21 May 2019admin correction● Neutral
Amends the 29 March 2019 Appendix 4G and Corporate Governance Statement only to update the statement's date under Listing Rule 4.10.3. Administrative; no operational or financial content.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 May 2019investor presentation● Neutral
May 2019 presentation lists 1,444m shares, $40m market cap (7 May price) and $9.0m cash and securities, down from $67m market cap in March. Repeats the 72,000-acre Montney position and 35,000 acres to convert to production rights. Mostly known facts.
15 May 2019investor presentation● Neutral
Cover notice for the presentation Alan Stein will give at the 121 Oil and Gas Investment conference in Hong Kong on 16-17 May 2019. No new information in the notice itself.
14 May 2019listing compliance notice▼ BadMajor
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.
18 Apr 2019quarterly activities report● Neutral
March 2019 quarterly recaps the completed three-well Montney program and test results, including Calima-2 at 1,640 boe/d. It cites 1,237,262,750 quoted shares, plus 155.8m escrowed to 30 April and 51.8m to 28 August. No new results are visible in the text provided.
18 Apr 2019security holder rights change● Neutral
155,779,487 restricted shares issued in the TSV and TMK Montney takeovers will be released from escrow on 30 April 2019. This is the escrow expiry already flagged and adds potential tradable supply. No new transaction.
16 Apr 2019resource reserve update▲ GoodMajor
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.
10 Apr 2019director officer appointment● Neutral
Ed Mason, with 20+ years of corporate finance and M&A experience including at Royal Bank of Canada, is appointed corporate adviser. He will help with commercial negotiations and business development following the drilling results. Not a board appointment.
8 Apr 2019resource reserve update▲ GoodMajor
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.
29 Mar 2019annual report● Neutral
Appendix 4G for the year ended 31 December 2018, lodged with the annual report, points to the Corporate Governance Statement. Administrative compliance filing with no new operational or financial information.
29 Mar 2019annual report● Neutral
2018 annual report: revenue $279,323 and net loss $3.13m (2017: $2.45m loss), with operating cash outflow of $1.86m. It restates the takeovers of TSV and TMK Montney and the Comoros sale to Discover, subject to government consent.
29 Mar 2019flow test result▲ GoodMajor
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.
27 Mar 2019investor presentation● Neutral
Australian Energy & Minerals conference presentation repeats known figures: 1,444m shares, $67m market cap, $21.4m cash, 475 mmboe gross prospective resource. It adds Calima-2 test figures already announced, such as 10.2 mmcf/d maximum gas rate. Nothing materially new.
25 Mar 2019flow test result▲ GoodMajor
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.
22 Mar 2019flow test result▲ GoodMajor
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.
20 Mar 2019debt financing● NeutralMajor
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.
20 Mar 2019drilling progress report▼ Bad
A replacement coiled tubing unit has arrived after the first was changed out, and is cleaning up Calima-2 and 3 over two to three days. Production testing, expected mid-March, is therefore delayed. No flow results yet.
14 Mar 2019investor presentation● Neutral
Amended version of the Euroz presentation. It adds prospective-resource disclaimer wording and states net prospective resource of 376 mmboe against the gross 475 mmboe. This is a disclosure fix, not new results.
13 Mar 2019investor presentation● Neutral
Euroz Rottnest conference presentation repeats known figures: 475 mmboe prospective resource, 72,000 acres, $67m market cap and $21.4m cash. Nothing materially new.
13 Mar 2019drilling progress report▲ Good
Stimulation of Calima-3 is complete, with the full proppant load taken at almost all stages, as with Calima-2. Testing equipment is being installed; initial results are expected within two weeks and longer-term results in April 2019.
8 Mar 2019investor presentation● Neutral
March 2019 presentation repeats known figures: 475 mmboe prospective resource, 72,000 acres and 1,444m shares. Market cap is $67m and cash $21.4m at 31 December 2018, with no debt. Nothing materially new.
8 Mar 2019drilling progress report▲ Good
Stimulation of Calima-2 is complete across 92 stages over 2,508 m, with the full planned proppant load taken at almost every stage. Calima-3 stimulation is under way, and production testing is expected about a week later. No flow results yet.
6 Mar 2019investor presentation● Neutral
Calima announced that Managing Director Alan Stein will speak at a free online investor conference on 7 March. No new results or figures.
4 Mar 2019drilling progress report● Neutral
Fracture stimulation of Calima-2 and 3 has started, in 92 stages per well, with each well taking 5-6 days. Production testing is now pushed to mid-March from early March. No flow results yet.
20 Feb 2019drilling progress report● Neutral
Water pumping has begun ahead of fracture stimulation of Calima-2 and 3, with production testing still expected in early March. Stimulation should take 6-7 days per well. No flow results yet.
12 Feb 2019drilling result▲ GoodMajor
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.
31 Jan 2019production update▲ Good
Production has resumed at the Paradise well in British Columbia at 16-20 barrels of oil a day, expected to net CAD$350,000-$400,000 a year. Calima held 50% via the TSV acquisition and bought the rest for CAD$130,000. The well has been shut in since 2016.
30 Jan 2019quarterly activities report● Neutral
December quarter report covers the road, rig arrival and Calima-1 results already announced. Calima-2 has reached total depth, Calima-3 is next, and drilling should finish in February before production testing. Also restates the Comoros sale into Discover, with Discover shares held up to two years.
29 Jan 2019drilling progress report● Neutral
Calima-2 horizontal well reached planned total depth with a horizontal section of about 2,508 m, drilled without incident. Calima-3 has spudded, with production testing to follow its completion. No flow results yet.
22 Jan 2019drilling result▲ GoodMajor
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.