Past year: ▼ 90%(0.80c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 Feb 2024asset acquisition disposition▲ GoodMajor
The Blackspur sale to Astara has completed, with A$81.6m banked after Canadian tax provisions and net debt adjustments. Calima plans a single A$80m (about 12.6c per share) return, subject to an ATO ruling and shareholder vote. It keeps Paradise and about A$5-6m cash; ASX may suspend it from 2 July 2024.
31 Jan 2024quarterly activities report● Neutral
December quarter production was 3,829 boe/d, about 5% below forecast, with EBTDA of A$8.0m. Restates the Blackspur sale: competition clearance received, only shareholder approval outstanding, settlement expected around 26 February. Post-sale cash backing quoted at about 12-13 cents per share.
5 Jan 2024listing compliance notice● Neutral
ASX notice that the suspension will lift once Calima releases its Blackspur sale announcement. Administrative.
5 Jan 2024asset acquisition disposition▲ GoodMajor
Calima agrees to sell 100% of Blackspur Oil (Brooks and Thorsby) to Astara Energy for C$75m (A$83.3m), before net debt adjustments. It intends to return at least 85% of proceeds to shareholders. Needs shareholder approval (15 Feb meeting) and Canadian competition clearance; the company keeps the Paradise well in BC.
2 Jan 2024listing compliance notice● NeutralMajor
At Calima's request, ASX suspends the shares pending an announcement on the sale of the Blackspur assets (Brooks and Thorsby). Suspension is to last until the announcement or 5 January 2024 trading open.
28 Dec 2023other● Neutral
ASX pauses trading in Calima shares pending a further announcement, with no reason given in the notice. Given the recent unsolicited asset-sale offers, an announcement on that front is possible (inference).
21 Nov 2023remuneration report● Neutral
Calima issues 11.68m Class G performance rights to staff and directors, with 4.45m needing shareholder approval. It cites three unsolicited offers for Brooks and Thorsby assets creating uncertainty. Rights vest immediately on a change of control or a sale above A$80m.
31 Oct 2023quarterly activities report● Neutral
September quarter production was 3,683 boe/d, about 4% below forecast because of maintenance and workovers. Cash was A$17.3m with the C$20m facility undrawn, after Montney sale proceeds of A$11.5m. Full-year capex forecast is A$36m.
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.
16 Oct 2023agm notice▲ Good
Shareholders approved the capital return at the 16 October general meeting, with about 100% of votes cast in favour. This clears the way for the A$7.5m (1.2c per share) payment on 27 October.
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.
31 July 2023quarterly activities report▲ Good
June quarter: 4,152 boe/d, revenue A$22.7m, EBTDA about A$7m. Net debt fell to A$6.1m including the Pivotal loan, the lowest yet. No drilling in the quarter; a 3-well Brooks program is due from mid-September. A$5m 2023 distribution confirmed, first A$3m in September.
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.
