Calima Energy Ltd

ASX announced that Calima would be removed from the Official List at the close of trading on 18 December 2024. The removal was at Calima's request under Listing Rule 17.11, after security holders resolved to delist.

listing compliance notice

Calima confirmed that the sale of Calima Energy Inc had settled, in line with the announcement of 10 September 2024. The release gave no further terms.

asset acquisition disposition

All three resolutions at the 14 October general meeting carried: the equal access buyback, the sale of the main undertaking (Calima Inc), and removal from the ASX. Delisting passed with about 94% of votes cast in favour, clearing the way to leave the exchange.

agm notice

Calima applies to leave the ASX, citing no prospects of re-complying with Chapters 1 and 2 after the 2 July suspension, no liquidity, and about A$200k a year in listing costs. Needs a special resolution; shares would then be off-market only.

listing compliance notice

Calima agrees to sell 100% of Calima Energy Inc, owner of the Paradise field, to Aldon Oils for about A$1.3m (C$1.2m), subject to shareholder approval and completion by 31 October 2024. This exits Canada; the meeting will also seek delisting.

asset acquisition disposition

ASX suspends Calima from the close of 2 July 2024, saying its operations are not adequate to warrant quotation under Listing Rule 12.1. Suspension lasts until ASX is satisfied. This is the outcome flagged since the Blackspur sale.

listing compliance notice

The A$80m return of capital is paid on 21 June, at 12.63c per share (slightly below the 12.64c planned). The ATO class ruling is expected on or after 3 July. Suspension from 2 July still expected.

capital raising announcement

Calima confirms the A$80m (12.64c per share) return of capital will be paid in one payment on 19 June 2024. The tax ruling is now expected after payment rather than before it, and ASX suspension is still likely on 2 July.

capital raising announcement

The Blackspur sale to Astara has completed, with A$81.6m banked after Canadian tax provisions and net debt adjustments. Calima plans a single A$80m (about 12.6c per share) return, subject to an ATO ruling and shareholder vote. It keeps Paradise and about A$5-6m cash; ASX may suspend it from 2 July 2024.

asset acquisition disposition

Calima agrees to sell 100% of Blackspur Oil (Brooks and Thorsby) to Astara Energy for C$75m (A$83.3m), before net debt adjustments. It intends to return at least 85% of proceeds to shareholders. Needs shareholder approval (15 Feb meeting) and Canadian competition clearance; the company keeps the Paradise well in BC.

asset acquisition disposition

At Calima's request, ASX suspends the shares pending an announcement on the sale of the Blackspur assets (Brooks and Thorsby). Suspension is to last until the announcement or 5 January 2024 trading open.

listing compliance notice

Calima sells its Montney assets (33,643 net acres and Tommy Lakes facilities) for C$10m (A$11.4m), closed and cash received; total expected A$11.8m. Cites weak NE BC gas prices and C$50-100m needed to develop. September capital return rises from A$3m to A$7.5m (1.2c/share). Ends the Montney review.

asset acquisition disposition

CEO Jordan Kevol, who founded Blackspur in 2012, has left. Technical Director Karl DeMong becomes Blackspur President and CEO on C$300,000 a year, and Graham Veale is promoted to COO. Leadership change at the Canadian operating business.

director officer appointment

The asset sale flagged on 31 May is off: after three unsolicited offers, final price talks with the exclusive bidder failed. Q2 production is on target at about 4,125 boe/d, the A$3m distribution is due in Q3, and Montney review continues. Shares resume trading.

asset acquisition disposition

At Calima's request, shares are suspended from 31 May pending an announcement on a major sale, expected to take about 3 weeks. No buyer, asset or price disclosed. Explains the 29 May trading pause.

other

McDaniel's year-end 2022 Montney update puts net contingent resources (2C) at 158.7 MMboe, about 1% lower, and prospective at 102.3 MMboe, about 19% lower, on land expiries, shorter laterals and expected BC royalties. Development Pending is 46.0 MMboe, reclassified to 2P once funded.

resource reserve update

Year-end 2022 Brooks and Thorsby reserves, audited by InSite: PDP 7.0 MMboe (up 37%), 1P 16.1, 2P 20.5, 3P 24.4 MMboe. 2P is roughly flat on a year earlier despite 1.43 MMboe produced; 192% PDP replacement from 16 wells drilled.

resource reserve update

The Montney re-test is complete. Calima #2's peak 24-hour condensate rate was 396 bbl/d at 3.4 mmcf/d gas; Calima #3's was 21.7 bbl/d at 4.9 mmcf/d. About 5,900 bbl was sold, and the test cost about A$2.0m, roughly A$1.4-1.5m net. Full analysis is due early Q2.

flow test result

Early Montney re-test results beat 2019. Calima #2 peaked at 6.3 mmcf/d with condensate at 248 bbl/mmcf (flush rate, likely to settle lower); average 102 vs 22 in 2019. Calima #3 flowed up to 5.25 mmcf/d. Combined peak over 11.5 mmcf/d.

flow test result

The board approved re-testing the Calima #2 and #3 Montney wells from late January 2023. The 2019 tests were cut short by spring thaw. Results are meant to support a partnership and investment decision; a funded deal could lift contingent reserves to 2P 45.6 MMboe.

drilling scheduled

Pisces #6 and #7 are on production, and company production peaked above 4,500 boe/d. The Q4 Gemini wells' 30-day rates were about 35% above budget type curves. Pisces #8 spudded 6 January, with #9 next; both are planned with 2,750m laterals.

production update

Calima leased ~33,000 more acres around Brooks, lifting its holding to over 69,000 net acres. It plans 21 horizontal wells over three years, with a minimum commitment of C$1.75m a year. Over 20 locations are already identified.

