The Montney Project is comprised of approximately 60,000 gross acres prospective for the Montney Formation in British Columbia, North America.
The Montney Formation is a pervasive hydrocarbon system over 100km wide that is rapidly emerging as one of North America’s premier resource plays. The ultimate potential commercial volumes of unconventional petroleum in the Montney Formation is estimated to be 449 tcf of natural gas, 14.5 bnbbls of natural gas liquids and 1.1 bnbbls of oil (National Energy Board of Canada, 2013).
The Montney Project joint venture (Montney JV) has a substantial acreage position in the Montney and plans to drill several wells to demonstrate productivity of the reservoirs. Under the Farm‐in Agreement, Calima will sole‐fund and earn‐in to the Montney Project in three stages and has the right to earn a working interest of up to 55% in the Montney Project.
Calima has entered into a Petroleum Agreement for offshore Block 2813B covering an area of 5,344 sqkm in the Orange River Basin of Namibia. The contract, which was awarded pursuant to a direct application to the Government, has an initial investment term of four years. During the initial term Calima has committed to acquire seismic data and undertake a detailed prospectivity review.
Calima Energy holds an 11.2% stake in TMK-Montney, an Australian public unlisted company demerged out of Tamaska Oil & Gas Limited (ASX: TMK). TMKM owns a 40% working interest in the Montney Project as part of a joint venture which has drilling rights over 60,000 acres within the liquids-rich, Montney Resource Play in British Columbia, Canada.
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