Drilling Update – Gemini 1, 2, 3 & 4 Wells Sunburst, Brooks

Highlights:

• Gemini #4 has finished drilling and expected to be on production by 28 July 2021
• Calima has drilled 4 Gemini Brooks Sunburst wells – Revenues from these wells will be recognized partially in July and from August onwards. The table below summarises the status of all wells
• 3 Thorsby development wells (designated Leo #1, #2, and #3 wells) are scheduled for drilling, completion and tie-in in Q3
• Drilling campaign designed to achieve year end production guidance of 4,500 boep/d and the generation of sustainable free cash flow

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Jordan Kevol, CEO and President:
“The Company has finished drilling its 4-well Brooks Alberta program. We are very pleased with the efficiency and expediency that the Calima Operations Team executed on this program.

The drill program costs (drilling, completion and tie-in) to date are on budget. The rig has been released, and we are now preparing for our next drilling program at Thorsby Alberta which is anticipated to commence in late August pending nearby drilling rig scheduling.

Three multi-stage fractured horizontal wells are planned for the Thorsby program. Initial production results from the recent Brooks program will become available later this quarter.”

Click here to read the ASX announcement.

About Calima Energy Limited (ASX: CE1)

Calima Energy Limited is a publicly listed mid-tier oil and gas producer in Western Canada. They have three major operations within British Columbia and Alberta, namely Montney, Brooks and Thorsby. Calima is focused on high growth exploration and production and has assembled an exciting and growing inventory of drilling locations across a sizeable land base.

Calima is continuing development drilling to achieve 3,000 boe/d on the Brooks and Thorsby assets and is commencing a 24 well development drill program over the next 18 months. By Year End 2022, Calima plans on growing to 5,500 boe/d.

Calima has invested in regenerative, proprietary H2S removal technology and has positioned itself with the ability to lower its CO2 emission rates to offer a number of positive economic and environmental benefits.

Calima’s assets are low cost and a break even cost of ~US$26/bbl WTI including $10bbl operating and transport costs.

Overall, Calima’s current assets and vision position the company well to continue to grow and take advantage of the improving oil prices.

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