Calima Energy (ASX: CE1) ramps up production activities at Brooks – The Market Herald

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  • Calima Energy (CE1) is ramping up production activities at its Brooks operations in Alberta, Canada
  • Gemini #8 and #9 wells have been put into production and are currently being cleaned up
  • Meanwhile, its 50% working interest, the Pisces #5 well, was dug earlier this month and has been drilled to total depth.
  • The company currently produces approximately 4,100 barrels of oil equivalent per day (boe/d)
  • CE1 shares are up 10% today at 16.5 cents at 1:53 p.m. AEST

Calima Energy (CE1) has ramped up production activities at its Brooks operations in Alberta, Canada.

The Gemini #8 and #9 wells have been put into production and are currently being cleaned up, which is expected to take approximately 30 days.

Meanwhile, its 50%-owned Pisces #5 well was dug earlier this month and has been drilled to total depth.

The well is now nearing completion, and fracture stimulation should take place soon.

The company currently produces approximately 4,100 barrels of oil equivalent per day (boe/d).

In addition, Calima has determined that its $2.5 million dividend will take the form of a distribution of capital, subject to shareholder approval.

“The entire company is very pleased with the progress of this quarter’s activities and we are currently working on the drill program for the December quarter,” said CEO and President Jordan Kevol.

CE1 shares rose 10% today to 16.5 cents at 1:53 p.m. AEST.

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