asset acquisition disposition

The four-well Brooks campaign has started: Gemini #8 spudded, Gemini #9 mid-June, Pisces #4 and #5 late June or early July. Leo #4 is to be fracked in late June. National Bank reaffirmed the C$27m facility and amended it to allow the A$2.5m shareholder distribution.

drilling spud

Calima plans four Brooks wells (two Gemini, two Pisces) from June, a month early, plus Leo #4 completion. 9-month guidance is 4,100-4,400 boe/d, with funding budgeted for a shareholder capital return or buyback. Q3 drilling and Leo budget is A$7.8m.

drilling scheduled

McDaniel's updated Montney estimate shows net 2C contingent resources of 35.8 MMbbl liquids and 748 Bcf gas (160.5 MMboe), against 195.6 MMboe previously. Development Pending is steady at 213 Bcf and 10.1 MMbbl. Prospective resources fell about 58% as land expired.

resource reserve update

InSite's 31 December 2021 audit of Blackspur gives 1P 15.6, 2P 20.4 and 3P 24.4 million boe, with PDP 5.1. These are slightly below the 30 June 2021 figures (1P 16.1, 2P 21.4, 3P 25.7). Reserves held roughly steady after 1.1 million boe produced.

resource reserve update

Calima raised A$20m through a placement of 100 million new shares at A$0.20, a 13% discount to the last close. Proceeds first reduce the drawn credit facility, then fund Q1 well completions, waterflood, North Thorsby completion and Thorsby battery expansion.

capital raising announcement

Calima signed a deal with Pivotal Energy Partners to finance and build a Brooks pipeline linking the 02-29 battery to the Gemini 5-7 and Pisces 3 wells. Cost is about C$4.3m (cap C$5m), repaid at ~C$76,000 a month over up to 7 years; completion due late March 2022.

material agreement

Calima spudded Leo #4 on 20 January 2022, a 50% owned, company-operated step-out Sparky well at North Thorsby, a new area with no booked reserves. Budget is C$3.6m gross (C$1.8m net). Frac and tie-in planned late Q2 or Q3 2022; production expected Q3 2022.

drilling spud

Gemini 5, a vertical Sunburst test at Brooks, was drilled to about 1,059m and logs show a Sunburst interval with sufficient reservoir quality. Production rates are unknown pending a test. The company says it may add 1-6 new horizontal locations. A possible Mannville gas zone also needs more work.

drilling result

Production passed 3,800 boe/d in late December but the 4,500 boe/d year-end target was missed. Leo 3 was down from 23 December with sand in the wellbore, and peak rates have slipped to February 2022. Leo 1 and 2 produce over 400 and 420 boe/d.

production update

All three Leo wells at Thorsby are tied in and flowing back. Leo 3 is producing over 250 boe/d, ahead of expectations; Leo 1 and 2 are still cleaning up. IP90 guidance stays 270-460 boe/d per well and the 4,500 boe/d year-end target is said to be on track.

production update

Calima expects to distribute up to 30% of free cash flow to shareholders from 2022. The preliminary 2022 plan is 13 wells, C$35m capex and 5,500 boe/d average production. Free cash flow ranges C$29-52m at US$70-90 WTI. This is an intention, not a declared dividend.

dividend declaration

Calima has hired Peters & Co. to review options for its 60,000-acre Montney assets, including a sale, joint venture or asset exchange. It plans no further updates until binding agreements are signed, which could take up to 6 months. This follows the earlier search for a partner or buyer.

other

All four Gemini Sunburst wells reached 30-day rates, averaging 176 boe/d each (75% oil), close to the type curve. Total cost was C$4.8m, about C$1.2m per well. Together they produce 650 boe/d. More Brooks wells may be drilled from Q4 2021.

drilling result

InSite's 30 June 2021 audit of Blackspur gives 2P reserves of 21.4 million boe (22.5 at end 2019), 1P 16.1 and 3P 25.7. Reserves held roughly steady despite 1.2 million boe produced. The plan is 64 wells over five years.

resource reserve update

Shareholders approved all resolutions at the general meeting. Calima will consolidate its shares 20 to 1, leaving about 513.7m shares. This is a change in share count, not in value. The meeting also cleared the director incentive securities flagged earlier.

security holder rights change

Blackspur's May exit production was 3,100 boe/d, up from 2,800 in April, with net debt C$11m. Calima lifted its December 2021 exit guidance to 4,500 boe/d (from 3,400) and capex to C$20m (from C$17m), and hedged about 450 bbl/d of oil.

production update

The three Sunburst wells at Brooks are producing a combined ~505 boe/d on an IP30 basis, 28% above budget, for C$2.2m. Total production is ~2,818 boe/d. Resolves the pending IP results; six more wells are planned from late May.

production update

Blackspur Plan of Arrangement completed; Calima now owns 100% of Blackspur and shares resume trading 3 May, with 10,271m shares on issue (~A$72m at 0.7c). Jordan Kevol becomes CEO and Lonny Tetley joins the board. Ends the suspension running since February.

business combination

Calima issued 5,425,783,115 shares at $0.007, raising A$37.9m before costs, completing the Blackspur funding. Proceeds cover the cash component, Blackspur debt paydown, deal costs and working capital. Trading reinstatement expected 3 May.

capital raising announcement

Court approval and 98.4% Blackspur shareholder approval secured for the merger. National Bank of Canada approved a C$25m revolver, up from C$20m. Raising completed at about A$38m with retail scale-backs; relisting expected around 3 May.

material agreement

Firm commitments of A$37m received: A$31m conditional placement plus A$6m of the retail offer, up from the A$34m targeted at $0.007. Funds the Blackspur purchase; placement settles 27 April, completion 29 April, trading expected 30 April.

capital raising announcement

Prospectus for a retail offer of up to 1,428,571,429 shares at $0.007 to raise up to $10m, closing 20 April 2021. It is part of the funding for the Blackspur acquisition; existing shareholders face dilution from the new issue.

