• Three recently drilled wells (2 new wells and 1 re-entry) are currently producing a combined ~505 boe/d (80% oil) on an IP30 basis, demonstrating the top tier economics of open hole Sunburst wells.
• The well performance so far exceeds by 28% what the company had budgeted. This also confirms our view that there is an important potential upside to the booked reserves figures.
• The cost of the well was 20% under budget (total of C$2.2 mm).
• Current production is ~2,818 boe/d (69% oil), an inc ....
10 May 2021
Calima Energy Ltd (ASX: CE1): Strong well performance supports our view that reserves estimates are conservative
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Calima Energy Ltd (ASX: CE1): Strong well performance supports our view that reserves estimates are conservative
• Three recently drilled wells (2 new wells and 1 re-entry) are currently producing a combined ~505 boe/d (80% oil) on an IP30 basis, demonstrating the top tier economics of open hole Sunburst wells.
• The well performance so far exceeds by 28% what the company had budgeted. This also confirms our view that there is an important potential upside to the booked reserves figures.
• The cost of the well was 20% under budget (total of C$2.2 mm).
• Current production is ~2,818 boe/d (69% oil), an inc ....