Past year: ▼ 90%(0.80c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
2 Dec 2021drilling spud▲ Good
Calima has started a two-well Glauconitic drilling program at Brooks, costing C$5m in total. Wells are expected to have 200-400 boe/d IP90 rates, with production from mid-February 2022. It will be funded from cash flow and the National Bank facility, with hedging planned.
1 Nov 2021drilling progress report● Neutral
The Leo three-well fracture program was completed on time and on budget, with all programmed sand placed. The wells were awaiting pumping equipment and tie-in, expected by mid-November, with full potential expected from mid-December 2021 to mid-February 2022.
12 Oct 2021drilling progress report● Neutral
Fracturing of the three Leo wells began 10 October, about two days per well, followed by a 7-day shut-in. Flow testing is expected from the last week of October. Reliable rates need 30-60 days of fluid recovery, with full potential around December-January.
27 Sept 2021drilling result● Neutral
Leo 3 finished drilling at 3,681m with expected reservoir quality, completing the three-well Thorsby drilling. Fracturing is now expected in the second week of October, with first production in early November. That is later than the late September frac and late October start previously guided.
13 Sept 2021drilling progress report▲ Good
Leo 2 was drilled to 3,680m in the planned 10 days with expected oil and gas shows. Leo 3 spudded 7 September. Fracturing is still expected in the fourth week of September, with first production late October. Modelled 90-day rates remain 274-460 bbl/d per well.
3 Sept 2021drilling result▲ GoodMajor
All four Gemini Sunburst wells reached 30-day rates, averaging 176 boe/d each (75% oil), close to the type curve. Total cost was C$4.8m, about C$1.2m per well. Together they produce 650 boe/d. More Brooks wells may be drilled from Q4 2021.
1 Sept 2021resource reserve update▲ GoodMajor
InSite's 30 June 2021 audit of Blackspur gives 2P reserves of 21.4 million boe (22.5 at end 2019), 1P 16.1 and 3P 25.7. Reserves held roughly steady despite 1.2 million boe produced. The plan is 64 wells over five years.
26 Aug 2021drilling progress report● Neutral
Leo 1 reached 3,799m horizontal, with logs showing expected reservoir quality. Leo 2 spuds 27 August, with Leo 3 to follow. Fracturing is now expected in the fourth week of September, a week later than the 19 August update, with first production still late October.
19 Aug 2021drilling progress report● Neutral
The three-well Leo program at Thorsby has started. Leo 1 was side-tracked after drilling complications. Fracturing is expected in September, with first production in late October. Modelled 90-day rates are 274-460 bbl/d per well at C$3.2m each. Gemini 30-day rates are due end August.
8 July 2021drilling progress report▲ Good
All four Gemini Sunburst wells at Brooks are now drilled; Gemini 4, a step-out well, is due on production 28 July. Gemini 3 is expected on 16 July. Costs are on budget, and three Thorsby wells are planned for late August.
28 June 2021drilling progress report▲ Good
Gemini 1 and 2 began flowing on 26 and 24 June. Gemini 3 reached 1,960m and is due on production mid-to-late July. Gemini 4 spudded 27 June. The Brooks program is held at four wells, and three Thorsby wells are prioritised for Q3.
17 June 2021drilling progress report▲ Good
Gemini 2 was drilled in 7 days to 1,686m for C$675,000, about C$100,000 under budget. Gemini 1 is being re-entered to add a second leg for C$350,000. Gemini 4 is now committed, and a fifth Sunburst well is under review.
1 June 2021drilling spud▲ Good
Calima began a three-well Sunburst campaign at Brooks (Gemini 1–3), with Gemini 1 spudded 31 May. Net cost C$2.7m, funded from cash flow and the National Bank facility; IP30 rates due August 2021. One or two more wells are under review.
3 May 2021resource reserve update● Neutral
McDaniel's updated Montney resource report shows minimal change: 2C contingent resources 886.6 Bcf gas and 44.3 mmbo (previously 888.1 Bcf / 44.4 mmbo). Prospective 2U is 1.68 Tcf and 84 mmbo. 248 Bcf stays Development Pending, awaiting funding for a tie-in pipeline.
24 Mar 2021drilling result▲ Good
Blackspur finished drilling three Sunburst wells at Brooks, Alberta, under budget (C$2.4m total), with tie-in in April and 45-day rates due early May. The company says payback is under 6 months at US$60 oil. Ahead of the merger; no production result yet.
