Coelacanth Energy Inc. Announces Receipt of All Regulatory Approvals for Two Rivers East and Finalization of Midstream Processing Agreement

Core Viewpoint - Coelacanth Energy Inc. has received all regulatory approvals for the construction of the Two Rivers East Project and has finalized a processing agreement with NorthRiver Midstream Inc. for gas processing services [19][20]. Project Overview - The Two Rivers East Project has an estimated total cost of $80 million, with $50 million allocated for the construction of the Facility [2]. - The Facility will be designed for gas compression/dehydration, oil treating, and water handling, along with gathering and transport lines [20]. - Manufacturing of components for the Facility has already begun, with construction scheduled from fall 2024 through April 2025 [2]. Production Estimates - Initial production from the 5-19 Pad is estimated at 4,500 boe/d, which includes three Lower Montney wells, one Basal Montney well, and one legacy Lower Montney well [21]. - The average production rate for the three Lower Montney wells was 1,338 boe/d per well, consisting of 729 bbls/d of light sweet oil and 3.7 mmcf/d of liquids-rich gas [3][21]. Midstream Agreement - Coelacanth has secured long-term takeaway capacity of over 60 mmcf/d of gas to be delivered into the Westcoast system [3]. - The processing agreement with NorthRiver Midstream Inc. includes up to 60 mmcf/d of firm processing service at NRM's McMahon gas processing facility for a period of 10 years [21].