|Boe/d average for June 2023
|130 / 34
|Net identified / net booked locations
|MMboe 1P reserves
|MMboe 2P reserves
The Company’s Brooks assets consist of a core land position of >69,000 acres primarily targeting the Sunburst and Glauconitic formations. The Brooks assets currently has over 75 wells producing >2,600 boe/d. The Sunburst Formation does not require hydraulic fracture stimulation and can be developed at low cost (~C$1.4MM per well) delivering attractive rates of return. The Brooks reservoirs contain a low CO2 content at ~2%, and the Company’s multi-well pad drilling reduces the environmental footprint. The Brooks area contains significant infrastructure that creates a foundation for growth and expansion with year-round access. Blackspur’s existing infrastructure across the entire Brooks area can process up to 8,200 bbl/d oil, 26,700 barrels per day of water and 12 MMcf/d. The Glauconitic Formation is a shallower (younger) formation than Calima’s core Sunburst conventional play and requires hydraulic fracture stimulation. The combination of the shallow target depth and short tie-in, results in an all-in cost for each well of C$2-$3M, depending on chosen horizontal length of the wellbore.