Calima Energy (CE1) has achieved record production of 382,910 boe in Q3 2022.
This includes daily production averaging ~4,162 boe/d (~63 per cent oil and liquids).
Revenue reached A$30.7 million, a decline from Q2 due to a drop in WTI and an
increase in the WCS differential, which resulted in lower hedging losses.
Earnings reached A$12.5 million with cash and cash equivalents of A$9.93 million as of September 30, 2022.
Calima has commenced a 5-well drilling campaign, with the first production expected in Q4 2022 and early 2023.
It anticipates its Q4 drilling program will continue to strengthen its production base, with peak rates projected for Q1 2023.
Over the last 12 months, Calima has grown its production base by over 40 per cent from 2,900 to over 4,000 boe/d.
With robust commodity pricing, production rates and minimal debt, the company is well-positioned to grow production rates throughout 2023.
Calima is an oil and gas producer and explorer with assets in Alberta and B.C.
Calima Energy (CE1) is unchanged, trading at A$0.135 per share.