capital raising announcement

Calima agrees to buy Alberta oil producer Blackspur Oil Corp for C$17m (at least C$12.1m in shares, up to C$4.9m cash), plus up to C$4.5m of net-debt-linked shares. It adds 22.5 MMboe 2P reserves and ~2,600 boe/d. Requires a raising of at least A$34m; Jordan Kevol to become CEO. Close expected April 2021.

business combination

Calima's shares are suspended at its own request from 16 February 2021, pending an announcement on a major acquisition and capital raising. The company estimates about 8 weeks. Signals a significant transaction after the strategic process in earlier updates.

listing compliance notice

McDaniel update lifts 248.9 Bcf gas and 12.4 mmbo to Development Pending, which could become 2P reserves once funding is secured. Total 2C is 888.1 Bcf and 44.4 mmbo; prospective 1.68 Tcf and 84 mmbo, down from 497.3 mmboe earlier. Revises the 2019 report.

resource reserve update

The Tommy Lakes infrastructure purchase closes, completing the February agreement. Cost is about A$750,000, below the A$825,000 earlier quoted, with holding costs of A$500,000 a year (previously A$420,000). Management says production could start within 6-9 months in stable markets.

asset acquisition disposition

Managing Director Alan Stein moves to a non-executive role; Micheal Dobovich becomes President in Calgary and the only full-time executive. Directors take fees in shares from 1 March, and Chase Edgelow is added as adviser. Working capital was A$4.15m at 28 Feb 2020, with no debt.

director officer appointment

Calima agrees to acquire the Tommy Lakes gathering and compression facilities, 20 km from its lands, which it values at A$85m replacement cost. Cost and performance bonds are about A$825,000, with holding costs of A$420,000 a year. It also gets an option on 11 gas wells. This delivers the infrastructure access sought earlier.

asset acquisition disposition

Permit granted for a 19.5 km pipeline linking the Calima pad to Tommy Lakes, costed at about C$17m. No further development until a final investment decision, which depends on a joint venture partner and/or project financing. This resolves the pipeline approval thread.

regulatory community update

A 10-year Continuation Lease is granted over 49 sections (33,643 acres), 56% of core lands, with no drilling obligation until 2029. This follows the September deck's 60% estimate. Calima will let about 7,500 acres of Pocketknife rights expire.

regulatory community update

Sale of Namibia PEL 90 to Tullow Namibia is completed, resolving the June 2019 agreement. Calima received US$2m (A$2.9m) and keeps exposure to US$10m of success bonuses, payable in two US$5m tranches on production licence grant and commercial production.

asset acquisition disposition

Entitlement offer closed with applications for 131.96m shares (about $2.38m, 27.4% of the offer). The 351.4m-share shortfall (about $6.32m) falls to underwriters Petra and Euroz, with issue expected around 5 August. The raising is completed through underwriting.

capital raising announcement

McDaniel's July 2019 assessment lifts Montney best-estimate gross prospective resources to 497.3 mmboe (475 previously reported) and adds a first contingent resource of 196.1 mmboe. Per-well recovery rises to 8.4 Bcf from 5.6-6.8 Bcf. A 2P reserves statement is expected in 2H 2019 after commercial negotiations.

resource reserve update

Calima raises $12.7m at 1.8 cents a share: a $4m placement of about 222m shares and a fully underwritten 1-for-3 entitlement offer for $8.7m. Funds go to working capital and pipeline tie-in planning; completing Calima-2 and 3 testing depends on the Namibia sale.

capital raising announcement

Calima signs a binding sale and purchase agreement with Tullow for Namibia PEL 90, on the terms announced 23 May: US$2.0m on completion plus US$10.0m in success bonuses. Completion still needs government and partner approvals.

asset acquisition disposition

Calima appoints Calgary-based GMP FirstEnergy as Canadian corporate financial adviser to seek investment, partnerships or a corporate transaction for its Montney asset. It is negotiating pipeline access for up to 50 mmcf/d, and McDaniel's reserves statement (effective 1 April) is due in June.

material agreement

Calima agrees to sell its Namibia PEL 90 (Block 2813B) interest to Tullow for US$2.0m (~A$2.9m) on completion, plus US$10.0m in success bonuses (US$5m each on production licence and commercial production). Subject to conditions including a 60-day exclusivity, due diligence and approvals. Funds to go to the Montney and working capital.

asset acquisition disposition

Replying to an ASX query, Calima says it expects continued negative operating cash flow. March-quarter cash of $6.3m plus $3.7m in a Canadian trust account ($10m) covers the $9.3m forecast outflows, but more working capital is needed. Debt, equity, joint venture or non-core asset sale talks are ongoing, none finalised.

listing compliance notice

Gas analysis suggests about 70% of recovered liquids are higher-value condensate or light oil, versus the 50% assumed in the pre-drill estimate. This feeds into McDaniel's updated reserves audit due May 2019. The company also flags the B-002E well site as a possible future pad.

resource reserve update

Core and log analysis of Calima-1 shows oil saturation up to 59% (Upper) and 64% (Middle Montney), and porosity 28% and 20% above nearby wells. The company says no further Calima-2/3 testing is needed; McDaniel's updated reserves are due May/June 2019, and it is exploring pipeline access and asset deals.

resource reserve update

Testing ended early because of an unseasonal spring thaw. Calima-2's condensate-gas ratio reached 20.06 bbl/mmcf in the final eight hours and was still rising; Calima-3 flowed over 2.5 mmcf/d while unloading. About 35,000 acres can convert to 10-year leases. McDaniel's new reserves statement is due May 2019.

flow test result

Calima-2's clean-up peaked at 10.2 mmcf/d, with condensate-to-gas ratio rising to 17.6 bbl/mmcf (company estimates 35-38 after plant processing). GLJ places the early rate in the peer group's top quartile. Rates are initial only; testing resumes after tubing installation.

