CXZ Canext Energy Ltd

Canext Energy Ltd. ("Canext" or the "Company") (TSX VENTURE:CXZ) has completed
its first (77.5% working interest) Montney horizontal well with six separate 80
tonne fracs. The well has been flowing inline for twenty one days at a
stabilized rate of 1,200 mscf/d (930 mscf/d or 155 boepd net). To date only 40%
of the frac fluid has been recovered leaving approximately 3,600 bbls of water
left to recover. The Company has run a production log in the horizontal and
confirmed 88% of the gas is coming from the three fracs closest to the heel of
the horizontal. There is very little contribution from the three fracs at the
toe of the horizontal. Based on these results the Company is reviewing options
to conduct remedial work in an attempt to increase production.


Completion operations on a non operated second Montney horizontal (Canext 25%
working interest) at Pouce Coupe will start in November. This well is being
completed with seven separate 100 tonne fracs. The completion will use a
different frac fluid system than Canext's first horizontal. Results from this
operation will be reviewed to determine the optimal completion technique for
Canext's third Montney horizontal a 45% working interest standing cased well.


Canext has also successfully completed two (1.5 net) vertical wells at Pouce
Coupe. Both wells were completed in the Lower Montney and Upper Montney/Doig
sands. The wells tested at a combined rate of 3,000 mscf/d (1,800 mscf/d or 300
boepd net). The rates are better than expected based on offset vertical wells.
The Company anticipates one (0.5 net) well will be on-stream prior to year end
while the tie-in for the other well will be next year.


Reader advisory:

The term "BOE" may be misleading, particularly if used in isolation. In
accordance with NI 51-101, a BOE conversion ratio for natural gas of 6 mscf: 1
bbl has been used which is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead. Investors are cautioned that the preceding
statement of the Company may include certain estimates, assumptions and other
forward-looking information. The actual future performance, developments and/or
results of the Company may differ materially from any or all of the
forward-looking statements, which include current expectations, estimates and
projections, in all or part attributable to general economic conditions and
other risks, uncertainties and circumstances partly or totally outside the
control of the Company, including natural gas/oil prices, reserve estimates,
drilling risks, future production of gas and oil, rates of inflation, changes in
future costs and expenses related to the activities involving the exploration,
development and production of gas and oil hedging, financing availability and
other risks related to financial activities. Canext undertakes no obligation to
update publicly or revise any forward-looking statements or information, whether
as a result of new information, future events or otherwise, unless so required
by applicable securities laws.

Canext Energy Ltd (TSXV:CXZ)
Historical Stock Chart
Von Mai 2024 bis Jun 2024

Canext Energy Ltd (TSXV:CXZ)
Historical Stock Chart
Von Jun 2023 bis Jun 2024