Glauconitic horizon.

It is believed that initial flow back for the first two Pisces wells will occur by the last week of January and once flowing back frac fluid, it will take seven to 10 days to see any traces of hydrocarbon.

Once hydrocarbons begin to appear, the IP30 period will begin with a combination of both frac and formation (oil, gas and water) fluid.

“The company has finished drilling its three-well Pisces Brooks Alberta program. We are very pleased with the efficiency and expediency that the Calima operations team executed on this program,” CEO and President Jordan Kevol said.

“The drill costs to date are on budget. The rig has been released from Pisces #3 and we are now preparing for the multi-stage frac of #3 in February 2022.”

Calima Energy was up 4.55 per cent on the market with shares trading at 23 cents at 2:21 pm AEDT.

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