Past year: ▼ 90%(0.80c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 June 2021drilling progress report▲ Good
Gemini 2 was drilled in 7 days to 1,686m for C$675,000, about C$100,000 under budget. Gemini 1 is being re-entered to add a second leg for C$350,000. Gemini 4 is now committed, and a fifth Sunburst well is under review.
9 June 2021investor presentation● Neutral
June investor deck repeats known figures: 10.268bn shares, A$97.6m market cap, 22.5 mmboe 2P reserves, C$25m credit facility, and the guidance of ~4,500 boe/d exit 2021 and ~5,500 boe/d in 2022. No new announcements in the visible text.
9 June 2021admin correction● Neutral
Calima gave a May update for Blackspur: exit production of 3,100 boe/d and funds flow of A$2.6m. It raised year-end exit guidance to 4,500 boe/d from 3,400 and the May–December average forecast to 3,700 boe/d from 3,000.
9 June 2021production update▲ GoodMajor
Blackspur's May exit production was 3,100 boe/d, up from 2,800 in April, with net debt C$11m. Calima lifted its December 2021 exit guidance to 4,500 boe/d (from 3,400) and capex to C$20m (from C$17m), and hedged about 450 bbl/d of oil.
1 June 2021drilling spud▲ Good
Calima began a three-well Sunburst campaign at Brooks (Gemini 1–3), with Gemini 1 spudded 31 May. Net cost C$2.7m, funded from cash flow and the National Bank facility; IP30 rates due August 2021. One or two more wells are under review.
7 May 2021production update▲ GoodMajor
The three Sunburst wells at Brooks are producing a combined ~505 boe/d on an IP30 basis, 28% above budget, for C$2.2m. Total production is ~2,818 boe/d. Resolves the pending IP results; six more wells are planned from late May.
3 May 2021annual report● Neutral
Full 2020 annual report, re-lodged with the Chairman's letter already summarised on 1 April. It calls the Blackspur merger transformational and says Jordan Kevol becomes Managing Director. Financial figures are not visible in the text provided.
3 May 2021investor presentation● Neutral
May 2021 investor update on the enlarged company: ~10.27bn shares, A$72m market cap, C$12m net debt, C$13m undrawn facility, ~3,000 boe/d forecast and 22.5 mmboe 2P reserves. Largely repeats figures already announced.
3 May 2021resource reserve update● Neutral
McDaniel's updated Montney resource report shows minimal change: 2C contingent resources 886.6 Bcf gas and 44.3 mmbo (previously 888.1 Bcf / 44.4 mmbo). Prospective 2U is 1.68 Tcf and 84 mmbo. 248 Bcf stays Development Pending, awaiting funding for a tie-in pipeline.
3 May 2021admin correction● Neutral
Appendix 4G corporate governance checklist for the year ended 31 December 2020, accompanying the annual report. Administrative; no new information.
3 May 2021other● Neutral
Issue of 163.4m shares (124.8m to Arrochar in satisfaction of a loan, 38.6m to consultants for fees), 50m broker options and 96m performance rights, tied to the Blackspur deal and raising. Administrative follow-through of the merger.
3 May 2021business combination▲ GoodMajor
Blackspur Plan of Arrangement completed; Calima now owns 100% of Blackspur and shares resume trading 3 May, with 10,271m shares on issue (~A$72m at 0.7c). Jordan Kevol becomes CEO and Lonny Tetley joins the board. Ends the suspension running since February.
3 May 2021other● Neutral
ASX confirms Calima's suspension is lifted from the start of trading on 3 May 2021, following the acquisition and raising announcement. Administrative; ends the suspension that began 16 February.
29 Apr 2021capital raising announcement▲ GoodMajor
Calima issued 5,425,783,115 shares at $0.007, raising A$37.9m before costs, completing the Blackspur funding. Proceeds cover the cash component, Blackspur debt paydown, deal costs and working capital. Trading reinstatement expected 3 May.