flow test result

Calima-2 flowed at about 1,640 boe/d during clean-up: roughly 9 mmcf/d of gas and 143 bbl/d of light oil and liquids. This is the first flow result from the Montney program; the company cautions these are initial rates. Calima-3 clean-up has begun.

flow test result

Calima forward-sold CAD1.2m of Paradise well net revenue for CAD1.0m received now, repaid monthly over 36 months. On a shortfall the lender can demand cash or, with shareholder approval, shares. The lender may buy the well in the final six months.

debt financing

Calima-3 reached its planned depth with a 2,561 m horizontal section, completing the three-well Montney drilling program ahead of schedule, within budget and without incident, as flagged for February. Production testing of Calima-2 and 3 should start early March and run about 25 days.

drilling result

Calima-1 reached 1,872.5 m, with the Montney 256.5 m thick, close to prediction. Logs show porosity and hydrocarbon saturation comparable to nearby producing wells, and core shows gas condensate. Calima-2 horizontal has spudded; flow rates are still unknown until testing.

drilling result

Calima spudded Calima-1, a vertical well in the Montney, planned to reach 1,860 m. It will collect core and logs to set the depths of the two horizontal wells. This starts the drilling flagged since August; the company says operations are on schedule and budget.

drilling spud

Calima's 8.5% stake in Bahari (which holds 40% of the Comoros licence) is being exchanged for a share of Discover Exploration, which Carlyle backs, with Tullow farming into 35% and becoming operator. This resolves the Bahari farmout thread; both deals need government consent.

asset acquisition disposition

Calima awarded Precision Drilling the drilling and directional contracts for its three-well Montney program, using Rig 379 due mid-December 2018. Drilling is still on track to start before year-end; no contract value given.

contract award

Calima raised A$25m through a placement of 462,962,963 shares at $0.054, a 10.8% discount to the 5-day VWAP, cornerstoned by Tribeca. It funds the three-well Montney program from December 2018. Tribeca is also mandated to arrange up to $40m project debt, subject to due diligence. Tranche 2 needs shareholder approval.

capital raising announcement

Calima completed the TSVM and TMKM takeovers and now holds 100% of 72,000 Montney acres in British Columbia. The old farm-in agreement becomes redundant and will end. Mark Freeman, previously an adviser to TSVM, joins to run merger integration and business development.

business combination

Calima holds 98.08% of TMKM and 91.20% of TSVM and is compulsorily acquiring the rest, consolidating 100% of the Montney Project. About 420.8m new shares will be issued, 149.6m escrowed to 30 April 2019, taking Calima to about 997m shares. Drilling still planned for late 2018.

business combination

Calima declared its TMKM offer unconditional, having waived the remaining conditions, after the minimum acceptance condition was met on 19 June. Calima's voting power in TMKM is 97.34%, so it is close to owning all of TMKM.

business combination

Calima was awarded a 56% interest and operatorship of offshore Block 2813B (about 5,400 km2) in Namibia's Orange River Basin. It carries a four-year initial term with seismic or data commitments the company calls comfortably affordable. It adds a new African exploration asset alongside Western Sahara and Comoros.

asset acquisition disposition

Calima agreed all-scrip takeover bids for its Montney JV partners TSV Montney (271.5m Calima shares, about A$14.4m) and TMK Montney (149.3m shares, about A$7.9m; Calima already holds 11.2%). This would give it 100% of the project, replacing the staged 55% farm-in path. Bids are not inter-conditional.

business combination

Calima raised A$3.52m through an oversubscribed placement of 63,956,820 shares at 5.5c, a 9.8% discount, with Euroz as lead manager. Funds go to Montney permitting, planning and drilling three wells from November 2018, plus working capital.

capital raising announcement

McDaniel estimates gross unrisked prospective resources for the Calima Lands of 2.1 Tcf of gas and 114.4 MMbbl of liquids, about 476 MMboe. Calima's 55% share is about 262 MMboe. These are undiscovered, prospective volumes, and it delivers the resource assessment expected in Q1 2018.

resource reserve update

The BC Oil and Gas Commission authorised Calima to drill and test up to three wells (two horizontal, one vertical) and to access and store water on the Calima Lands. Well pad building can start now, with drilling planned for winter 2018/19.

regulatory community update

Calima reached the C$5m Stage 1 spend and earned a 20% working interest in the Montney JV, ahead of the August 2018 deadline. Stages 2 (C$7m, by 28 Feb 2019) and 3 (C$13m, by 28 Feb 2020) can lift it to 55%. Three wells are planned from November 2018.

farm in farm out completion

Calima appointed Calgary-based CWL Energy Management to manage its Canadian operations, under an agreement of up to 4 years with a 3-month termination clause. Pay is a monthly retainer plus incentives, which may include Calima shares, subject to shareholder approval.

contract award

A further 2,738 acres won in the December 2017 auction takes the Calima Lands to 72,014 acres, essentially completing the acreage strategy, above the earlier 65-70,000 target. Focus shifts to drilling preparation. McDaniel will do a resource assessment, with results due in Q1 2018.

asset acquisition disposition

Calima won a further 13,714 acres of Montney drilling rights at government auctions, up 27% since 1 May 2017, taking the Calima Lands to 63,800 acres. It targets 70,000 acres by year end and proposes to drill at least three horizontal wells.

asset acquisition disposition

Calima begins trading on ASX as CE1 with the Montney farm-in complete. It operates and can earn up to 55% (an effective 57% with its 11.2% of TMK Montney). Management cites A$7.5m cash and securities, no debt, and the Havoc team joining.

other

ASX said Calima Energy (previously Azonto, code CE1) would be reinstated to official quotation from the start of trading on Thursday 31 August 2017, following its re-compliance with Chapters 1 and 2 of the Listing Rules.

