Final analysis on core and wireline log data delivered by ASX-listed Canadian explorer Calima Energy has produced startling results, adding further weight to the oiler’s claim it is unlocking significant hydrocarbon resources in the northern tip of the Montney region – Canada’s most active oil and gas province.
The company holds 72,000 acres of drilling rights in the Montney, with the Montney Formation geology estimated to hold 449 tcf of gas and 14.4 billion bbls of condensate.
Oil saturation values were measured through the entire 230m of core which was drilled during the establishment of its maiden well.
Oil saturations of up to 59% and 64% have been measured in the Upper Montney geology layer and Middle Montney layer, respectively – significantly higher than other nearby Montney peers.
Commenting on the latest geological analysis, Calima Managing director Alan Stein said:
We continue to be delighted with the results from our recent drilling campaign. In combination with the flow-test results, new log and core analyses just received have further confirmed our predictions that the Calima Lands are situated within the liquids-rich fairway of the Montney Formation.
“We now have all the data necessary to commission an independent reserves audit and move forwards on negotiations regarding pipeline access and marketing agreements as well as exploring A&D opportunities with other companies and investors active in the region,” he said.
Wireline log data has also demonstrated that Calima’s newly tested wells are ideally positioned to support unconventional wells.
Compared to other nearby wells, Calima has delivered results that are 28 percent more porous in the Upper Formation and 20 percent more porous in the Middle Formation.
Higher porosities equate to more space capable of holding hydrocarbons and water, thereby having a a direct influence on the potential size of the hydrocarbon deposit.
Following the results, Calima has appointed respected geological consulting firm McDaniel and Associates as its Independent Reserves Auditor.
McDaniel’s final report on Calima’s hydrocarbon reserves is expected to be completed during May this year.
