Welcome to our dedicated page for Coelacanth news (Ticker: CEIEF), a resource for investors and traders seeking the latest updates and insights on Coelacanth stock.
Coelacanth Energy Inc. (CEIEF) generates frequent operational and technical updates as it advances its Montney oil and natural gas development at Two Rivers. Its news releases provide detailed information on drilling programs, well test results, facility construction and reserves evaluations, giving readers insight into how the company is progressing its resource base.
Investors following Coelacanth’s news can review quarterly financial and operating results, which include production by product type, oil and natural gas sales, operating expenses and non-GAAP measures such as adjusted funds flow (used), operating netback and adjusted working capital. These updates also discuss capital expenditures on exploration and evaluation assets, property, plant and equipment, and the use of revolving bank credit facilities.
Operational news often focuses on the 5-19 pad at Two Rivers East, where Coelacanth reports test rates and initial production data for Lower Montney, Upper Montney and Basal Montney wells. The company also issues releases on infrastructure milestones, such as completion and commissioning of the Two Rivers East facility, construction of pipelines and securing gas takeaway and processing capacity.
Other announcements cover independent GLJ reserve and resource reports, including changes in proved and proved plus probable reserves, future development capital and estimates of Discovered and Undiscovered Petroleum Initially-In-Place. Coelacanth has also disclosed agreements related to automated market making services for its shares. For readers interested in CEIEF, this news stream offers a detailed view of the company’s Montney-focused development plan, financial metrics and technical progress over time.
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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