Calima Energy Limited reported that Pisces #8 and #9 have been successfully fractured. The two Glauconitic Formation horizontal wells were fractured back- to-back; they will soon be undergoing downhole pumping equipment installation. After a brief testing period to clean up the initial frac fluid flowback, the two wells will be shut-in while pipeline tie-in and surface equipment is installed.

Production from both wells is scheduled for mid-late March. The Company has implemented a hedging policy that provides both upside exposure and protection from downside oil price movements in the form of put-call collars for the remainder of the 2023 year. The average price for the collars implemented for the first three quarters of 2023 are set out below with USD 3.50/bbl premiums payable monthly on settled barrels.