listing compliance notice

The Calima acquisition and the Montney farm-in have both completed, and all prospectus securities were issued. Re-compliance with ASX listing rules is satisfied. Azonto's re-entry into oil and gas, announced on 1 May, is now done.

farm in farm out completion

Prospectus lodged for 50m shares at 4.5c (A$2.25m, up to A$4.5m with oversubscriptions). It also offers Havoc 28.5m shares and 20.0m performance shares for Calima, 20.0m shares to Calima noteholders, 20m management options and 3.3m shares to Euroz. Text is truncated.

capital raising announcement

Firm commitments received for the A$2.25m minimum raise at 4.5c per share post-consolidation (50m shares), led by a Clarion Finance-associated entity with 67%. Funds Stage 1 of the Montney farm-in. Investors also get 10m options; 6% fee applies. Relisting targeted for August.

capital raising announcement

Azonto re-enters oil and gas. It will farm into Canada's Montney Project to earn up to 55% by spending C$25m over three stages, and buy Calima Energy from Havoc. It plans to raise A$2.25-4.5m, consolidate shares 1-for-3, rename and reconstitute the board. Re-compliance with listing rules is required.

farm in farm out agreement

Azonto says the Clipfort acquisition will not complete and the April 2016 term sheet is terminated. It could not complete due diligence or other transaction matters to its satisfaction. The company is again without a new venture.

material agreement termination

Azonto signs a binding term sheet to acquire Clipfort, owner of intellectual property for the GoSafe ID Mag, a fingerprint-activated gun magazine. This is a move away from oil and gas, ending the search for a new venture. Full terms are truncated in the text.

business combination

At its own request, Azonto's shares are suspended after a trading halt, pending an announcement about due diligence on a potential acquisition. Lifting of the suspension is expected before market open on 18 April 2016.

listing compliance notice

Stoupnitzky and Sinclair resign from the board on 17 September 2015, as foreshadowed after the Côte d'Ivoire sale. Rob Downey, a resources solicitor, joins as non-executive director, and Glenn Whiddon becomes Non-Executive Chairman.

director officer appointment

With CI-202 sold, Stoupnitzky and Sinclair resign from the board from 17 September 2015, as does General Counsel Durkin. Rob Downey joins as non-executive director. Operations move to Perth, and the board will look for new opportunities.

director officer appointment

Sale of the 35% Vioco stake to Vitol completed on 21 August 2015 for US$4.0m after shareholder approval, ending Azonto's Côte d'Ivoire interest. A further US$2.0m is payable on a hydrocarbon discovery; the US$1.1m equipment sale is still pending. Cash is about US$4.8m; AIM trading ends.

asset acquisition disposition

Azonto agrees to sell its 35% of Vioco (CI-202, Gazelle) plus wellhead equipment to Vitol for US$4.0m (less up to US$0.4m liabilities) plus US$1.1m for equipment, subject to shareholder vote. It also plans to cancel its AIM listing. Board says it lacks funds for the required Hippo North well.

asset acquisition disposition

Chairman Andrew Bartlett retires at the 29 May 2015 AGM; Andrew Sinclair, a director since 2012, becomes Chairman. He says the company is at a critical juncture, facing key financing decisions on its Côte d'Ivoire assets.

director officer appointment

2014 annual report: after the oil price fall Azonto cut costs, sought strategic options including a sale, and relinquished Ghana's Accra block in March 2015. Gazelle sanction was delayed by a construction re-tender. Shepherd and Rose left in January 2015; Stoupnitzky became MD.

annual report

Rosetti Marino's lump-sum price for Gazelle construction came in above expectations, so Vioco will re-tender, delaying sanction. Azonto is also reviewing strategic options, including selling assets or selling or merging the company. No deal is guaranteed.

joint venture update

Azonto and partners relinquished the Accra Block in Ghana after no farm-out could be finalised in tough markets. There are no outstanding work commitments or exit costs, and annual costs fall by up to US$500k. This ends the Accra thread.

asset acquisition disposition

After a cost review, Managing Director Rob Shepherd and Finance Director Andrew Rose resign. Gregory Stoupnitzky becomes Managing Director. Salaries are being deferred and some staff made redundant. Shepherd links the exits to Gazelle delays and a sharp fall in the share price.

director officer appointment

Cote d'Ivoire's president signed an Exclusive Exploitation Authorisation for Gazelle, following approval of the development plan. Vioco now expects sanction in H1 2015 and first gas 14-16 months later, in H2 2016. This is a key permit for the field.

regulatory community update

Gazelle FID will miss the first-half 2014 target because the Grand Bassam-Abidjan pipeline lagged; Azonto now expects FID by end 2014 and first gas by mid-2016. Ophir and Tap are withdrawing from Accra, leaving Azonto Ghana and Afex 45% each, and a partner search has begun.

joint venture update

An updated RPS report put Gazelle gross contingent resources at 47 bcf of gas (1C) and 92 bcf (2C), in line with Vioco's assumptions. Post-tax value to Vioco ranged from US$9-18m (1C) to US$149-168m (3C), and the field still awaited plan approval and FID.

resource reserve update

Ghana grants another six-month extension of the Accra exploration period, now to 23 September 2014. Azonto Ghana is 57% Azonto and 43% Vitol. It plans further studies on Starfish-1 and talks with potential new partners.

regulatory community update

Rialto renames itself Azonto Petroleum Ltd, after shareholder approval, trading as APY on ASX from 13 December 2013 (AZO on AIM). It also moves its financial year-end from 30 June to 31 December, with the next AGM in May 2014.

other

New CI-202 PSC signed 7 Nov 2013 and Vitol completes its purchase of 65% of Rialto CdI for a US$50m development loan. Resolves the September MoU and Vitol deal. Rialto CdI now holds 87% of the PSC, and remains operator.

