Thorsby Three Well Drilling Update
- Sparky Formation - Leo 1, 2, 3
HIGHLIGHTS
The 3 well Leo drilling program has commenced in the Sparky Formation, Thorsby area of Alberta, Canada
The Leo #1 is presently at ~2,000m measured depth. Intermediate casing has been set and the well is drilling ahead within the Sparky Formation. The well is expected to complete drilling this weekend, following which Leo #2 will commence drilling from the same pad
Leo’s 1, 2 and 3 wells (3rd Generation) Sparky Wells have been optimised and will average ~3,800m MD (400m longer) and 53 fracture stages averaging 1.0 tonnes of sand per meter over the horizontal length
IP90 production rates per well are ~274-460 bbl/d with NPV10 of C$6.5-$8.8 million based on EUR’s of 352,000 – 462,000 boe with 80% oil
Wells average approximately 10 days each to drill and will be subsequently fracture stimulated as part of the completion process. All wells are adjacent to Calima’s oil processing facility. This pad contains two of the best performing Thorsby Sparky wells
These wells are considered development in nature with low geological risk
An update of the 4 Gemini IP30 well rates will be provided at the end of August 2021
Jordan Kevol, Calima CEO, states that:
“We are very excited to be back drilling in the Thorsby area. The last well drilled in this area was in January 2019. We are drilling near some of our best wells to date and planning to implement a larger frac intensity relative to the previous wells with improved economics expected. The 3 wells have minimal on-lease tie-in’s and will flow into our existing oil processing facilities that have ample room for the hydrocarbons. We have a lot of running room in the Thorsby Sparky play, and these wells are expected to be very impactful to our bottom line with IP90’s of up to 460 barrels of oil per day.”