14 July 2020resource reserve update▲ GoodMajor
McDaniel update lifts 248.9 Bcf gas and 12.4 mmbo to Development Pending, which could become 2P reserves once funding is secured. Total 2C is 888.1 Bcf and 44.4 mmbo; prospective 1.68 Tcf and 84 mmbo, down from 497.3 mmboe earlier. Revises the 2019 report.
8 July 2019resource reserve update▲ GoodMajor
McDaniel's July 2019 assessment lifts Montney best-estimate gross prospective resources to 497.3 mmboe (475 previously reported) and adds a first contingent resource of 196.1 mmboe. Per-well recovery rises to 8.4 Bcf from 5.6-6.8 Bcf. A 2P reserves statement is expected in 2H 2019 after commercial negotiations.
16 Apr 2019resource reserve update▲ GoodMajor
Gas analysis suggests about 70% of recovered liquids are higher-value condensate or light oil, versus the 50% assumed in the pre-drill estimate. This feeds into McDaniel's updated reserves audit due May 2019. The company also flags the B-002E well site as a possible future pad.
8 Apr 2019resource reserve update▲ GoodMajor
Core and log analysis of Calima-1 shows oil saturation up to 59% (Upper) and 64% (Middle Montney), and porosity 28% and 20% above nearby wells. The company says no further Calima-2/3 testing is needed; McDaniel's updated reserves are due May/June 2019, and it is exploring pipeline access and asset deals.
20 Mar 2019drilling progress report▼ Bad
A replacement coiled tubing unit has arrived after the first was changed out, and is cleaning up Calima-2 and 3 over two to three days. Production testing, expected mid-March, is therefore delayed. No flow results yet.
13 Mar 2019drilling progress report▲ Good
Stimulation of Calima-3 is complete, with the full proppant load taken at almost all stages, as with Calima-2. Testing equipment is being installed; initial results are expected within two weeks and longer-term results in April 2019.
8 Mar 2019drilling progress report▲ Good
Stimulation of Calima-2 is complete across 92 stages over 2,508 m, with the full planned proppant load taken at almost every stage. Calima-3 stimulation is under way, and production testing is expected about a week later. No flow results yet.
4 Mar 2019drilling progress report● Neutral
Fracture stimulation of Calima-2 and 3 has started, in 92 stages per well, with each well taking 5-6 days. Production testing is now pushed to mid-March from early March. No flow results yet.
20 Feb 2019drilling progress report● Neutral
Water pumping has begun ahead of fracture stimulation of Calima-2 and 3, with production testing still expected in early March. Stimulation should take 6-7 days per well. No flow results yet.
12 Feb 2019drilling result▲ GoodMajor
Calima-3 reached its planned depth with a 2,561 m horizontal section, completing the three-well Montney drilling program ahead of schedule, within budget and without incident, as flagged for February. Production testing of Calima-2 and 3 should start early March and run about 25 days.
29 Jan 2019drilling progress report● Neutral
Calima-2 horizontal well reached planned total depth with a horizontal section of about 2,508 m, drilled without incident. Calima-3 has spudded, with production testing to follow its completion. No flow results yet.
22 Jan 2019drilling result▲ GoodMajor
Calima-1 reached 1,872.5 m, with the Montney 256.5 m thick, close to prediction. Logs show porosity and hydrocarbon saturation comparable to nearby producing wells, and core shows gas condensate. Calima-2 horizontal has spudded; flow rates are still unknown until testing.
15 Jan 2019drilling progress report▲ Good
Calima-1 hit the top of the Montney at 1,562 m, within 4 m of prediction, and recovered 230 m of core covering about 90% of the 254 m interval. Elevated gas readings and gas bubbles were seen, which the company calls encouraging. Lab analysis is under way.
7 Jan 2019drilling spud▲ GoodMajor
Calima spudded Calima-1, a vertical well in the Montney, planned to reach 1,860 m. It will collect core and logs to set the depths of the two horizontal wells. This starts the drilling flagged since August; the company says operations are on schedule and budget.
2 Jan 2019drilling progress report● Neutral
Precision's PD379 rig has arrived at the Calima pad and the site is being prepared for the first well of the three-well program. The spud announcement will follow.
