Coelacanth Energy Inc. Announces Operations Update

Core Viewpoint - Coelacanth Energy Inc. has successfully completed and tested four additional wells at its Two Rivers East Project, demonstrating significant production rates and potential for future development in the Montney formation [1][7]. Lower Montney - Three new Lower Montney wells (F5-19, G5-19, H5-19) were drilled with an average horizontal length of 3,285 meters and completed with approximately 2.5 tons of sand per horizontal meter [2]. - The average production rate for these wells was 1,624 barrels of oil equivalent per day (boepd) per well, consisting of 989 barrels per day (bbls/d) of light sweet oil and 3.8 million cubic feet per day (mmcf/d) of liquids-rich gas [3]. - The production rates from the new wells were significantly higher than the previous three wells on the pad, which had an average test rate of 1,338 boepd, including 729 bbls/d of light oil [3]. Upper Montney - The Upper Montney well (B5-19) was drilled with a horizontal length of 2,647 meters and achieved a production rate of 1,136 boepd, comprised of 271 bbls/d of light oil and 5.2 mmcf/d of liquids-rich gas [4]. - The B5-19 well was shorter in horizontal length and had fewer frac stages compared to the Lower Montney wells, indicating potential for future optimization [4][5]. Infrastructure & Takeaway - Coelacanth has secured long-term takeaway and processing capacity for up to 60 mmcf/d of gas and is constructing the necessary facilities and pipelines for the 5-19 and subsequent pads, with initial testing expected to start in late April 2025 [6]. Overall Development - The results from the recent wells are seen as a significant advancement in the development of Coelacanth's Upper Montney and Lower Montney resources, expanding the productive area and enhancing overall productivity [7].