https://www.hemisphereenergy.ca/sites/default/files/2023-08/2023.06%20HME%20Q2%202023%20Report_final.pdf
Purchased and cancelled 872,400 shares
Hemisphere’s 2023 summer drilling program is currently underway. To date, four wells have been drilled in the Atlee
Buffalo G pool and one in the Atlee Buffalo F pool, with three remaining F pool locations currently being drilled off a
single pad. It is anticipated that half of these wells will be on production by the end of August, with the remainder
producing by the end of September. Two of the new wells are also planned to be completed as or converted to
injectors by the end of the year.
With two of the newly drilled G pool wells recently tied-in, August production has averaged just over 3,000 boe/d (99%
heavy oil, based on field estimates between August 1-22, 2023). The Company’s polymer (G Pool) and polymer-
surfactant (F Pool) floods are continuing to perform effectively, with relatively stable oil rates and lower water cuts
being seen across both pools. As the remaining new wells are brought online, Hemisphere will further optimize
injection and polymer concentration levels across its pools, as well as use additional treating and pumping capacity
added during the year.
To date in 2023, Hemisphere has strategically invested approximately $1 million in the acquisition of over 10 sections
of new land that management believes to be prospective enough to become an additional core area for the Company.
This resource is characterized by high oil in place and low recovery factor, and reservoir simulation supports its
significant potential as an application for Hemisphere’s expertise in Enhanced Oil Recovery ("EOR") techniques.
Current plans include drilling and testing a pilot flood into this new asset as part of Hemisphere’s 2024 development
capital budget