Calima grows Montney portfolio
Thursday, Oct 12, 2017

  • Calima continues to strengthen its position as a significant player in the Montney with a further 4,107 acres of drilling rights awarded in the September 2017 Government auction. 
  • Represents a 6% increase in Calima’s acreage holding over liquids-rich sweet-spots of the Montney Formation in Northeast British Columbia. 
  • The additional acreage lies immediately adjacent to the initial core area of the Calima Lands, which now totals 67,907 acres
Calima Energy Limited (ASX:CE1) (“Calima” or the “Company”) advises that its core acreage holding in Northeast British Columbia has grown by 4,107 acres, or 6%. The new acreage was awarded as part of the September 2017 Government land auction. The Company now holds drilling rights over 67,907 acres in the Calima Lands (Figure 1). The recent awards lie adjacent to the northern limit of the Calima Lands, enhancing the potential for future development and monetisation, and further strengthen Calima’s position in the highly productive liquids-rich Montney Play.

Alan Stein, Calima’s Managing Director commented:

“We are pleased to have added further acreage to our core position in this liquids-rich part of the Montney Play. Our Montney portfolio is at a scale that is material in comparison to our peers and of sufficient size to justify future investment in infrastructure. We continue to build our acreage position and will soon commence a resource audit based on an appropriate development plan.”
The Company continues to work on its significant well and seismic database, with preliminary interpretations, confirmed by an Independent Geologist, indicating that the Calima  Lands can be considered directly analogous to the acreage being successfully developed immediately to the south by Saguaro Resources Limited, who have invested more than C$400 million in drilling and infrastructure.

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