12 June 2018business combination● Neutral
Calima extended its TMKM offer to 5pm WST on 6 July 2018 (from 22 June) via a first supplementary bidder's statement. The date for the conditions status notice moves to 26 June.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
8 June 2018security holder rights change● Neutral
ASX waived the one-month rule so Calima can issue 675,000 shares each to directors Stein and Taylor (for Havoc's TMKM options) by 31 August 2018. They are intended to be issued when takeover consideration is issued, if the bids become unconditional.
7 June 2018business combination▲ Good
Calima gave notice that the 'Private Treaty Offer' condition of its TMKM takeover bid has been fulfilled. One of the bid's conditions is now met; the bid is not yet unconditional.
7 June 2018business combination▲ Good
Calima gave notice that the 'Private Treaty Offer' condition of its TSVM takeover bid has been fulfilled. One of the bid's conditions is now met; the bid is not yet unconditional.
24 May 2018other● Neutral
Whitebark Energy (ASX:WBE), from which TSVM was demerged in 2015, told its shareholders about Calima's offer of 3.33 Calima shares per TSVM share and the unanimous TSVM board recommendation. A third-party notice; no new Calima terms.
21 May 2018business combination● Neutral
Calima finished sending its Bidder's Statement to TMKM shareholders. The offer is dated 21 May and open until 5pm WST on 22 June 2018 unless extended or withdrawn. Administrative step in the existing bid.
21 May 2018business combination● Neutral
Calima finished sending its Bidder's Statement to TSVM shareholders. The offer is dated 21 May and open until 5pm WST on 22 June 2018 unless extended or withdrawn. Administrative step in the existing bid.
15 May 2018business combination▲ Good
TSV Montney's Target's Statement was lodged, with its directors unanimously recommending shareholders accept Calima's offer absent a superior proposal. Continues the TSVM bid; no new terms in the text provided.
15 May 2018business combination● Neutral
Calima lodged its Bidder's Statement for the TSV Montney takeover: 3.33 Calima shares per TSVM share, offer dated 21 May and closing 22 June 2018 unless extended. TSVM directors unanimously recommend acceptance absent a superior proposal. Continues the 1 May bid.
15 May 2018business combination● Neutral
Calima lodged its Bidder's Statement for the TMK Montney takeover: 2.1 Calima shares per TMKM share, offer dated 21 May and closing 22 June 2018 unless extended. TMKM directors unanimously recommend acceptance absent a superior proposal. Continues the 1 May bid.
15 May 2018business combination▲ Good
TMK Montney's Target's Statement was lodged, with its directors unanimously recommending shareholders accept Calima's offer absent a superior proposal. Continues the TMKM bid; no new terms in the text provided.
10 May 2018asset acquisition disposition▲ GoodMajor
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.
2 May 2018business combination▲ GoodMajor
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.
2 May 2018investor presentation● Neutral
Hong Kong investor presentation repeating the Montney story, resource estimate and neighbour activity. It shows 555.4m shares, A$24.5m market cap and about A$4.7m cash and securities with no debt at 31 March 2018. Nothing materially new.
2 May 2018material agreement● Neutral
Bid Implementation Agreement signed with TSV Montney Ltd setting out the terms of Calima's takeover bid announced the same day, including the board recommendation and exclusivity. Legal detail of the TSVM bid; no new terms visible in the text provided.
2 May 2018material agreement● Neutral
Bid Implementation Agreement signed with TMK Montney Ltd setting out the terms of Calima's takeover bid announced the same day, including the board recommendation and exclusivity. Legal detail of the TMKM bid; no new terms visible in the text provided.
26 Apr 2018other▲ Good
Calima highlighted Painted Pony's Upper Montney test well 40km south of the Calima Lands, which averaged over 2,000 boe/d (10 MMcf/d gas, 360 bbl/d liquids). Calima treats it as encouraging for its own acreage; it is a neighbour's result, not Calima's.
10 Apr 2018annual report● Neutral
Corporate governance checklist (Appendix 4G) lodged with the 2017 annual report, stating the governance statement is current as at 6 April 2018. Administrative; no new business information.
9 Apr 2018other▲ Good
Calima noted ConocoPhillips buying about 35,000 undeveloped Montney acres for roughly C$154m (about C$4,400/acre), around 65km south of the Calima Lands. Calima presents it as a market price marker for its own acreage; no change to Calima's holdings.
29 Mar 2018annual report● Neutral
Full-year 2017 accounts: net loss A$2.45m (2016: A$1.27m) on revenue of A$119k. Operating cash outflow was A$1.57m. Stage 1 to 3 farm-in terms are restated and the board is unchanged.
28 Mar 2018investor presentation● Neutral
Update on Africa portfolio assets, said to need under $0.2m a year. Western Sahara agreements were renewed to June 2022, though exploration cannot begin until the sovereignty dispute is resolved. Calima's 10% Bahari (Comoros) farmout process has shortlisted companies.
26 Mar 2018capital raising announcement● Neutral
Cleansing prospectus for up to 1,000 shares at 5.5c, issued to allow secondary trading of the March placement shares. Administrative; it raises no meaningful new money.
What it means for a shareholder
1,000 new shares at A$0.055 to raise about A$55. That's 0.000228% dilution: every existing holder's slice gets 0.000228% smaller. If you held A$1,000 of shares (18,182 at the issue price), your slice goes from 0.00415% to 0.00415% of the company. To keep it you'd need 0 more shares - about A$0 at the issue price.
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16 Mar 2018capital raising announcement▲ GoodMajor
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.
What it means for a shareholder
64.0m new shares at A$0.055 to raise about A$3.5m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (18,182 at the issue price), your slice goes from 0.00415% to 0.00362% of the company. To keep it you'd need 2,651 more shares - about A$146 at the issue price.
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16 Mar 2018other● Neutral
ASX lifted the trading suspension after the placement announcement. Administrative.
15 Mar 2018other● Neutral
Calima asked for a voluntary trading halt pending a capital raising announcement, expected before trading on 19 March 2018. Procedural step that foreshadows the raising.
15 Mar 2018investor presentation● Neutral
Euroz conference presentation repeating the Montney story and McDaniel's more than 475 MMboe prospective resource. Snapshot shows A$32.2m market cap and about A$2.0m cash with no debt at 28 Feb 2018, down from A$3.0m earlier.
14 Mar 2018resource reserve update▲ GoodMajor
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.
9 Mar 2018regulatory community update▲ GoodMajor
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.
7 Mar 2018farm in farm out completion▲ GoodMajor
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.
6 Mar 2018director officer appointment▲ Good
Mike Dobovich (Country Manager) and Aaron Bauer (Operations Manager) were appointed to Calima's Calgary team, employed through CWL Energy under the services agreement. Drilling is scheduled for late 2018.