Past year: ▼ 90%(0.80c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Jan 2022quarterly activities report● Neutral
December quarter production averaged 3,202 boe/d, with sales of A$19.8m and adjusted EBITDA of A$9.4m. Net debt rose to A$27.8m and cash was A$3.4m. H1 2022 targets are 4,000-5,000 boe/d and C$28-33m EBITDA on a C$19m capital program.
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.
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.
29 Oct 2021quarterly activities report● Neutral
September quarter production averaged 3,290 boe/d, with sales of A$17.8m and adjusted EBITDA of A$8.4m. Net debt is A$22.1m. Leo wells are now targeted on stream in mid-November. The company keeps its 4,500 boe/d exit target and C$35m 2022 capital plan.
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.
