Past year: ▼ 90%(0.80c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 June 2022security holder rights change● Neutral
Calima issued 950,900 shares to directors, employees and consultants (Hannam Partners and Auctus, in lieu of fees), plus new Class D, E and F performance rights approved at the AGM. Class D vests on a 25c VWAP and Class E on production above 4,300 boe/d for 30 days.
10 June 2022drilling spud▲ GoodMajor
The four-well Brooks campaign has started: Gemini #8 spudded, Gemini #9 mid-June, Pisces #4 and #5 late June or early July. Leo #4 is to be fracked in late June. National Bank reaffirmed the C$27m facility and amended it to allow the A$2.5m shareholder distribution.
31 May 2022other● Neutral
Calima issued 50,000 shares to a corporate consultant in lieu of cash, with a standard section 708A notice. Administrative, minimal substance.
24 May 2022investor presentation▲ Good
Roadshow presentation for May 2022. It highlights a A$2.5m half-year dividend (2.5% yield) and an on-market buyback starting 1 June, announced 23 May. Otherwise it repeats known operating and guidance information.
16 May 2022drilling scheduled▲ GoodMajor
Calima plans four Brooks wells (two Gemini, two Pisces) from June, a month early, plus Leo #4 completion. 9-month guidance is 4,100-4,400 boe/d, with funding budgeted for a shareholder capital return or buyback. Q3 drilling and Leo budget is A$7.8m.
12 May 2022admin correction● Neutral
Calima's OTCQB ticker changed to CLMEF from 11 May 2022, replacing the previously flagged RLTOF. The ASX listing (CE1) remains primary. Administrative only.
26 Apr 2022investor presentation● Neutral
Notice of investor webcasts on 26 and 27 April 2022 for the March quarter results. Administrative, no new commercial information.
5 Apr 2022investor presentation● Neutral
Update on the Montney value process with Peters & Co, running since September 2021: no transaction to announce and it is taking longer than expected. Management says it sees no need to deal on less than optimum terms. The company holds about C$50m of Montney tax pools.
1 Apr 2022director officer appointment● Neutral
Karl DeMong, a Calgary oil and gas engineer with Brooks and Thorsby experience, joined the board as non-executive director on 1 April 2022. Brett Lawrence stepped down the same day. DeMong will also help manage the Montney assets.
29 Mar 2022annual report● Neutral
Annual report for 2021, the first year with Blackspur (acquired 30 April 2021). Sales were A$47.7m and adjusted EBITDA A$21.6m, with a A$31.9m net loss mainly from an impairment of undeveloped exploration assets. Net debt was A$27.8m. Repeats figures already reported.
28 Mar 2022resource reserve update▼ BadMajor
McDaniel's updated Montney estimate shows net 2C contingent resources of 35.8 MMbbl liquids and 748 Bcf gas (160.5 MMboe), against 195.6 MMboe previously. Development Pending is steady at 213 Bcf and 10.1 MMbbl. Prospective resources fell about 58% as land expired.
28 Mar 2022resource reserve update● NeutralMajor
InSite's 31 December 2021 audit of Blackspur gives 1P 15.6, 2P 20.4 and 3P 24.4 million boe, with PDP 5.1. These are slightly below the 30 June 2021 figures (1P 16.1, 2P 21.4, 3P 25.7). Reserves held roughly steady after 1.1 million boe produced.
25 Mar 2022other● Neutral
Calima shares began trading on the US OTCQB market on 24 March 2022 under RLTOF, as a secondary quotation to the ASX listing. No shares were issued, and the company says it adds no material compliance burden. Aims to reach North American investors.
4 Mar 2022production update● Neutral
Replacement of the same 4 March update: February production above 4,200 boe/d, Gemini 5 and 6 tied into the new pipeline, Gemini 7 and Pisces 3 due shortly. The guidance table is cut to the $80 and $90 WTI cases, and the company says higher-price guidance will follow.
4 Mar 2022drilling progress report▲ Good
Pisces 3 (100% owned) at Brooks finished fracture stimulation, with all 33 stages placing sand. After a 7-day shut-in it should flow to temporary facilities by mid-March, then connect to the 02-29 battery by 31 March 2022.