farm in farm out completion

Full-year results show a net loss of A$170.6m (2012: A$10.2m), driven by a A$150.8m CI-202 impairment tied to the Vitol deal terms and A$11.6m of rig termination costs. Cash was A$5.8m; admin costs fell to A$7.9m.

annual report

Rialto, Vitol, PETROCI and the Ivorian Ministry sign an MoU to replace the CI-202 PSC with a new 7-year one, expected before 9 November 2013. Past costs carry over and remaining work commitments are deemed satisfied, removing the key condition for the Vitol deal.

material agreement

Rialto received about A$10.6m net for the second placing tranche, on top of A$2.9m net from the first, and the 369.1m shares are now trading. This completes the A$14.1m placing and funds work toward the Vitol deal and CI-202 talks.

capital raising announcement

Shareholders approved the second tranche of the A$14.1m placing: 369,115,611 shares at A$0.03, plus 9.67m to directors. The Share Purchase Plan was cancelled because the share price was below 3 cents, and applications will be refunded.

capital raising announcement

Rialto amends the Vantage rig settlement: it paid US$1m this week and will pay US$0.25m by 30 July 2015 instead of the US$2m second tranche. Total settlement falls to US$11.625m from US$17.325m originally, resolving the earlier outstanding note.

material agreement

Starfish-1 reached final depth of 4,380m. Early interpretation of logs and pressure data is that no movable hydrocarbons were found. The well will be plugged and abandoned, a setback after the 20% chance-of-success prospect.

drilling result

Placing raises A$14.1m through 471.6m new shares at A$0.03, an 18.1% discount, about 69% of prior share capital. Only 102.4m shares are firm; 369.1m need shareholder approval. A share purchase plan of up to A$5m at the same price follows.

capital raising announcement

Rialto proposes to raise up to A$16m via a placing, plus a share purchase plan of up to A$5m. Funds are for Côte d'Ivoire work, including its share of the likely Hippo North well. The raising follows the Vitol term sheet and the open funding thread.

capital raising announcement

Ophir spuds Starfish-1 offshore Ghana, in 1,500m of water targeting 3,850m, estimating 292 MMBOE mean prospective resources at a 20% chance of success. About 40 days of drilling. Rialto's net interest falls to 6.125% if it fully draws the Vitol facility.

drilling spud

Rialto completes entry to the Accra Block (12.5%) under its Tap Oil farm-in by posting security for its Starfish-1 well costs, funded through the Vitol facility. Vitol gets 20% of Rialto Ghana, pending Ghanaian approvals. Drilling is due June 2013.

farm in farm out completion

Rialto settles the early termination of the Vantage Sapphire rig contract for US$12.375m (75 days), against US$17.325m originally. A final US$7.425m is due, US$5.425m paid now and US$2m later. Cash after payment is about US$9.4m.

material agreement termination

Term sheet with Vitol: Vitol takes 65% of Rialto's Côte d'Ivoire company for US$50m of work funding, and 20% of Rialto Ghana for funding the US$7.7m Starfish-1 share. The Vantage rig contract is terminated. Subject to conditions due by 9 November 2013.

farm in farm out agreement

Andrew Bartlett, a director since 17 September 2012, is confirmed as London-based Non-executive Chairman, as flagged on 28 February. Bruce Burrows has retired from the board. Gregory Stoupnitzky becomes Senior Independent Director.

director officer appointment

Corporate update: funding certainty is the board's priority, with farm-out talks and a possible equity raise under way and Rothschild engaged. A minimum two CI-202 wells are planned, with the rig due May 2013. A cost review is promised.

other

Rob Shepherd, interim CEO since November, is appointed full-time Managing Director on a £265,000 base salary, ending the CEO search. Chairman Bruce Burrows will retire in March 2013, with Andrew Bartlett intended to take over as Chairman.

director officer appointment

Updated RPS report on CI-202 lifts mean prospective resources to 897 MMbbl liquids and 2,936 Bcf gas (21 prospects, 8 new from 3D seismic). Gazelle-area contingent resources fall to 40 MMbbl and 270 Bcf from 50 MMbbl and 396 Bcf, resolving the pending revised CPR.

resource reserve update

Rialto received Ghana approvals to acquire a 12.5% interest in the Accra Block, with Ophir becoming operator. It pays about US$3m of past costs and posts a bank guarantee. Its share of a 2013 exploration well is about US$10m. This resolves the pending Accra approval, at 12.5% rather than the earlier 20%.

asset acquisition disposition

Rob Shepherd, formerly Finance Director of Dominion Petroleum (sold to Ophir for about US$220m), becomes Interim CEO from 26 November. Jeff Schrull steps down as Managing Director at the AGM, and a full-time CEO search has begun.

director officer appointment

Managing Director Jeff Schrull will relocate to Perth by mid-2013 for personal reasons, and the board will search for a replacement. He stays on to progress the 2013 drilling, a possible CI-202 farm-out and early Gazelle planning.

director officer appointment

Petroci exercised its right to back in for an extra 11% paying interest in the Gazelle Field area, taking its total to 26%. Rialto falls to 74% (84% paying) there, stays 85% elsewhere on the block, and expects about US$10m reimbursement within six months.

farm in farm out agreement

Gazelle-P4 found a high quality Upper Cenomanian UC-5 gas reservoir and will be suspended as a future gas producer without a flow test; initial output is estimated at about 40 mmscfd of the 100 mmscfd target. Drilled within time and budget. Revised resource report due late October; rig released.

drilling result

Rialto will release the Transocean rig after Gazelle-P4 and plans a multi-well exploration programme in Q1 2013. It expects about US$20-25m working capital after P4. Funding the 2013 drilling and Gazelle development is planned via reserve-based lending plus an industry partner, with FID still targeted.

