Past year: ▼ 90%(0.80c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Mar 2023investor presentation● Neutral
Brisbane conference presentation restating known facts: 2022 revenue A$122.5m, adjusted EBTDA ~A$66m, and reserves of 20.4 MMboe 2P and 160.5 MMboe 2C. Q1 2023 production is forecast at 4,370 boe/d, with year-end 2022 reserves due before 31 March.
14 Mar 2023security holder rights change● Neutral
1,000,000 performance rights converted into ordinary shares, with the standard Corporations Act cleansing notice. Administrative; no cash raised.
1 Mar 2023flow test result▲ GoodMajor
The Montney re-test is complete. Calima #2's peak 24-hour condensate rate was 396 bbl/d at 3.4 mmcf/d gas; Calima #3's was 21.7 bbl/d at 4.9 mmcf/d. About 5,900 bbl was sold, and the test cost about A$2.0m, roughly A$1.4-1.5m net. Full analysis is due early Q2.
24 Feb 2023drilling progress report▲ Good
Pisces #8 and #9 have been fractured, with production due mid-late March. Seven wells were drilled in four months; year-to-date production averages over 4,550 boe/d. 2023 collar hedges for Feb-Sep are set out; further hedging is being considered.
16 Feb 2023admin correction● Neutral
Replacement of the 15 February release, correcting the 2019 comparison figure for Calima #2 peak condensate from 155 to 22 bbl/mmcf (155 bbl/d). Test results themselves are unchanged.
15 Feb 2023flow test result▲ GoodMajor
Early Montney re-test results beat 2019. Calima #2 peaked at 6.3 mmcf/d with condensate at 248 bbl/mmcf (flush rate, likely to settle lower); average 102 vs 22 in 2019. Calima #3 flowed up to 5.25 mmcf/d. Combined peak over 11.5 mmcf/d.
7 Feb 2023drilling progress report▲ Good
The Montney re-test began 5 February, earlier than the 8 February start flagged. Both wells are flowing gas and natural gas liquids, described as encouraging. Testing continues 10-14 days, with results due late February.
3 Feb 2023drilling scheduled● Neutral
Re-testing of the Calima #2 and #3 Montney wells, drilled and partly tested in 2019, starts 8 February 2023, with results expected late February. Funded from Brooks and Thorsby cash flow; could lead to a revised reserve report. Follows the January board approval.
1 Feb 2023investor presentation● Neutral
Notice of a December quarter investor webcast on 3 February 2023 at 9am AWST. No new information.
18 Jan 2023drilling scheduled▲ GoodMajor
The board approved re-testing the Calima #2 and #3 Montney wells from late January 2023. The 2019 tests were cut short by spring thaw. Results are meant to support a partnership and investment decision; a funded deal could lift contingent reserves to 2P 45.6 MMboe.
10 Jan 2023production update▲ GoodMajor
Pisces #6 and #7 are on production, and company production peaked above 4,500 boe/d. The Q4 Gemini wells' 30-day rates were about 35% above budget type curves. Pisces #8 spudded 6 January, with #9 next; both are planned with 2,750m laterals.
24 Nov 2022drilling progress report● Neutral
Four of five Q4 Brooks wells are drilled. Gemini #10 is producing at type curve; Gemini #11 and #12 are coming on. Leo #4 has produced 13,150 boe at 80-85% water cut, so follow-ups in that sand are not forecast to be highly economic. 2023 collar hedges added.
18 Oct 2022drilling scheduled▲ Good
A five-well Brooks program has begun: three Gemini Sunburst wells (Gemini #10 spud 5 Oct) then Pisces #6 and #7. Q3 production averaged ~4,160 boe/d. Calima says it is intensifying efforts to extract value from the Montney; no deal reached.
13 Oct 2022director officer appointment● Neutral
Jerry Lam, previously named as Canada CFO, is confirmed as Chief Financial Officer, with over 18 years in Canadian oil and gas. He received 1.5m performance rights; 3.5m unlisted options at 16-20c were also issued to marketing personnel.