29 Apr 2021investor presentation● Neutral
Notice that Chairman Glenn Whiddon will present at the Share Café webinar on 30 April, giving an overview of the Blackspur acquisition ahead of relisting on 3 May. No new information.
26 Apr 2021material agreement▲ GoodMajor
Court approval and 98.4% Blackspur shareholder approval secured for the merger. National Bank of Canada approved a C$25m revolver, up from C$20m. Raising completed at about A$38m with retail scale-backs; relisting expected around 3 May.
23 Apr 2021other● Neutral
Notice that 15,185,904 shares will be released from voluntary escrow on 6 May 2021. Administrative; no capital is raised.
14 Apr 2021other● Neutral
Shares issued to directors and management in lieu of fees for the quarter to 31 March 2021, with 3 months' voluntary escrow. Continues the shares-for-fees arrangement; administrative. Repeats the merger timetable.
1 Apr 2021annual report● Neutral
2020 financial report for the year to 31 December. The Chairman's letter calls the Blackspur deal transformational, confirms A$37m committed and a late-April close, and says Jordan Kevol will become Managing Director. Financial figures are not visible in the text provided.
30 Mar 2021material agreement▲ Good
Alberta court issued an interim order for the Blackspur shareholder vote on or about 23 April; 74% of Blackspur holders have already voted in favour. Calima general meeting 15 April; ASX relisting still expected late April. Timetable update only.
24 Mar 2021drilling result▲ Good
Blackspur finished drilling three Sunburst wells at Brooks, Alberta, under budget (C$2.4m total), with tie-in in April and 45-day rates due early May. The company says payback is under 6 months at US$60 oil. Ahead of the merger; no production result yet.
16 Mar 2021capital raising announcement▲ GoodMajor
Firm commitments of A$37m received: A$31m conditional placement plus A$6m of the retail offer, up from the A$34m targeted at $0.007. Funds the Blackspur purchase; placement settles 27 April, completion 29 April, trading expected 30 April.
11 Mar 2021capital raising announcement● NeutralMajor
Prospectus for a retail offer of up to 1,428,571,429 shares at $0.007 to raise up to $10m, closing 20 April 2021. It is part of the funding for the Blackspur acquisition; existing shareholders face dilution from the new issue.
1 Mar 2021investor presentation● Neutral
Presentation of the Blackspur merger: A$34m placement at $0.007 (A$29m conditional, A$5m retail), a C$20m National Bank facility drawn to C$13m, and about 53% of the enlarged company held by new investors. Repeats the 25 February terms; close expected late April 2021.
26 Feb 2021business combination▲ GoodMajor
Calima agrees to buy Alberta oil producer Blackspur Oil Corp for C$17m (at least C$12.1m in shares, up to C$4.9m cash), plus up to C$4.5m of net-debt-linked shares. It adds 22.5 MMboe 2P reserves and ~2,600 boe/d. Requires a raising of at least A$34m; Jordan Kevol to become CEO. Close expected April 2021.
26 Feb 2021business combination● Neutral
Replacement release of the 25 February Blackspur merger announcement; the visible text matches the original (C$17m deal, 22.5 MMboe 2P, A$34m raising). The reason for replacement is not visible in the text provided.
16 Feb 2021listing compliance notice● NeutralMajor
Calima's shares are suspended at its own request from 16 February 2021, pending an announcement on a major acquisition and capital raising. The company estimates about 8 weeks. Signals a significant transaction after the strategic process in earlier updates.
16 Feb 2021listing compliance notice● Neutral
ASX paused trading in Calima shares pending a further announcement. A short procedural notice that precedes the suspension.
13 Jan 2021other● Neutral
Shares issued to directors and management in lieu of fees for the December 2020 quarter, with 3 months' voluntary escrow, under the 29 May 2020 approval. Continues the shares-for-fees arrangement; administrative.
6 Jan 2021other● Neutral
Notice that 20,963,981 shares will be released from voluntary escrow on 14 January 2021. Administrative; no capital is raised.