4 Mar 2022production update▲ Good
February production averaged above 4,200 boe/d (73% oil), just under January's 4,300 exit. Gemini 5 and 6 are tied into the new Brooks pipeline, Gemini 7 and Pisces 3 follow within weeks. H1 2022 guidance stays 4,000-5,000 boe/d; higher-oil-price guidance is promised.
16 Feb 2022other● Neutral
A cleansing prospectus lodged 16 February 2022 so shares from the A$20m placement can be traded freely. It is an administrative document and offers no new commercial information.
9 Feb 2022investor presentation● Neutral
February investor presentation supporting the A$20m placement. It repeats the January operating highlights and the equity raising structure already announced, with no new substance beyond the raising.
9 Feb 2022capital raising announcement● NeutralMajor
Calima raised A$20m through a placement of 100 million new shares at A$0.20, a 13% discount to the last close. Proceeds first reduce the drawn credit facility, then fund Q1 well completions, waterflood, North Thorsby completion and Thorsby battery expansion.
2 Feb 2022investor presentation● Neutral
January 2022 investor presentation for the webinar. It restates the 4,300 boe/d January exit, H1 2022 target of 4,000-5,000 boe/d, 3P reserves of 25.7 mmboe and 2C Montney resource, with no new information.
2 Feb 2022production update▲ Good
Production exited January at 4,300 boe/d despite cold weather and Covid issues, with 4 wells still behind pipe waiting to be tied in before the end of the first quarter. Seven wells had been drilled in 2022, and one of the two already on production was exceeding 500 boe/d (80% oil).
2 Feb 2022investor presentation● Neutral
Notice that Finance Director Mark Freeman will present at the ShareCafe Small Cap webinar on 4 February 2022, with the presentation attached. It repeats known drilling plans and the 4,300 boe/d January exit rate.
31 Jan 2022material agreement▲ GoodMajor
Calima signed a deal with Pivotal Energy Partners to finance and build a Brooks pipeline linking the 02-29 battery to the Gemini 5-7 and Pisces 3 wells. Cost is about C$4.3m (cap C$5m), repaid at ~C$76,000 a month over up to 7 years; completion due late March 2022.
28 Jan 2022drilling result▲ Good
Gemini 6 and 7 finished drilling in 6 days each and the rig was released, completing the Brooks Gemini program on budget. Pisces 2 and 1 came on stream 26-27 January with oil in flowback. Leo 4 reached 4,088m depth; completion is planned late Q2 or early Q3.
24 Jan 2022drilling spud● NeutralMajor
Calima spudded Leo #4 on 20 January 2022, a 50% owned, company-operated step-out Sparky well at North Thorsby, a new area with no booked reserves. Budget is C$3.6m gross (C$1.8m net). Frac and tie-in planned late Q2 or Q3 2022; production expected Q3 2022.
18 Jan 2022drilling spud▲ Good
Calima added two conventional Sunburst horizontal wells, Gemini 6 and 7, at Brooks. Gemini 6 spudded on 15 January. Each costs about C$1.0m with expected IP90 of about 140 bbl/d, and the wells are to be tied in during Q1 2022. Funded from cash flow and the C$27.0m credit facility.
14 Jan 2022drilling result▲ GoodMajor
Gemini 5, a vertical Sunburst test at Brooks, was drilled to about 1,059m and logs show a Sunburst interval with sufficient reservoir quality. Production rates are unknown pending a test. The company says it may add 1-6 new horizontal locations. A possible Mannville gas zone also needs more work.
11 Jan 2022drilling result▲ Good
Pisces 3 finished drilling in 7 days to about 2,600m, on budget so far. Fracturing is planned for early February. Pisces 1 and 2 are tied in and in shut-in, with flow testing expected in late January.
6 Jan 2022drilling spud▲ Good
Calima began its 2022 campaign: Pisces 3, a third Glauconitic well, spudded on 2 January, and Pisces 1 and 2 are being fracture stimulated. Flow testing of the first two is expected in late January. Hedging of 50% of net production continues.
5 Jan 2022production update▼ BadMajor
Production passed 3,800 boe/d in late December but the 4,500 boe/d year-end target was missed. Leo 3 was down from 23 December with sand in the wellbore, and peak rates have slipped to February 2022. Leo 1 and 2 produce over 400 and 420 boe/d.
