The Times Australia
News From Asia

.

New Times Energy has Commenced Production on the First 3 Wells of the 2022 Drilling Program

HONG KONG SAR - Media OutReach - 21 November 2022 - New Times Energy Corporation Limited ("the Company" or "New Times Energy", together with its subsidiaries, the "Group", HKSE stock code: 166) is pleased to provide an update on successful drilling and completion operations in Willesden Green, Alberta by its wholly owned Canadian oil and gas subsidiary, NTE Energy Canada Ltd.

("NTEC").

  • Finished drilling and completing the first 3 wells of the 2022 drilling program in October 2022 as scheduled with all 3 wells on production as of 10 November 2022
  • These two-mile-long lateral wells will reach peak daily production in the coming weeks given these are unconventional wells that were stimulated

NTEC spudded the first well of the 2022 drilling program in mid-July 2022 with the subsequent 2 wells drilled back to back from the same well pad. These horizontal wells were drilled to a total measured depth of approximately 4,900 meters and completed via a 32 stage stimulation design. NTEC managed to control cost inflation during its drilling program with final drill and complete costs exceeding the original authorizations for expenditure by only one percent whereas producers in other major oil and gas plays in North America have seen cost inflation increases in the double digits.

The Cardium play in West Central Alberta is one of North America's most significant light oil fields and was initially developed in the 1950's. Advances in horizontal drilling since the late 2000's rejuvenated the field. NTEC just finished drilling the sixth and final well of the 2022 drilling program. This well and the two preceding it are one-mile-long laterals that will be brought on production before the end of 2022 to take advantage of strong oil and gas prices over the winter season. The Group will provide a further operational update after the remaining 3 wells in the 2022 drilling program have been brought on production.

Hashtag: #NewTimesEnergy

About New Times Energy Corporation Limited

New Times Energy Corporation Limited (HKSE stock code: 166), headquartered in Hong Kong, is an international resource company that operates natural gas weighted assets in Alberta and British Columbia and is taking steps to transform its business model into clean and sustainable energy, in its effort to be a part of the global "Energy Transition" that is underway, with social responsibility towards the environment and climate change at the forefront.

Times Magazine

Why Social Media Marketing Matters for Businesses in Australia

Today social media is a big part of daily life. All over Australia people use Facebook, Instagram, TikTok , LinkedIn and Twitter to stay connected, share updates and find new ideas. For businesses this means a great chance to reach new customers and...

Building an AI-First Culture in Your Company

AI isn't just something to think about anymore - it's becoming part of how we live and work, whether we like it or not. At the office, it definitely helps us move faster. But here's the thing: just using tools like ChatGPT or plugging AI into your wo...

Data Management Isn't Just About Tech—Here’s Why It’s a Human Problem Too

Photo by Kevin Kuby Manuel O. Diaz Jr.We live in a world drowning in data. Every click, swipe, medical scan, and financial transaction generates information, so much that managing it all has become one of the biggest challenges of our digital age. Bu...

Headless CMS in Digital Twins and 3D Product Experiences

Image by freepik As the metaverse becomes more advanced and accessible, it's clear that multiple sectors will use digital twins and 3D product experiences to visualize, connect, and streamline efforts better. A digital twin is a virtual replica of ...

The Decline of Hyper-Casual: How Mid-Core Mobile Games Took Over in 2025

In recent years, the mobile gaming landscape has undergone a significant transformation, with mid-core mobile games emerging as the dominant force in app stores by 2025. This shift is underpinned by changing user habits and evolving monetization tr...

Understanding ITIL 4 and PRINCE2 Project Management Synergy

Key Highlights ITIL 4 focuses on IT service management, emphasising continual improvement and value creation through modern digital transformation approaches. PRINCE2 project management supports systematic planning and execution of projects wit...

The Times Features

Could we one day get vaccinated against the gastro bug norovirus? Here’s where scientists are at

Norovirus is the leading cause[1] of acute gastroenteritis outbreaks worldwide. It’s responsible for roughly one in every five cases[2] of gastro annually. Sometimes dubbed ...

Does running ruin your knees? And how old is too old to start?

You’ve probably heard that running is tough on your knees – and even that it can cause long-term damage. But is this true? Running is a relatively high-impact activity. Eve...

Jetstar announces first ever Brisbane to Rarotonga flights with launch fares from just $249^ one-way

Jetstar will start operating direct flights between Brisbane and Rarotonga, the stunning capital island of the Cook Islands, in May 2026, with launch sale fares available today...

Introducing the SE 2 and Mini hair dryers from Laifen

The Mane Attractions for Professional Styling at Home Without the Price Tag Fast, flawless hair is now possible with the launch of Laifen’s two professional quality hair dryers th...

Home Gym Recovery Routines: What Pro Athletes Do After Workouts

Training is only half the equation. What you do after your workout has just as much impact on your progress, performance, and long-term health. Professional athletes know this, w...

Flipping vs. Holding: Which Investment Strategy Is Right for You?

Are you wondering whether flipping a property or holding onto it is the better investment strategy? The answer isn’t one-size-fits-all. Both strategies have distinct advantages a...