28 Sept 2022dividend declaration▲ Good
Cash return of capital of A$0.0041 per share, following shareholder approval on 21 September. Shares trade ex-return from 3 October, record date 4 October, payment 13 October 2022. Funded from excess subsidiary funds; no effect on option exercise prices.
19 Sept 2022other● Neutral
Corporate governance statement current at 12 September 2022. It says the board has no audit, nomination, risk or remuneration committees and has set no measurable gender diversity objectives or formal board evaluations. Administrative, no new operating or financial information.
13 Sept 2022other● Neutral
287,162 shares issued in June to a marketing consultant will be released from voluntary escrow on 25 September 2022. Administrative notice only.
12 Sept 2022half year report▲ Good
Half-year to June 2022: net income A$13.2m (2021: A$10.0m), production 705,461 boe (3,898 boe/d), revenue over A$68m and adjusted EBTDA A$40.4m. Realised hedge losses were A$13.5m, and hedges unwind by 31 December 2022.
1 Sept 2022drilling result● Neutral
The five-well Q2/Q3 program finished within budget and all wells are on production, together at ~900 boe/d gross (~600 net). Gemini #8/#9 are slightly below type curve; Leo #4 is still cleaning up and its true rate is unknown. A Q4 program is due in coming weeks.
3 Aug 2022asset acquisition disposition▲ GoodMajor
Calima leased ~33,000 more acres around Brooks, lifting its holding to over 69,000 net acres. It plans 21 horizontal wells over three years, with a minimum commitment of C$1.75m a year. Over 20 locations are already identified.
28 July 2022investor presentation● Neutral
Re-release of the July 2022 investor presentation, apparently without the analyst target range. Otherwise it repeats the same known operating, financial and reserve figures.
28 July 2022investor presentation● Neutral
July 2022 presentation repeats known figures: 612m shares, ~4,200 boe/d, Q2 adjusted EBTDA A$22.6m, reserves unchanged. New items include an analyst target range of A$0.50-0.75 and a free cash flow estimate of ~A$45-50m for 2023, which are company statements.
20 July 2022security holder rights change● Neutral
300,000 performance rights converted into 300,000 ordinary shares, with a standard section 708A notice. Administrative, no new money raised.
12 July 2022director officer appointment● Neutral
Chairman Glenn Whiddon bought 250,000 shares on market for $41,235.83, via an indirect holding (6466 Investments). Routine director interest notice, no closed-period trading.
11 July 2022drilling progress report▲ Good
Gemini #8 and #9 are on production and cleaning up; Pisces #5 reached TD with 1,420m in pay. Production is ~4,100 boe/d. The A$2.5m dividend will be a capital distribution needing shareholder approval, a change from the earlier dividend description.
4 July 2022drilling progress report● Neutral
Leo #4 frac is complete, with an extended production test to follow after a two-week shut-in. Gemini #8 and #9 and Pisces #4 are drilled; Pisces #5 (50%) spudded 2 July. June output was cut by a gas plant turnaround and a Brooks compressor failure. New Q4 collars cover 250 bo/d.
24 June 2022director officer appointment● Neutral
Finance Director Mark Freeman bought 300,000 shares on market for $49,654, lifting his holding to 638,492 shares. Routine director interest notice, no closed-period trading.
23 June 2022other● Neutral
Calima issued 287,162 shares to a marketing consultant in lieu of cash, escrowed three months, with a standard section 708A notice. Administrative.
15 June 2022drilling progress report▲ Good
Gemini #8 finished drilling on 14 June with expected oil and gas shows, and should be on production within two weeks. Gemini #9 has spudded. The two Thorsby wells are back above 550 boe/d after clean-outs, with WTI about US$120.
14 June 2022annual report● Neutral
Inaugural ESG report for 2021, covering emissions, well abandonment, safety and governance. It repeats known reserves and guidance. Its net debt figure of about A$3m differs from the A$27.8m reported earlier, likely reflecting post-placement debt.
