Past year: ▼ 90%(0.80c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Oct 2023drilling progress report▲ Good
Pisces #10 and #11 are producing and #12 is due on production in late October; all three came in under budget. The A$7.5m return is confirmed for 27 October, and a discretionary A$2.5m (0.4c) return is flagged for January 2024, depending on production and prices.
13 Oct 2023dividend declaration▲ Good
Formal ASX notice of the A$0.012 per share cash return of capital, funded by asset sales. Ex-date 19 October, record date 20 October, payment 27 October, subject to the 16 October shareholder vote. Option exercise prices are not affected.
6 Oct 2023auditor change● Neutral
Calima replaces auditor PwC with BDO after ASIC approval, saying the move back to BDO gives audit services and fees reflecting the company's needs. Shareholders will be asked to ratify BDO at the 2024 AGM.
3 Oct 2023admin correction● Neutral
Replacement of the 2 October notice, correcting the shareholder approval meeting date to 16 October 2023. The A$7.5m (1.2c per share) return is still expected to be paid 27 October.
3 Oct 2023drilling progress report▲ Good
The three-well Pisces program in Brooks is fully drilled, all under budget. Pisces #10 went on production 29 September, three weeks from spud, a company record, and is in line with strong Pisces #6/#7. #11 and #12 await stimulation; peak output still expected December.
2 Oct 2023dividend declaration▲ Good
Calima confirms an A$7.5m capital return (1.2c per share), subject to shareholder approval, with payment expected 27 October. This is the Montney-sale-funded increase on the A$3m first tranche. Meeting date stated here as 26 October, which conflicts with the schedule table.
21 Sept 2023drilling progress report▲ Good
Hedging update: about 34% of after-royalty oil is hedged for Sept-Dec 2023 via puts at a ~US$77 WTI floor, with more to be added. Pisces #10 and #11 drilled in 6 days each and under budget; #12 spud 20 September.
18 Sept 2023admin correction● Neutral
Share registry Computershare's Perth office moves to Level 17, 221 St Georges Terrace from 18 September. Administrative notice only.
18 Sept 2023security holder rights change● Neutral
The small-holder sale facility is complete: 2,111,774 shares from 1,329 holders (about 87% of 1,526 eligible) sold at an average A$0.086. This clears the way for the capital return.
14 Sept 2023drilling spud● Neutral
Pisces #10 spud 8 September, reached target depth and is cased; the rig moves to Pisces #11. Production was hit by weather-related power cuts and water disposal maintenance. The 1.2c (A$7.5m) capital return is expected in October after approval.
13 Sept 2023half year report● Neutral
Half-year to June 2023: net income A$1.66m (A$13.2m a year earlier), sales A$47.7m, adjusted EBITDA A$16.5m, production 4,341 boe/d. Notes the post-period Montney sale and CFO change (Rod Monden replaces Jerry Lam). Largely restates known figures.
4 Sept 2023listing compliance notice▼ Bad
Replying to an ASX query, Calima says Chairman Glenn Whiddon bought shares on-market on 25 August, the day of the Montney sale announcement, breaching its trading policy. The board calls it an honest misreading of clearance email and considers its arrangements adequate.
28 Aug 2023other● Neutral
Calima lodges a cleansing prospectus for up to 1,000 shares at A$0.084 (A$84 total), purely to remove trading restrictions on previously issued shares. No funds are raised; administrative.
25 Aug 2023asset acquisition disposition▲ GoodMajor
Calima sells its Montney assets (33,643 net acres and Tommy Lakes facilities) for C$10m (A$11.4m), closed and cash received; total expected A$11.8m. Cites weak NE BC gas prices and C$50-100m needed to develop. September capital return rises from A$3m to A$7.5m (1.2c/share). Ends the Montney review.
25 Aug 2023asset acquisition disposition● Neutral
Updated copy of the Montney sale release, now naming the buyer as Advantage Energy Ltd. Otherwise identical: A$11.8m total proceeds, A$7.5m (1.2c/share) capital return, subject to shareholder approval in September.
