- Coelacanth Energy (CEI) reports a 95% increase in Total Proved plus Probable reserves, reaching 27.5 million boe by 2024 year-end.
- The company's reserve value (NPV10) surged by 155% to $239.6 million.
- Coelacanth plans to expand production capacity to 7,500-8,000 boe/d by May 2025, with further capacity doubling expected in Q4 2025.
Coelacanth Energy Inc. (CEI) has announced significant growth in its 2024 year-end reserves, achieving a 95% increase in Total Proved plus Probable reserves to 27.5 million barrels of oil equivalent (boe). Meanwhile, the company's Total Proved reserves rose by 63% to 17.1 million boe. Coelacanth's reserve value, computed as net present value before tax at a 10% discount rate (NPV10), expanded by 155%, reaching $239.6 million.
Key operational advances underpinning this growth include the drilling of three additional wells in the Lower Montney formation on the 5-19 pad, as well as the construction of infrastructure to enable the production from a total of nine wells expected to commence by the second quarter of 2025. Coelacanth projects the completion of Phase 1 facilities by May 2025, which will grant a production capacity of approximately 7,500-8,000 boe per day, including around 30.0 mmcf/d of gas alongside concurrent oil production. The next phase, scheduled for the fourth quarter of 2025, will involve compression enhancements to double this capacity.
The reserve evaluation incorporates 23 total wells and locations—comprising 13 drilled and completed Montney wells and 10 undeveloped locations—with future development capital projected at $148.3 million. As of the fourth quarter of 2024, Coelacanth's average production was 1,084 boe per day, translating to a Reserve Life Index of 69.0 years for Proved plus Probable reserves.
Coelacanth's strategic objectives for the Two Rivers Montney Project include delineating multiple Montney zones for production across its extensive land holdings, accelerating production via pad drilling post-infrastructure completion, and expanding facilities and pipelines in anticipation of future production increases. The company continues to finalize the construction of the Two Rivers East facility to accommodate the 5-19 pad production, and to license additional pads for future development.
With a business plan aimed at systematic development and expansion, Coelacanth is poised to enhance its reserve recovery potential significantly, intending to shift recoverable resources from land holdings to established producing reserves.
