Coelacanth lifts output, preps summer Montney drilling

Executive Summary

• Coelacanth Energy is currently producing approximately 8,000 boe/d, with an additional 1,600 boe/d shut-in due to water handling restrictions, expected to return to production by April 2026.
• Q1 2026 production is estimated at 6,200 boe/d, representing an eightfold year-over-year increase from Q1 2025.
• The company holds a 150-section Montney land base with substantial discovered and undiscovered oil and gas PIIP, and plans to resume drilling and completion operations in early summer to delineate the resource.

Key Details

• Current production: ~8,000 boe/d (31% oil and liquids)
• Shut-in production: 1,600 boe/d, anticipated to return to production before the end of April 2026
• Production delay factors: Higher-than-expected initial frac flowback water and water handling restrictions at the battery
• Q1 2026 production estimate: 6,200 boe/d (vs. 761 boe/d in Q1 2025)
• Land base: 150-section contiguous block of Montney land
• Discovered Oil PIIP: 6.9 billion barrels
• Discovered Gas PIIP: 5.9 trillion cubic feet
• Undiscovered Oil PIIP: 8.3 billion barrels
• Undiscovered Gas PIIP: 7.1 trillion cubic feet
• Strategic focus: Delineate large resource with further stepout and development drilling to understand ultimate property capability
• Operational updates: Refined geological model and operational design based on early production data
• Drilling & completion operations resumption: Early summer 2026