- Coelacanth Energy (CEI) achieved significant milestones at the Two Rivers Montney Project in Q4 2024.
- Daily production increased by 17% year-over-year, reaching 1,084 boe/d.
- The company secured $52.0 million in revolving bank credit facilities.
Coelacanth Energy Inc. (CEI) announced its financial and operational results for the fourth quarter of 2024, showcasing advances at its Two Rivers Montney Project. The company completed three Lower Montney wells, averaging a test production of 1,624 boe/d with a 61% light oil composition, and one Upper Montney well, recording 1,338 boe/d with a 54% light oil output.
The financial highlights for Q4 2024 include oil and natural gas sales amounting to $4,544,000, marking an 8% increase from the previous year. Despite the increased sales, Coelacanth reported a net loss of $2,903,000. The company's daily production surged by 17% year-over-year to 1,084 boe/d, while the operating netback was $24.46/boe, a slight decline of 1% from Q4 2023.
In a move to enhance financial stability, Coelacanth secured $52.0 million in revolving bank credit facilities. Additionally, the construction of pipelines connecting the 5-19 pad to the Two Rivers East facility is substantially complete, signaling progress in infrastructure development.
As Coelacanth continues its momentum into 2025, the company anticipates further milestones in its Two Rivers Montney Project, with the completion of its Two Rivers East facility expected to come online in the second quarter of 2025.
