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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
28 Feb 2018contract award● NeutralMajor
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.
6 Feb 2018regulatory community update▲ Good
Calima's Canadian subsidiary won British Columbia Oil and Gas Commission authorisation to build and operate an oil and gas road into the Calima Lands. It is the first regulatory step towards drilling, using compacted snow on existing tracks.
1 Feb 2018quarterly activities report● Neutral
December quarter: Calima won 4,107 more acres, taking the Calima Lands to 72,014 acres and essentially completing the acreage strategy. McDaniel was commissioned in October for a resource assessment due Q1 2018. It also signed a Controlled Placement Agreement with Acuity Capital for up to $3m of standby equity.
31 Jan 2018asset acquisition disposition▲ GoodMajor
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.
14 Dec 2017investor presentation● Neutral
December investor presentation. Shows 490.5m shares, A$27.0m market cap, A$3.0m estimated cash and securities with no debt, and A$24.0m enterprise value. Estimated cash is down from A$7.5m in September. Strategy is described as buy, develop, monetise.
14 Dec 2017other● Neutral
1,000,000 ordinary shares will be released from escrow on 15 December 2017. Small administrative notice; most escrowed securities remain locked until 31 August 2019.
7 Dec 2017asset acquisition disposition▲ Good
Calima added 2,738 acres from recent government auctions, a 4% increase, bringing its Montney drilling rights to 70,645 acres. The managing director says this moves it close to completing its acreage strategy.
2 Nov 2017other● Neutral
Notice that a Euroz Securities analyst report on Calima is on the company website. Administrative; no figures or findings in the text.
31 Oct 2017quarterly activities report● Neutral
September quarter: Calima won 16,452 acres, reaching 67,907, and licensed 60 km2 of 3D seismic. Well planning targets drilling in winter 2018/19. About C$3.5m of the C$5m Stage 1 farm-in spend is funded. The drilling timing is later than the 2018 stated earlier.
25 Oct 2017other● Neutral
Notice that an Independent Investment Research report and a webinar recording are on the company website. Administrative; no new information in the text.
24 Oct 2017investor presentation● Neutral
Investor webinar slides repeating the Montney story: 57% of the Calima Lands, almost 70,000 acres, and a focus on monetisation after drilling. Financial figures (A$28.6m market cap, A$7.5m cash) are unchanged from September. No new information.
18 Oct 2017investor presentation● Neutral
Notice of an investor webinar with Managing Director Alan Stein on 24 October 2017. The snapshot cites A$5.0m cash and securities, A$27.5m market cap and A$1.5m of pre-completion Montney spend. Administrative.
12 Oct 2017asset acquisition disposition▲ Good
Calima was awarded another 4,107 acres in the September 2017 government auction, a 6% increase, lifting the Calima Lands to 67,907 acres. This moves it closer to its 70,000-acre year-end target.
3 Oct 2017resource reserve update▲ Good
An independent report by McDaniel says the Montney reservoirs on the 63,800-acre Calima Lands compare favourably with Saguaro Resources' developments to the south. Pay thickness and porosity are higher. It is a qualitative geological review, not a resource estimate. It closes the McDaniel report thread.
20 Sept 2017security holder rights change● Neutral
Calima set up a sale facility for small shareholdings after an offer to buy them at 5.5c a share. About 650 of roughly 1,590 holders have 8,928 shares or fewer, about 0.44% of shares; retention forms are due 1 November 2017.
14 Sept 2017investor presentation● Neutral
Good Oil Conference presentation on the Montney play. Shows 490.5m shares, A$28.6m market cap, A$7.5m cash and securities with no debt, and A$21.1m enterprise value. Repeats known facts.
13 Sept 2017asset acquisition disposition▲ GoodMajor
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.