Past year: ▼ 90%(0.80c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Jan 2019drilling progress report▲ Good
Calima-1 hit the top of the Montney at 1,562 m, within 4 m of prediction, and recovered 230 m of core covering about 90% of the 254 m interval. Elevated gas readings and gas bubbles were seen, which the company calls encouraging. Lab analysis is under way.
7 Jan 2019drilling spud▲ GoodMajor
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.
2 Jan 2019drilling progress report● Neutral
Precision's PD379 rig has arrived at the Calima pad and the site is being prepared for the first well of the three-well program. The spud announcement will follow.
6 Dec 2018drilling progress report● Neutral
Road to the Montney drill pad was completed on schedule on 4 December and 24/7 civil works have begun. Precision's rig PD379 is expected at site in the final week of December. Drilling has not yet started.
4 Dec 2018investor presentation● Neutral
Calima shared a video interview with senior geophysicist Justin Norris from the FNN Investor Event. No new results or figures.
3 Dec 2018asset acquisition disposition▲ GoodMajor
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.
21 Nov 2018investor presentation● Neutral
Calima presented at the FNN Investor Event in Melbourne, attaching the same November 2018 slides ($75m market cap, $25m cash, 475 mmboe). Nothing new.
13 Nov 2018investor presentation● Neutral
November 2018 presentation repeats known figures: 1,444m shares, 475 mmboe prospective resource, 72,000 acres and drilling in Q4 2018. Market cap is $75m and cash $25m at 30 September with no debt. Nothing materially new.
31 Oct 2018contract award▲ GoodMajor
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.
30 Oct 2018quarterly activities report● Neutral
September quarter report: Calima appointed Ramdar and Trialta for drilling and facilities, finished a review of 500+ nearby Montney wells, and completed the TSVM/TMKM takeovers (about 420.8m new shares, ~155m escrowed to 30 April 2019). Three-well program still planned from December.
4 Oct 2018other▲ Good
Calima notes Shell and partners approved the C$40bn LNG Canada project, which was the FID Calima had flagged as expected in October. Feeder pipelines would end about 20 km from Calima's acreage. Calima says it expects land values to rise (its view). Drilling is still planned before year-end.
1 Oct 2018investor presentation● Neutral
Calima shared a video of Alan Stein's presentation at the FNN Investor Event. No new results or figures.
26 Sept 2018investor presentation● Neutral
Calima shared a video interview with Alan Stein by Finance News Network on the Montney project. No new results or figures.
17 Sept 2018other▲ Good
Managing Director letter says the company is funded for its first drilling after the $25m placement. The pad is cleared, camp work starts next month, and a rig is expected on location before year-end. Resource figure of 475 mmboe is repeated, not new.
12 Sept 2018half year report● Neutral
Half-year accounts to 30 June 2018 show a net loss of $1.15m (2017: $1.27m). The period covered completing the Montney acreage acquisition, the resource report, permitting and the Namibia Block 2813B award. The placement came after this period.
12 Sept 2018investor presentation● Neutral
Cover notice that Calima is presenting at the RIU Good Oil conference on 12 September, with links to the slides and a magazine interview with Alan Stein. No new information.
12 Sept 2018investor presentation● Neutral
Calima's presentation for the RIU Good Oil conference shows 1,444m shares, an $80m market cap and $28m cash with no debt after the placement. It repeats the 475 mmboe prospective resource and drilling in Q4 2018; nothing materially new.
24 Aug 2018capital raising announcement● Neutral
Calima issued a short prospectus offering 1,000 shares at $0.054, only to allow Tranche 1 placement shares to be traded freely. It carries no new funding or news beyond the 17 August placement.
What it means for a shareholder
1,000 new shares at A$0.054 to raise about A$54. That's 0.000129% dilution: every existing holder's slice gets 0.000129% smaller. If you held A$1,000 of shares (18,519 at the issue price), your slice goes from 0.00239% to 0.00239% of the company. To keep it you'd need 0 more shares - about A$0 at the issue price.
Create a free account to see this worked out for your own holding.
17 Aug 2018capital raising announcement▲ GoodMajor
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.
10 Aug 2018drilling scheduled▲ Good
Calima plans three Montney wells from December: one cored vertical well, then two horizontal wells of 2,500 m, fracture stimulated and production tested for 4-6 weeks. A consultant review of over 500 nearby wells supports the design. Drilling is still planned, not started.
8 Aug 2018business combination▲ GoodMajor
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.
1 Aug 2018other● Neutral
Required shareholder distribution schedule and top 20 list after the TSVM offer closed on 20 July. At 31 July Calima had about 959.8m shares and 2,169 holders. Administrative.
31 July 2018investor presentation● Neutral
Calima released a four-minute video of a stakeholder site tour of its 72,000 Montney acres in northeast British Columbia. No new results or figures.
30 July 2018quarterly activities report● Neutral
June quarter: Calima holds 72,014 Montney acres with well planning and logistics under way for the 2018/19 winter drilling. Namibia Block 2813B was awarded (56% and operator, US$2.0m minimum commitment, partners carried). Shares on issue are 774m at 30 July, with takeover issues still to complete.
19 July 2018other● Neutral
Required shareholder distribution schedule and top 20 list after the TMKM offer closed on 6 July. At 13 July Calima had 703.9m shares and 1,222 holders. Administrative.
18 July 2018investor presentation● Neutral
Calima's July presentation, for the Noosa investor conference, shows 978m shares, a $55m market cap and $5m cash with no debt. It repeats the Montney story; nothing materially new.
16 July 2018business combination▲ GoodMajor
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.
16 July 2018business combination▲ Good
With 91.20% of TSVM held, Calima is compulsorily acquiring the remaining TSVM shares and is sending notices to holders. This completes the TSVM path to full ownership, as already done for TMKM.
10 July 2018business combination● Neutral
Calima gave the formal status notice for the TSVM offer, which is already free of conditions. Calima's voting power in TSVM is 90.94%. Administrative, with no new terms.
9 July 2018business combination▲ Good
Calima declared its TSVM takeover offer free from all remaining conditions, following the minimum acceptance condition being met on 4 July. This mirrors the TMKM bid, which went unconditional on 25 June.
