Investors have welcomed news from Calima Energy that it has successfully wrapped up a reservoir stimulation operation on schedule and within budget at the Calima-2 horizontal well in the world-class Montney oil and gas play, Canada.
The stock has climbed 0.4c or 9% to hit an intraday high of 5c on Friday with over half a million shares changing hands by noon.
The 92-stage reservoir stimulation operation was conducted over the 2508 metre lateral section at the Calima-2 well testing a Middle Montney target.
Importantly the reservoir section targeted by the Calima-2 well has taken up the full proppant load of 45 tons per stage or 1.5t/m at almost every stage location which is very encouraging.
We are pleased to report that another critical phase of the work program has been completed successfully,” Calima’s Managing Director Alan Stein said.
“The planned proppant loading of 45 tons per stage was delivered on schedule and within budget across almost every one of the 92 stages in the Calima-2 well.
“This sets up excellent conditions for production testing which is due to commence in around seven days. The stimulation operation on the Calima-3 well is now underway and the initial results are just as encouraging.”
Completion operations now switch to the Calima-3 well testing an Upper Montney target that will also run a 92-stage operation over the 2,561m lateral section.
Production testing for both wells, performed simultaneously, will begin once the Calima-3 stimulation is completed which is expected in around seven days.