drilling scheduled

Gazelle-P4 development well spudded 25 July 2012 to appraise six oil and gas reservoirs, taking about 45 days. Budget is US$28m, funded from existing cash. The company says P4 plus P3 results should support sanctioning Gazelle by end-2012.

drilling spud

Gazelle-P3 ST2 testing flowed gas at up to 19.5 mmscfd and oil at an unstabilised 760 bopd before gas channelling behind the casing stopped oil flow. Deliverability is estimated at 33 mmscfd with standard tubing. The well is suspended and the rig moves to Gazelle-P4; a revised resource report follows P4.

flow test result

Petrofac was awarded Gazelle Field FEED, due October 2012, and a Vantage Drilling rig (Sapphire Driller) was secured for a 2013 CI-202 programme of three firm wells plus two options, subject to Rialto's funding. Initial output is planned at about 8,000 bopd and 100 mmscf/d; first production early 2014.

contract award

Rialto began a second sidetrack, Gazelle-P3 ST2, taking 12-15 days, to appraise the UC-1 and UC-3 sands and test UC-1 before suspending it as a future producer. Extra drilling lifts 2012 net costs to US$85m versus US$76m forecast, which the company says existing funds cover.

drilling scheduled

Gazelle-P3 ST logs show gas 200 m deeper than previously known in the Lower Cenomanian, a good UC3 oil and gas sand, and a poor UC1. Condor was hit only at its edge with low permeability gas; a follow-up well is likely in 2013. Prognosed drilling time now 95 days; a sidetrack is under review.

drilling result

Côte d'Ivoire granted Rialto an Exclusive Exploitation Area over the Gazelle Field giving 25 years' right to produce. Follows the December 2011 development plan approval. Drilling aims to convert 58 MMboe of contingent resource at Gazelle to reserves.

regulatory community update

Settlement of the second half of the IFC investment completed: ALAC paid A$9.56m for 31,853,633 shares plus 7,963,408 options at A$0.50. Shares on issue now 682,017,491. Closes the IFC funding thread; funds go to the CI-202 three-well programme.

capital raising announcement

Rialto's shares began trading on London's AIM on 12 April 2012, alongside its ASX listing, with 650,163,858 shares on issue after admission. Completes the AIM listing flagged on 5 April. Accra 18% interest still awaits Ghana approvals.

other

Rialto published its AIM Admission Document on 5 April 2012, with admission expected around 12 April. No funds are raised; the whole share capital is admitted, making Rialto dual-listed on AIM and ASX. Follows the Q1 target slightly late.

other

Gazelle-P3 drill pipe stuck at 1,070 m; during freeing attempts the drill string parted and rig equipment failed. Transocean estimates two weeks of repairs and fishing before drilling resumes. First setback for the three-well programme; total days now prognosed at 59.

drilling progress report

IFC and its ALAC fund signed the subscription agreement for about US$20m: 63,707,267 shares at A$0.30 (A$19.1m) plus 15.9m options. IFC board approved 22 March; closing expected mid-April. This resolves the IFC funding thread opened in January.

capital raising announcement

Gazelle-P3 spudded 12 March 2012 on the GSF Monitor, first of three CI-202 wells (85% Rialto, operator). Planned depth about 3,400 m, 60-70 days to drill and test. FID now targeted Q3 or Q4 2012; first production by end 2013.

drilling spud

Non-executive director Bruce Burrows becomes Non-Executive Chairman from 7 March 2012, with Glenn Whiddon moving to non-executive director. Linked to the London relocation and planned AIM listing. The company says the three-well programme is now fully funded.

director officer appointment

Raising A$60m at A$0.30 per share (about 200m shares, a 14% discount to last close) in two tranches, plus an up to A$8m share purchase plan. The IFC investment is now set at about 63.7m shares at A$0.30 plus 15.9m options at A$0.50. Funds the three-well CI-202 programme; AIM listing targeted by end of quarter.

capital raising announcement

Agreement in principle for the World Bank's IFC to invest about US$20m via a private placement of shares and warrants, to fund the CI-202 drilling due February 2012. It needs IFC board approval after a 60-day disclosure period, plus shareholder approval. This answers the funding need flagged earlier.

capital raising announcement

Côte d'Ivoire approved the Gazelle field development plan, with a 25-year exploitation area, and a gas sales MOU was signed for up to 100 mmscfd. Production is targeted for Q4 2013 at 8,000 bopd, later than earlier targets. Drilling starts February 2012; FID is expected mid-2012.

regulatory community update

RPS's updated report certifies CI-202 mean contingent resources of 50 MMbbl oil and 396 Bcf gas, and mean prospective resources of 511 MMbbl (up from 140 MMbbl in February) and 1,785 Bcf. Three wells start February 2012; first oil target is Q2 2013.

resource reserve update

Rialto signed Transocean for the GSF Monitor jack-up rig to drill 2-3 CI-202 wells from Q1 2012, which would more than meet the first-phase work commitment. An Abidjan office opens in September. Follow-on drilling is now stated as subject to funding and approvals.

contract award

Rialto completed the purchase of the remaining 25% of C+L Natural Resources, giving it the entire 85% contractor stake in CI-202. Settles the thread opened in December 2010. A 2-3 well programme is scheduled early Q1 2012, with 3 more wells from Q3 2012.

asset acquisition disposition

Business update: Cote d'Ivoire sanctions were lifted on 3 May 2011 and in-country work resumes, with a delay of about 3-4 months. Drilling is now planned for Q1 2012, with the rig contract and FDP due Q3. Rialto plans to move operations to London and list on AIM in Q4 2011.

other

Bruce Burrows, finance director of JKX Oil & Gas, joins as non-executive director in London. Technical Director Brett Woods, who led Rialto's growth over 4.5 years, resigns but will work through his 3-month notice period.

