Source: Calima Energy
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Calima Energy (CE1) completes a resource update for its Montney acreage and a reserves evaluation for its Brooks and Thorsby oil and gas projects in western Canada
  • The company says development pending-classified contingent resources for Montney now stand at 213.3 million cubic feet of gas (mmcfg) and 10.1 million barrels (mmbbl) of light oil and natural gas liquids
  • Latest Brooks and Thorsby reserves total 24.4 million barrels of oil equivalent (boe) in 3P reserves, 20.4 million boe in 2P reserves, 15.6 million boe in 1P reserves and 5.1 million in proven developed producing (PDP) reserves
  • Calima plans to drill 13 wells at Thorsby and Brooks this year – three Thorsby Sparky wells, four Brooks Sunburst wells and six Brooks Glauconite wells
  • CE1 shares steady at 20.5 cents

Calima Energy (CE1) has completed a resource update for its Montney acreage and a reserves evaluation for its Brooks and Thorsby oil and gas projects in western Canada.

Montney Resource Update

The company said development pending-classified contingent resources for Montney came in slightly higher than in 2020 at 213.3 million cubic feet of gas (mmcfg) and 10.1 million barrels (mmbbl) of light oil and natural gas liquids.

According to Calima, the new numbers reconfirmed a significant portion of its Montney acreage was development ready, subject to securing the necessary funding to build a tie-in pipeline.

In the event funding was secured, the development pending resources could be classified as 2P reserves.

The estimate for gross un-risked contingent resources (2C) incorporating development on hold and development pending categories stood at 748 mmcfg and 35.8 mmbbl.

The latest resource figures for Montney were prepared by petroleum consulting firm McDaniel & Associates.

Brooks and Thorsby Reserves Evaluation

Calima said Insite Petroleum Consultants carried out the reserves evaluation work for the Brooks and Thorsby projects.

It concluded reserves at the end of last year comprised of 24.4 million barrels of oil equivalent (boe) in 3P reserves, 20.4 million boe in 2P reserves, 15.6 million boe in 1P reserves and 5.1 million in proven developed producing (PDP) reserves.

Calima said it produced 1.1 million boe since December 31, 2020 from the focused asset bases of Brooks and Thorsby and, together with high-graded infill drilling and prudent production management, was able to maintain the reserves at current levels.

The reserves report incorporated a development plan comprising 60 wells across the next five years.

The company plans to drill 13 wells this year – three Thorsby Sparky wells, four Brooks Sunburst wells and six Brooks Glauconite wells.

Calima said there was potentially significant upside to the reserves position given 90 per cent of undeveloped Brooks and Thorsby acreage had no reserves attached to it.

CE1 shares were steady at 20.5 cents 3:25 pm AEDT.

CE1 by the numbers
More From The Market Herald

" Genmin (ASX:GEN) strikes royalty deal with Anglo American over Baniaka project, Gabon

Genmin (ASX:GEN) has struck a royalty agreement with Anglo American's subsidiary, Anglo American Marketing, over the…

" Great Boulder Resources (ASX:GBR) hits “spectacular” intercept at Mulga Bill

Great Boulder Resources (ASX:GBR) has received assays from the final two diamond holes drilled at the…
ResApp Health (ASX:RAP) - Managing Director & CEO, Dr Tony Keating

" ResApp (ASX:RAP) extends Medgate licence agreement in line with expansion plans

ResApp Health (ASX:RAP) has agreed to a 12 month extension to its commercial licence agreement with…
The Market Herald Video

" Indiana Resources (ASX:IDA) signs native title agreement to unlock exploration at Gawler Craton, SA

Indiana Resources (ASX:IDA) has signed a native title mining agreement with the Antakirinja Matu-Yankunytjatjara Aboriginal Corporation…