Past year: ▼ 90%(0.80c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 July 2018contract award▲ Good
Calima appointed Ramdar Resource Management to manage drilling and completion, and Trialta Projects to manage facilities and pipeline engineering and construction, for its planned Montney drilling. This supports the plan to drill from late 2018; no contract values given.
4 July 2018business combination▲ Good
Calima gave notice that the minimum acceptance condition of its TSVM takeover has been fulfilled. Together with the 7 June private treaty condition, key conditions are now met, though the bid was not yet declared unconditional.
4 July 2018other● Neutral
Calima's review of Western Canadian pipeline and LNG projects finds over C$70 billion of proposed investment adding about 8.4 bcf/d of capacity. It argues this could lift Montney gas prices and acreage demand; this is the company's view, not a Calima result.
3 July 2018investor presentation● Neutral
Calima released a recorded presentation by Managing Director Alan Stein on recent Montney Project activities, available on its website. No new figures in the announcement itself.
2 July 2018business combination▲ Good
With 97.34% of TMKM held, Calima is compulsorily acquiring the remaining TMKM shares. This follows the unconditional offer and moves Calima toward owning all of TMKM.
26 June 2018investor presentation● Neutral
Calima released a Q&A video with Managing Director Alan Stein covering the Montney's appeal, the team, and plans for a maiden drilling program. Repeats known plans; no new figures.
26 June 2018business combination● Neutral
Calima gave the formal notice of the status of defeating conditions for the TMKM offer, following the 25 June notice that the offer is free of all conditions. Administrative; no new information.
26 June 2018business combination● Neutral
Calima extended its TSVM offer again, to 5pm WST on 20 July 2018 (from 6 July), via a second supplementary bidder's statement. The conditions status notice moves to 10 July. The TSVM bid is still open, unlike the TMKM bid which is unconditional.
25 June 2018business combination▲ GoodMajor
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.
15 June 2018investor presentation● Neutral
June investor presentation repeats the Montney story (72,000 acres, 475 MMboe prospective resource, drilling from Q4 2018). Assuming both takeovers complete, it shows 975m shares, $50m market cap and $5.0m cash with no debt. Nothing materially new.
12 June 2018business combination● Neutral
Calima extended its TSVM 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.
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.
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.
31 May 2018agm notice▲ Good
All nine AGM resolutions passed on a show of hands, including re-election of Glenn Whiddon and approvals to issue shares to TSVM and TMKM optionholders and to directors Stein and Taylor. This clears the share-issue approvals the takeovers needed.
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.
23 Apr 2018quarterly activities report● Neutral
March quarter report recaps the completed 72,014-acre Montney acreage, McDaniel's resource estimate (about 476 MMboe gross, 262 MMboe for the 55% share) and the drilling approvals. Shares on issue are now 554.4m after the placement; nothing materially new.