director officer appointment

RPS updated CI-202 gross mean resources to 196 million barrels of oil and condensate and 1,060 bcf of gas. Mean contingent oil fell from 80 to 56 million barrels and contingent gas rose from 224 to 391 bcf, after new data showed a higher gas-to-oil ratio in the IVCO-22 well.

resource reserve update

Rialto raises about A$55m from a placement of 78.6m shares at 70c (10.8% discount), and plans to buy the remaining 25% of C&L Natural Resources, lifting CI-202 from 63.75% to 85%. The deal needs shareholder approval; the seller group includes a director-linked company.

capital raising announcement

Rialto completes the CI-202 acquisition, gaining an effective 63.75% of the Cote d'Ivoire block. Jeff Schrull becomes Managing Director and Glenn Whiddon Executive Chairman; Simon Potter and Robert Hall leave the board. Drilling is planned for 2011. This resolves the pending deal.

asset acquisition disposition

Rialto completes an institutional placement of 100 million shares at 30 cents to raise A$30.0m, a 17.8% discount to the last close. A$22.5m was approved on 7 July, and A$7.5m is conditional on completion of the CI-202 acquisition. A share purchase plan at 30c follows.

capital raising announcement

Carnarvon and Rialto farm out WA-399-P to Apache, which will fund a 3D seismic survey for a 60% interest and operatorship. After the Jacka deal, Rialto's stake is 12%, down from the 30% expected in March. This replaces the planned 2D seismic.

farm in farm out agreement

An independent report on CI-202 gives contingent mean oil resources of 80 million barrels and gas of 224 bcf, plus prospective mean oil of 140 million barrels and gas of 669 bcf. It calls these initial estimates. One well plus reprocessing is estimated at about $25 million.

resource reserve update

Jeff Schrull, formerly of Addax Petroleum and Chevron, will become Managing Director around 20 July, subject to the CI-202 deal closing. Brett Woods moves to Technical and Exploration Director. ASX also waived a rule so up to 30 million shares can be issued to the sellers within 5 years.

director officer appointment

Cote d'Ivoire's government consents to the change of control, satisfying a key CI-202 condition and giving Rialto an effective 63.75% working interest. Shareholders vote on 7 July, with completion expected mid-July after the capital raising. A drilling campaign is planned for 2011.

regulatory community update

Rialto says it will seek an 18% interest in the Accra Petroleum Agreement offshore Ghana, awarded to an affiliate of its Challenger Minerals JV partner. It has the right but not the obligation to take it, subject to Ghanaian government approvals. This is the first deal from the CMI venture.

asset acquisition disposition

Rialto signs a binding agreement to ultimately acquire 75% of C&L Natural Resources, which holds 85% of offshore Cote d'Ivoire block CI-202 (13 wells drilled, 12 hit hydrocarbons). It needs shareholder approval and a roughly A$16 million raising, a major shift from the Australian permits.

asset acquisition disposition

Rialto agrees to farm out 20% of WA-399-P to Jacka Resources, which pays Rialto's backcosts and a promoted carry on upcoming seismic. Rialto drops from 50% to 30%, subject to approvals. A prospect with hydrocarbon indicators like nearby Macedon Trend discoveries has been mapped.

farm in farm out agreement

Half-year to 31 Dec 2009: loss of $2,264,996, including $1,024,232 of written-off exploration costs. Rialto notified the regulator on 8 March 2010 that it is withdrawing from WA-291-P, which it took to 100% in 2009. Ted Jacobson left the board 30 Nov 2009; Simon Potter is chairman.

half year report

Rialto now holds 100% of WA-291-P, having received Tap Oil's 70% at no cost on top of its 30%. The drilling obligation is deferred to Year 5 (March 2010-11). Rialto will seek farm-in partners.

asset acquisition disposition

Half-year to 31 Dec 2008: loss of $2,214,200. After period end Tap Oil withdrew from WA-291-P, so Rialto is taking over the full interest and operatorship. If the work-programme variation is refused, Rialto intends to leave the permit.

half year report

Rialto will place 22,121,212 shares at 33 cents to raise $7.3 million, led by Patersons. The first 3,346,500 shares come now and the rest, including 2 million to directors and management, needs shareholder approval. Funds target Challenger joint venture opportunities and the Carnarvon permits.

capital raising announcement

Brett Woods is promoted from CEO to Managing Director on a $285,000 salary, and Rob Hall joins the board. Founding director Glenn Whiddon resigns.

director officer appointment

Rialto will place 2,910,000 shares at 40 cents to raise $1.164 million before expenses, assisted by Tolhurst. The money funds the increase to 25% in the Challenger joint venture and working capital.

capital raising announcement

Rialto raised its participation in the Challenger Minerals joint venture from 10% to 25%, extending the April 2007 deal. This gives a larger guaranteed share of offshore projects the venture sources; no specific project is named yet.

material agreement

Completion of 750km of 2D seismic in WA-291-P means Rialto has earned its 30% interest; Tap Oil holds 70% and operates. Processing is due by June 2007, with a ranked prospect list expected in the second half of 2007.

farm in farm out completion

Rialto and Carnarvon Petroleum won exploration permit W06-17, 50km² in the Carnarvon Basin, 50% each with Carnarvon as operator. Commitments over three years are studies and 315km of 2D seismic; the permit adds a second asset alongside WA-291-P.

regulatory community update

Rialto signed a three-year international joint venture with Challenger Minerals, the oil and gas arm of GlobalSantaFe. It gives a right to join offshore projects with at least 10% equity, plus drilling services access, excluding the US Gulf of Mexico and North Sea.

material agreement

Rialto Energy (later Calima Energy) issued its IPO prospectus: 8,083,333 shares at 30 cents to raise $2.425 million, plus up to $500,000 oversubscriptions, with one free $0.60 option per two shares. Hartleys is lead broker.

capital raising announcement