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About Coelacanth Energy Inc. (CEIEF)
Coelacanth Energy Inc. (TSXV: CEI, OTC: CEIEF) is a Canadian upstream oil and gas company focused on the acquisition, exploration, development, and production of hydrocarbon resources. The company operates in the prolific Montney Formation in northeastern British Columbia, Canada, a region known for its vast reserves of light oil, natural gas, and natural gas liquids (NGLs). Leveraging its extensive land position and advanced technical expertise, Coelacanth is strategically positioned to capitalize on the long-term potential of this resource-rich area.
Operational Focus and Core Business
Coelacanth's operations are centered around its Two Rivers Project, which spans the Montney Formation. The project is divided into Two Rivers East and Two Rivers West, each targeting multiple hydrocarbon zones, including the Lower, Upper, and Basal Montney. The company has demonstrated strong productivity through its multi-well drilling programs, achieving significant test rates of light oil and liquids-rich gas. Coelacanth's focus on optimizing well design and completion techniques has resulted in higher-than-expected production rates, particularly in the Lower Montney zone.
To support its operations, Coelacanth is investing heavily in infrastructure. The company is constructing a state-of-the-art battery facility for gas compression, oil treating, and water handling, along with extensive pipeline networks to connect its production pads to midstream processing facilities. This infrastructure is designed to handle up to 16,000 barrels of oil equivalent per day (boe/d), enabling scalable growth and operational efficiency.
Strategic Positioning and Competitive Landscape
Operating in one of North America's most competitive energy basins, Coelacanth differentiates itself through its focus on high-quality assets, financial discipline, and strategic partnerships. The company's long-term agreements for gas processing and takeaway capacity ensure reliable market access for its production. Additionally, Coelacanth's low debt levels and robust working capital position provide financial flexibility to execute its capital-intensive growth plans.
In the broader industry context, Coelacanth faces competition from both regional Montney producers and larger, diversified energy companies. However, its focus on the Montney Formation, combined with its innovative well designs and infrastructure investments, positions it as a strong contender in the upstream oil and gas sector.
Growth Strategy and Future Outlook
Coelacanth's growth strategy is underpinned by its commitment to unlocking the full potential of its Montney acreage. The company plans to continue its drilling programs to expand production capacity, with additional wells scheduled for completion in the near term. Its infrastructure investments are expected to come online by mid-2025, providing a significant boost to production volumes and operational efficiency.
Furthermore, Coelacanth is actively exploring the commercial viability of the Upper Montney zone, which has shown promising results in recent tests. This could materially enhance the company's development inventory and long-term growth prospects.
Commitment to Sustainability and Industry Best Practices
Coelacanth is committed to adhering to industry best practices in environmental stewardship, safety, and regulatory compliance. The company's focus on efficient resource development and infrastructure optimization aligns with its goal of minimizing environmental impact while maximizing shareholder value.
With its strategic focus, operational expertise, and strong financial foundation, Coelacanth Energy Inc. is well-positioned to deliver sustainable growth and create long-term value in the competitive oil and gas industry.
Coelacanth Energy reports successful testing of 4 new wells at Two Rivers East Project. Three Lower Montney wells achieved average rates of 1,624 boepd per well, including 989 bbls/day of light sweet oil and 3.8 mmcf/d of liquids-rich gas, exceeding previous well performance. The Upper Montney well reached 1,136 boepd with 271 bbls/d of light oil and 5.2 mmcf/d of liquids-rich gas, marking a significant 10-mile step-out from Two Rivers West project. The company is constructing facilities to handle up to 60 mmcf/d of gas, with initial testing expected in late April 2025.
Coelacanth Energy (TSXV: CEI) reported its Q3 2024 financial results with oil and natural gas sales of $2.36 million, up 248% from Q3 2023. The company's daily production increased to 829 boe/d, a 313% rise year-over-year. Despite higher revenues, the company recorded a net loss of $2.46 million. Coelacanth initiated construction of an $80 million infrastructure project including 35km of pipelines and a facility capable of handling 16,000 boe/d, expected to be operational by mid-April 2025. The company secured $52 million in debt financing through two revolving bank credit facilities, with $35 million allocated for four new Montney wells and a water disposal well.
Coelacanth Energy Inc. (TSXV: CEI) has announced a $52 million revolving bank credit facility and the commencement of a 4-well drilling program at Two Rivers East. The program includes drilling and completing 3 Lower Montney wells, completing 1 previously drilled Upper Montney well, and drilling a Bluesky disposal well, with a total cost of approximately $36 million. The company has also secured a $22 million commitment from a Mid-Stream company to finance a pipeline. Coelacanth estimates it will have approximately $40 million net debt plus the mid-stream commitment once the drilling program is completed and the facility is operational. The company's production is expected to stabilize at over 6,000 boe/d until additional wells are drilled in summer 2025. Additionally, Coelacanth plans to extend the expiry date of its share purchase warrants to June 30, 2025.
Coelacanth Energy Inc. (TSXV: CEI) has released its Q2 2024 financial and operating results. Key highlights include:
- Oil and natural gas sales increased 283% to $3.16 million in Q2 2024 compared to Q2 2023
- Adjusted funds flow improved to $262,000 in Q2 2024 from -$756,000 in Q2 2023
- Average production grew 229% to 944 boe/d in Q2 2024 vs Q2 2023
- Operating netback improved to $15.10/boe in Q2 2024 from -$0.49/boe in Q2 2023
The company is progressing its Two Rivers Montney Project, with construction of the Two Rivers East infrastructure to begin soon. The facility is expected to handle up to 16,000 boe/d and start up in April 2025. Coelacanth has secured financing and believes the project is on schedule and budget.
Coelacanth Energy has received all necessary regulatory approvals for the construction of infrastructure at its Two Rivers East Project. The company will build a new battery facility for gas compression/dehydration, oil treating, and water handling. Estimated costs for the project are $80 million, with $50 million allocated to the facility. Manufacturing has started, with construction expected to run from fall 2024 to April 2025. The project, anchored by the Lower Montney, has estimated initial production of 4,500 boe/d from five wells.
Additionally, Coelacanth finalized an agreement with NorthRiver Midstream for up to 60 mmcf/d of firm processing service over 10 years at NRM's McMahon gas processing facility. NRM will fund an extension of its gathering system to connect with Coelacanth's new facility. The company has secured long-term takeaway capacity of over 60 mmcf/d of gas into the Westcoast system.
Coelacanth Energy announces its Q1 2024 financial and operating results. Key figures include a 284% increase in oil and natural gas sales to $3.666 million, and a net loss reduction of 33% to $1.201 million compared to Q1 2023. Daily production rose by 242% to 993 boe/d. Operating netback per boe surged by 521% to $18.06. The company reported adjusted working capital of $67.1 million and no debt.
Coelacanth's Two Rivers Montney project showed promising results with successful pad tests and ongoing licensing for infrastructure construction slated for completion by Q1 2025. The company secured long-term transportation and processing capacities to support future growth.
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