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Altima (TSXV:ARH) releases new information on the Red Earth area wells and pipeline transfer

Energy, Market News
TSXV:ARH
17 January 2023 12:45 (EDT)

Altima Resources (ARH) acquired and transferred a key pipeline for its core oil-producing area of Red Earth, Alberta.

The 9.2 kilometres pipeline ties the central battery at 3-8-96-5 W5M in the Blue Sky Resources processing facility at 3-11-96-6 W5M.

Altima holds an average working 81 per cent in seven wells in the North Panny Field.

These wells are long-life assets with a combined production of around 115 bopd.

The company has started placing these wells back into production, which is connected to the Altima 8-3 central battery and flows through the pipeline to the 3-11 Blue Sky processing facility and market hub.

The new pipeline will give the company sustainable, year-round production capability from the North Panny Field.

DeVries commented, “We are very encouraged in this first step towards creating multiple long-term, sustainable, economic production.”

This will significantly reduce the company’s operating costs by acquiring the pipeline.

Altima will complete an evaluation for on-stream potential with five additional wells also located in North Panny Field to determine the feasibility of working over.

As for the expansion wells, they are expected to have a combined initial production of approximately 40 bopd.

Also, one of the expansion wells is slotted as a potential water disposal well to decrease operation costs further.

Altima Resources engages in the acquisition, exploration, and development of petroleum and natural gas properties in Canada.

Altima Resources (ARH) last traded at C$0.07 per share at 9:30 am EST on January 16th.


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