21 Aug 2023drilling scheduled▲ Good
Calima schedules a 3-well Pisces #10-#12 oil program in Brooks from mid-September, with output due Q4 and peak in December 2023. Wells expected at 170-270 Mboe recovery each; aims to hold production near 4,000 boe/d and fund the capital return. Confirms the mid-Sept campaign.
3 Aug 2023admin correction● Neutral
Calima re-lodges its June quarterly to fix typos: Q2 royalties A$5m, operating costs A$9.1m, G&A A$1.5m; Q3 forecast 218,753 bbl oil, 7,451 bbl NGLs, free cash flow A$3.0m (A$3.2m without hedges); hedging definitions corrected.
27 July 2023director officer appointment● NeutralMajor
CEO Jordan Kevol, who founded Blackspur in 2012, has left. Technical Director Karl DeMong becomes Blackspur President and CEO on C$300,000 a year, and Graham Veale is promoted to COO. Leadership change at the Canadian operating business.
24 July 2023security holder rights change● Neutral
Calima sets up a sale facility for holders of 5,555 shares or fewer (under A$500 at A$0.09) to cut administration costs; retention forms are due 8 September. The roughly A$3m capital distribution follows once the process completes.
26 June 2023asset acquisition disposition▼ BadMajor
The asset sale flagged on 31 May is off: after three unsolicited offers, final price talks with the exclusive bidder failed. Q2 production is on target at about 4,125 boe/d, the A$3m distribution is due in Q3, and Montney review continues. Shares resume trading.
26 June 2023other● Neutral
ASX confirms the suspension will lift once Calima releases its announcement on the ended asset sale negotiations. Administrative.
31 May 2023other● NeutralMajor
At Calima's request, shares are suspended from 31 May pending an announcement on a major sale, expected to take about 3 weeks. No buyer, asset or price disclosed. Explains the 29 May trading pause.
29 May 2023other● Neutral
ASX pauses trading in Calima shares pending a further announcement. No reason given in the notice.
30 Mar 2023other● Neutral
Corporate governance statement current at 30 March 2023. It notes no audit, nomination, risk or remuneration committees yet and no measurable gender diversity objectives. Administrative annual filing.
30 Mar 2023annual report▲ Good
2022 annual report: sales A$122.5m, adjusted EBITDA A$67.2m, net income A$22.8m after about A$16m hedge losses; 3,921 boe/d, up 23%. Net debt fell to A$11.0m from A$27.8m. Largely restates known results.
30 Mar 2023resource reserve update● NeutralMajor
McDaniel's year-end 2022 Montney update puts net contingent resources (2C) at 158.7 MMboe, about 1% lower, and prospective at 102.3 MMboe, about 19% lower, on land expiries, shorter laterals and expected BC royalties. Development Pending is 46.0 MMboe, reclassified to 2P once funded.
30 Mar 2023other● Neutral
Appendix 4G, the standard checklist pointing to where governance disclosures sit, lodged with the annual report. Administrative; no new information.
30 Mar 2023resource reserve update▲ GoodMajor
Year-end 2022 Brooks and Thorsby reserves, audited by InSite: PDP 7.0 MMboe (up 37%), 1P 16.1, 2P 20.5, 3P 24.4 MMboe. 2P is roughly flat on a year earlier despite 1.43 MMboe produced; 192% PDP replacement from 16 wells drilled.
27 Mar 2023other● Neutral
Calima tells shareholders to disregard a Mergermarket article on its Montney joint venture talks, calling it factually incorrect, and has asked for a correction or retraction. It says it is talking with peers and potential partners; no deal is announced.
21 Mar 2023production update▲ Good
Pisces #8 and #9 are tied in, producing about 500 boe/d combined, in line with expectations. Year-to-date production averages 4,500 boe/d. Calima also sold its H2Sweet subsidiary to its partner to lower overhead, with chemicals supplied at a fixed price to 2029.
