Past year: ▼ 90%(0.80c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Dec 2021drilling result▲ Good
Pisces 2 finished drilling to 3,953m in 8 days, under budgeted time and cost, completing the two-well Brooks program. Leo wells are meeting or exceeding expectations but had pump workovers, and peak rates are now expected by end of January 2022.
9 Dec 2021drilling progress report▲ Good
The first Pisces Glauconitic well at Brooks was drilled in 6 days to 2,610m, with reservoir quality and oil shows as expected. The second well has spudded. Fracturing is planned for early January, with production from mid-February 2022.
2 Dec 2021drilling spud▲ Good
Calima has started a two-well Glauconitic drilling program at Brooks, costing C$5m in total. Wells are expected to have 200-400 boe/d IP90 rates, with production from mid-February 2022. It will be funded from cash flow and the National Bank facility, with hedging planned.
17 Nov 2021production update▲ GoodMajor
All three Leo wells at Thorsby are tied in and flowing back. Leo 3 is producing over 250 boe/d, ahead of expectations; Leo 1 and 2 are still cleaning up. IP90 guidance stays 270-460 boe/d per well and the 4,500 boe/d year-end target is said to be on track.
3 Nov 2021investor presentation● Neutral
Notice of the 3 November webinar on the September quarterly report, with an updated November investor presentation attached. It repeats known results and plans and adds no new information.
1 Nov 2021drilling progress report● Neutral
The Leo three-well fracture program was completed on time and on budget, with all programmed sand placed. The wells were awaiting pumping equipment and tie-in, expected by mid-November, with full potential expected from mid-December 2021 to mid-February 2022.
25 Oct 2021dividend declaration▲ GoodMajor
Calima expects to distribute up to 30% of free cash flow to shareholders from 2022. The preliminary 2022 plan is 13 wells, C$35m capex and 5,500 boe/d average production. Free cash flow ranges C$29-52m at US$70-90 WTI. This is an intention, not a declared dividend.
22 Oct 2021other● Neutral
Calima issued 380,553 shares to marketing and corporate consultants in place of cash, with the standard notice allowing them to be resold. A minor administrative issue.
12 Oct 2021drilling progress report● Neutral
Fracturing of the three Leo wells began 10 October, about two days per well, followed by a 7-day shut-in. Flow testing is expected from the last week of October. Reliable rates need 30-60 days of fluid recovery, with full potential around December-January.
27 Sept 2021drilling result● Neutral
Leo 3 finished drilling at 3,681m with expected reservoir quality, completing the three-well Thorsby drilling. Fracturing is now expected in the second week of October, with first production in early November. That is later than the late September frac and late October start previously guided.
20 Sept 2021production update● Neutral
August production averaged 3,493 boe/d, up from 3,291 in July. Operating netback was A$2.8m. Net debt rose to A$18.6m from A$17.2m, which the company attributes to the Leo drilling. Leo production is now expected in November, later than the late October previously guided.
16 Sept 2021other● NeutralMajor
Calima has hired Peters & Co. to review options for its 60,000-acre Montney assets, including a sale, joint venture or asset exchange. It plans no further updates until binding agreements are signed, which could take up to 6 months. This follows the earlier search for a partner or buyer.
13 Sept 2021drilling progress report▲ Good
Leo 2 was drilled to 3,680m in the planned 10 days with expected oil and gas shows. Leo 3 spudded 7 September. Fracturing is still expected in the fourth week of September, with first production late October. Modelled 90-day rates remain 274-460 bbl/d per well.
10 Sept 2021half year report● Neutral
Half-year report to 30 June 2021, covering only May and June with Blackspur. Sales were A$10.2m, net income A$10.0m and adjusted EBITDA A$3.9m. It restates 21.4 million boe of 2P reserves and a Thorsby program with first production expected in Q4.
7 Sept 2021investor presentation● Neutral
Good Oil Conference presentation on the Thorsby drilling and company progress. Confirms the 20-for-1 consolidation is complete, leaving 513.7m shares. The deck cites a 4,500 boe/d December 2021 target and a share price of 18.5 cents, which is a post-consolidation price.
