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First Pisces oil well completed for Calima at Brooks, Canada

Calima Energy has completed its first Pisces oil well at its core Brooks Field in Alberta Canada. According to the company, everything went according to plan and the well was drilled in just six days, smashing the predicted drill time by forty per cent. The well reached a total depth of 2,610 metres with a 1,400m horizontal section in the target, Glauconitic Formation. Good oil and gas shows were encountered while drilling and logs indicate good reservoir quality according to the company.

The well has been set up for completion with a liner consisting of 30 ports in the horizontal section. Following setup of the liner in Pisces 1, Calima immediately started drilling Pisces 2 on the same drill pad.

Pisces 2 is planned as an exciting long reach well with a measured depth of 4,300 metres and a horizontal section of 3,000m in the target Glauconitic Formation.

The drilling of our first well in the Pisces program went very well. Spud to rig release in just under 6 days is excellent. Our geological team was very pleased with the nature of the oil and gas shows in the well while drilling. We are excited for Pisces #2, as it is an extended reach well, and is to be drilled in the same Glauconitic channel as Pisces #1.

According to the company, the two Pisces wells will undergo multi-stage stimulation and will then be tied back to existing production facilities. After the necessary initial flow back period of thirty to ninety days, the two wells will be in full production in time for Valentines Day.

The Glauconite wells are expected to deliver between 170,000 and 400,000 barrels of oil equivalent over their expected life with initial production rates set to achieve up to 400 barrels of oil equivalent per day, according to the company.

Management says its latest set of wells will offset an existing well that has to-date coughed up over 125,000 barrels of oil since it was drilled in 2017 and is now in decline.

The Glauconite formation is the shallower of two target horizons in the Brooks Field. With a one-two punch of shallow drilling and nearby facilities, the wells come in at a bargain price of less than C$3 million each

The West Canadian explorer will spend around C$5 million to complete its latest operations, with drilling completion and tie-in activities all included in the outlay for the two well program. Funding is provided by operational cash flow and backed by a National Bank debt facility.

Calima’s previous three wells in the Thorsby field are still in their initial clean-up flow and the company says it is encouraged by the initial oil flow rates.

In its most recent estimation, Calima has a break-even price of US$33 to US$35 per barrel and with the WTI oil price running at over $72 a barrel, there is plenty of fat in it for Calima.

Is your ASX-listed company doing something interesting? Contact: matt.birney@wanews.com.au

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