Past year: ▼ 90%(0.80c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Sept 2022agm notice▲ Good
Shareholders approved the proposed capital return at the 21 September 2022 general meeting, with 85.70% of votes for. This clears the A$2.5m distribution flagged in July, which had changed from a dividend to a capital return needing approval.
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.
28 July 2022quarterly activities report● Neutral
June quarter averaged 3,839 boe/d, below the 4,100 guidance, with revenue A$37.0m (up 20%) and free cash flow A$3.7m. Nothing was drawn on the C$27m facility; 4.55m shares bought back at ~16.8c. Q3 guidance is ~4,150 boe/d.
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.
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 2022agm notice● Neutral
All 14 resolutions at the 31 May 2022 AGM passed, including the remuneration report (about 98% for), election of Karl DeMong and performance rights for directors. Routine meeting outcome.
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.
19 May 2022agm notice● Neutral
Management will run an Australian roadshow from 25 May to 2 June 2022. The 31 May AGM venue moves to Subiaco Hotel. Administrative notice.
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 2022quarterly activities report▲ Good
March quarter: revenue up 56% and adjusted EBITDA up 93% on the December quarter. Pisces 1-3 produce ~600 boe/d, Gemini 5-7 ~300 boe/d, and the Brooks pipeline finished ~A$650,000 under budget. Exit production above 4,300 boe/d; credit facility drawn only A$0.4m after the placement.
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.