7 Sept 2021other● Neutral
Calima issued 2.8m incentive options and 1.5m performance rights (post-consolidation) following shareholder approval on 30 August. Chairman Glenn Whiddon received the 1.5m Performance Rights C. This resolves the director incentive plan thread.
3 Sept 2021drilling result▲ GoodMajor
All four Gemini Sunburst wells reached 30-day rates, averaging 176 boe/d each (75% oil), close to the type curve. Total cost was C$4.8m, about C$1.2m per well. Together they produce 650 boe/d. More Brooks wells may be drilled from Q4 2021.
2 Sept 2021production update▲ Good
July production averaged 3,291 boe/d, up from 2,883 in June. Revenue was A$4.9m, up 20%. Net debt rose to A$17.2m from A$16.4m, which the company attributes to the Gemini and Leo drilling.
1 Sept 2021resource reserve update▲ GoodMajor
InSite's 30 June 2021 audit of Blackspur gives 2P reserves of 21.4 million boe (22.5 at end 2019), 1P 16.1 and 3P 25.7. Reserves held roughly steady despite 1.2 million boe produced. The plan is 64 wells over five years.
31 Aug 2021security holder rights change● Neutral
Formal ASX notice of the 20-for-1 share consolidation approved on 30 August: 10,274,055,901 shares become 513,702,795. Deferred settlement trading starts 3 September, with normal trading from 13 September.
30 Aug 2021security holder rights change● NeutralMajor
Shareholders approved all resolutions at the general meeting. Calima will consolidate its shares 20 to 1, leaving about 513.7m shares. This is a change in share count, not in value. The meeting also cleared the director incentive securities flagged earlier.
26 Aug 2021drilling progress report● Neutral
Leo 1 reached 3,799m horizontal, with logs showing expected reservoir quality. Leo 2 spuds 27 August, with Leo 3 to follow. Fracturing is now expected in the fourth week of September, a week later than the 19 August update, with first production still late October.
23 Aug 2021auditor change● Neutral
PwC replaces BDO as auditor effective immediately, with ASIC consent. The company says it ran a tender after the Blackspur acquisition and chose PwC for its ability to coordinate audits in Australia and Canada.
19 Aug 2021drilling progress report● Neutral
The three-well Leo program at Thorsby has started. Leo 1 was side-tracked after drilling complications. Fracturing is expected in September, with first production in late October. Modelled 90-day rates are 274-460 bbl/d per well at C$3.2m each. Gemini 30-day rates are due end August.
27 July 2021investor presentation● Neutral
Notice of a Zoom webinar on 29 July where management will go through the June quarterly report. No new information in the text.
21 July 2021investor presentation● Neutral
Notice that CEO Jordan Kevol will present at a ShareCafe small-cap webinar on 23 July, covering the four-well Brooks campaign and upcoming Thorsby drilling. A presentation is attached; the visible text contains no new results.
8 July 2021drilling progress report▲ Good
All four Gemini Sunburst wells at Brooks are now drilled; Gemini 4, a step-out well, is due on production 28 July. Gemini 3 is expected on 16 July. Costs are on budget, and three Thorsby wells are planned for late August.
29 June 2021other● Neutral
Notice that 14,655,506 shares will be released from voluntary escrow on 14 July 2021. Administrative; no change to the business.
28 June 2021drilling progress report▲ Good
Gemini 1 and 2 began flowing on 26 and 24 June. Gemini 3 reached 1,960m and is due on production mid-to-late July. Gemini 4 spudded 27 June. The Brooks program is held at four wells, and three Thorsby wells are prioritised for Q3.
23 June 2021director officer appointment● Neutral
CFO and Company Secretary Mark Freeman became Finance Director on 22 June 2021. Alan Stein, Managing Director from 2017 to 2020 during the Montney work, left the board and stays available as a consultant.
