26 June 2023other● Neutral
ASX confirms the suspension will lift once Calima releases its announcement on the ended asset sale negotiations. Administrative.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
31 May 2023agm notice● Neutral
All ten AGM resolutions carried, including re-election of Glenn Whiddon (about 80% for) and Lonny Tetley, the 7.1A placement mandate and a new constitution. Routine outcome.
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.
28 Apr 2023quarterly activities report● Neutral
March quarter: production 4,532 boe/d (up 22%), revenue A$25.0m, EBTDA A$9.6m, free cash flow -A$3.3m after Montney test. Second shareholder distribution of A$3m planned for July 2023, with A$5m annual return expected. Q2 production forecast lower at 4,203 boe/d on maintenance.
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.
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.
31 Jan 2023quarterly activities report● Neutral
Q4 2022 production averaged 3,727 boe/d, below Q3, with Brooks hit by third-party shutdowns and outages; all issues are resolved. 2022 averaged 3,921 boe/d with EBTDA ~A$66.8m. Production is now above 4,700 boe/d. Montney testing is underway.
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.
1 Nov 2022quarterly activities report● Neutral
September quarter production was 382,910 boe (~4,162 boe/d), up 8% on Q2. Revenue fell to about A$30m on lower WTI and a wider WCS differential. Free cash flow was A$5.8m and cash A$9.93m. The A$2.5m capital return was paid 13 October; buyback is on hold.
25 Oct 2022quarterly activities report● Neutral
This is a September quarter report for Pursuit Minerals (ASX:PUR), not Calima, covering WA gold and nickel exploration. It carries no Calima information, though the two share a West Leederville office address. Likely misfiled.
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.