Calima Energy sees greater resources in Canada

Australia's Calima Energy has announced that an independent assessment has shown a significant increase in total resources at the onshore Montney shale play in British Columbia, Canada.

Calima Energy operates 72,014 acres of drilling rights over acreage (Calima Lands) in British Columbia, Canada.

The acreage position comprises 105 drilling sections in which Calima Energy have a 100 per cent working interest. McDaniel & Associates (McDaniel), an independent geological consulting firm with extensive experience of the Montney Formation, was commissioned to prepare an evaluation of the crude oil, natural gas and natural gas products prospective resources of the Calima Lands to 2018 PRMS standards.

Alan Stein, Calima’s managing director commented: “This is an excellent result which demonstrates the scale of the opportunity presented by the Company’s Montney acreage position. With 2C Contingent Resources of 196.1 mmboe and 2U Prospective Resources of 497.3 mmboe we are well positioned to move forward with our strategy focused on realising value for our shareholders from this exciting asset."

"This represents a significant uplift on the resource estimates published by the Company last year. The inclusion of 2C Contingent Resources and the uplift in estimated ultimate recovery per well to 8.4 Bcf is directly related to the excellent results from our drilling campaign earlier this year," he added.