Launch of the 5-well drilling program at Brooks

Issuer: Calima Energy / Keyword(s): Drilling results
19.10.2022 / 03:27 AEST/AEDT
The issuer is solely responsible for the content of this announcement.

  • Gemini Sunburst Program – A new 3-well Gemini drilling program started last week

    • Gemini #10 (50% WI) – Will be drilled from the same pad as Gemini #3/#9. The well will deliver to oil battery 15-23 at the south end of the Brooks field. Gemini #10 was spuded on October 5

    • Gemini #11/#12 (100% WI) are located on the same pad as Gemini #8/#5 and both wells will be connected to Oil Battery 2-29. Gemini #11 was spuded on October 15

  • Glauconitic Fish Program – Pisces #6 and #7 follow on from the very successful Pisces #4 and will be linked to Calima’s 2-29 oil battery at the end of Q4-2022 via a rental link; peak production from both wells is expected in Q1-2023 after post-fracturing stimulation. Drilling will begin after the Gemini program as part of an ongoing operation

  • 4 of the 5 new wells will be drilled on newly acquired consolidated land at Brooks

  • Production continued strongly during the third quarter with an average production of ~4,150 boe/d

  • Existing hedges closed end December 31, 2022

  • LNG Canada now 65% with first shipments expected in early 2025, Calima is stepping up efforts to extract value from its Montney assets

Calima Energy Limited (ASX: CE1 / OTCQB: CLEMF) (“Calima“or the”Company”) is pleased to provide an update on the company’s drilling plans for the remainder of 2022. The following program is designed to maintain the company’s current production levels, as well as maintain and expand our PDP reserves , and provide shareholders with exposure to high commodity prices through the drilling of our highly economical oil plays. Two of the five wells will cross the 19 km pipeline placed at the heart of the Brooks acreage earlier this year.

T4 drilling program (see map below)

Q1-2023 program

Following this program, Calima’s management and Board of Directors are considering, modeling and budgeting for future drilling at Brooks and Thorsby which could begin in the first quarter of 2023, and will contribute to the continued mitigation of lower production, as well as to additional production growth.

Montney Update

With the continued increase in commodity prices, growing demand for LNG exports from North America and LNG Canada now 65% complete with first shipments expected in early 2025, Calima is stepping up efforts to extract the value of its Montney assets.

Calima is currently planning a modest winter program for 2022-2023 to progress and further reduce development risks in the field and help set the stage for planned development in subsequent seasons via a joint venture with a partner. No agreement has been reached, but Calima continues to have discussions with potential strategic partners. Pending a joint venture partner, the project is targeting initial production in the first quarter of 2025.

Jordan Kevol, CEO and President, commented:

“Drilling at Brooks for our fourth quarter program has begun. We are pleased to continue our Gemini #5 discovery earlier this year with two more Sunburst horizontal wells in the pool. The Glauconitic wells we are drilling follow on from the successful Pisces #4 well drilled this summer. This modest program will prepare us for continued drilling, growth and free cash flow throughout 2023, particularly if we continue to have high prices for our oil and gas. Each well in this program is tied to a lease, as we aim to utilize our large infrastructure footprint in the Brooks area wherever possible. This also translates into fast commissioning times for our wells, as well as faster cash flow. »

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Forward-looking statements

This press release may contain forward-looking statements. These statements relate to the Company’s expectations, beliefs, intentions or strategies regarding the future. These statements can be identified by the use of words such as “anticipate”, “believe”, “intend”, “estimate”, “expect”, “may”, “plan”, “project”. “, “will”, “should”, “look for” and similar words or phrases containing them. These forward-looking statements reflect the Company’s beliefs and assumptions regarding future events as of the date of this release and are subject to a variety of unpredictable risks, uncertainties and other unknowns. Actual and future results and trends could differ materially from those expressed in these statements due to a variety of factors, many of which are beyond our ability to control or predict. These include, but are not limited to, risks or uncertainties associated with the discovery and development of oil and natural gas reserves, cash flow and liquidity, business and financial strategy, budget, projections and results of operations, oil and natural gas prices, the amount, nature and timing of capital expenditures, including future development costs, capital availability and terms, and economic and general business. Given these uncertainties, no one should place undue reliance on any forward-looking statements attributable to Calima, or any of its affiliates or persons acting on its behalf. While every effort has been made to ensure that this release presents a fair and accurate view, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Declarations of the qualified evaluator of petroleum reserves and resources

Refer to announcements dated March 28, 2022. The Company is not aware of any new information or data that materially affects the information included in the referenced ASX announcement and confirms that all material assumptions and technical parameters underlying the estimates in relevant market announcements continue to apply and have not materially changed. Brooks and Thorsby’s petroleum reserves and resources information is based on, and fairly represents, the information and supporting documentation in a report compiled by InSite Petroleum Consultants Ltd. (InSite) for the December 31, 2021 Reserves Report. InSite is a leading independent Canadian petroleum consulting firm registered with the Association of Professional Engineers and Geoscientists of Alberta. These reservations were subsequently reviewed by Mr. Graham Veale. The InSite Reserves Report as of December 31, 2021 and the values ​​contained therein are based on InSite’s pricing schedule as of December 31, 2021 ( InSite and Mr. Veale have consented to the inclusion of petroleum reserves and resources information in this announcement in the form and context in which it appears.

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Ryan H. Bowman