15 Dec 2020investor presentation● Neutral
Notice that Chairman Glenn Whiddon will present at the Proactive Energy webinar on 16 December 2020. No new information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
10 Dec 2020regulatory community update▲ Good
Canadian Discovery's preliminary study of the 2019 wells confirms high-productivity zones in Calima 2 and 3, and suggests an untested Lower Montney potential not in the resource statement. Builds on the September-October pressure work; no new resource numbers. Full report to follow.
13 Nov 2020regulatory community update● Neutral
Update on Canadian pipeline and LNG developments (LNG Canada, Coastal GasLink, NGTL West Path, Transmountain). Says Tommy Lakes remains on standby, connected to NorthRiver Midstream. Sector background only; no new Calima results or transactions.
11 Nov 2020director officer appointment● Neutral
Non-executive director and joint company secretary Neil Hackett resigned from the board on 11 November 2020, citing other commitments. His final interest notice shows 4,380,217 direct shares and 666,666 held through Starboard Pty Ltd.
28 Oct 2020well test result▲ Good
Gauges retrieved from Calima 2 and 3 show the Middle Montney is over-pressured (19,382 kPa) and the Upper Montney normally pressured (12,860 kPa). Calima says Upper Montney wells could use cheaper completions, and development scenarios will be re-modelled. No new resource figures.
15 Oct 2020other● Neutral
Shares issued to director Brett Lawrence (1,681,416) and CFO Mark Freeman (1,167,650) at $0.0071 in lieu of fees for the September 2020 quarter, with 3 months' voluntary escrow. Continues the shares-for-fees arrangement; administrative.
5 Oct 2020director officer appointment● Neutral
Chairman Glenn Whiddon's Appendix 3Y: MIMO Strategies, an entity in his notice, acquired 7,244,014 shares on-market at $0.0067. Routine director interest notice.
2 Oct 2020capital raising announcement● Neutral
Cleansing notice for 3.5m shares issued at A$0.00714 to StocksDigital in lieu of A$25,000 cash for consulting services. Small non-cash issue; no cash raised.
11 Sept 2020half year report▼ Bad
Half-year to 30 June 2020: net loss A$3.34m, versus A$1.0m a year earlier. Restates the 2.18 Tcfe prospective resource and the Tommy Lakes facilities as core assets. The text provided is truncated, so cash and note detail are not visible.
3 Sept 2020regulatory community update● Neutral
Calima will retrieve downhole pressure gauges from the Calima 2 and 3 wells, and has engaged Canadian Discovery to analyse the 230 m Calima 1 core. Further technical work on the 2019 drilling data; no new resource figures.
14 July 2020resource reserve update▲ GoodMajor
McDaniel update lifts 248.9 Bcf gas and 12.4 mmbo to Development Pending, which could become 2P reserves once funding is secured. Total 2C is 888.1 Bcf and 44.4 mmbo; prospective 1.68 Tcf and 84 mmbo, down from 497.3 mmboe earlier. Revises the 2019 report.
14 July 2020other● Neutral
Shares issued to directors and management in lieu of fees for the June 2020 quarter, as approved at the 29 May 2020 meeting. Chairman Whiddon's shares will be issued next quarter. Administrative filing continuing the shares-for-fees arrangement.
14 July 2020investor presentation● Neutral
Notice of CFO Mark Freeman's Proactive Oil & Gas webinar on 14 July 2020, with the deck attached. It restates the 14 July McDaniel figures (1.15 Tcfe contingent) and A$3.6m working capital; market cap shown as A$8.6m at $0.004. No new information.
13 July 2020investor presentation● Neutral
Notice that CFO Mark Freeman will present at a Proactive Oil & Gas webinar on 14 July 2020. No new information.
8 May 2020director officer appointment● Neutral
CFO Mark Freeman becomes Company Secretary, replacing James Bahen, and converts $25,000 of annual pay into shares. Administrative change within the ongoing cost-cutting.
7 May 2020investor presentation● Neutral
May 2020 webinar deck: working capital A$3.6m, monthly burn A$158,000, market cap A$13.0m. Restates contingent resource as 1.176 Tcfe and says prospective resources are under review after acreage expiry. Facilities can be restarted within 6 months. Mostly known facts.
5 May 2020investor presentation● Neutral
Notice of an investor webinar on 7 May 2020 with President Micheal Dobovich, with the presentation attached. Invitation only, no new information.
20 Apr 2020asset acquisition disposition▲ GoodMajor
The Tommy Lakes infrastructure purchase closes, completing the February agreement. Cost is about A$750,000, below the A$825,000 earlier quoted, with holding costs of A$500,000 a year (previously A$420,000). Management says production could start within 6-9 months in stable markets.
1 Apr 2020other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, dated 31 March 2020. Administrative filing with no new business information.
1 Apr 2020annual report● Neutral
2019 annual report: cash $3.6m, working capital $4.9m, 2,155m shares. Restates the Tommy Lakes deal, 10-year lease and management shift to Canada. Notes Tommy Lakes is now expected to cost about A$1.0m, and cites the oil price fall and COVID-19 volatility.
23 Mar 2020director officer appointment● NeutralMajor
Managing Director Alan Stein moves to a non-executive role; Micheal Dobovich becomes President in Calgary and the only full-time executive. Directors take fees in shares from 1 March, and Chase Edgelow is added as adviser. Working capital was A$4.15m at 28 Feb 2020, with no debt.
19 Feb 2020asset acquisition disposition▲ GoodMajor
Calima agrees to acquire the Tommy Lakes gathering and compression facilities, 20 km from its lands, which it values at A$85m replacement cost. Cost and performance bonds are about A$825,000, with holding costs of A$420,000 a year. It also gets an option on 11 gas wells. This delivers the infrastructure access sought earlier.
19 Feb 2020investor presentation● Neutral
Presentation on the Tommy Lakes facilities deal announced the same day: A$85m replacement value for about A$825,000 plus A$420,000 a year holding costs, 20 km from Calima's wells. Facilities will be suspended pending start-up. Resource figures repeat the 2019 McDaniel report.
20 Jan 2020director officer appointment● Neutral
Technical Director Jon Taylor resigns, effective 17 January 2020, to pursue other commitments, now that the company is focused on the Canadian Calima Lands. He remains a material shareholder (19.1m shares) and available as a consultant.
2 Jan 2020other● Neutral
2,000,000 unquoted options with a $0.07 exercise price lapsed on 31 December 2019. Administrative notice.
11 Dec 2019regulatory community update▲ GoodMajor
Permit granted for a 19.5 km pipeline linking the Calima pad to Tommy Lakes, costed at about C$17m. No further development until a final investment decision, which depends on a joint venture partner and/or project financing. This resolves the pipeline approval thread.
18 Nov 2019regulatory community update▲ Good
The BC Oil and Gas Commission approves a multi-well production facility at the Calima pad, initially for the two existing wells and expandable to a 20-well pad. The pipeline to Tommy Lakes is applied for; infrastructure access and NorthRiver agreements are still outstanding.
29 Oct 2019director officer appointment● Neutral
Brett Lawrence is appointed non-executive director. He is a senior executive at a family office associated with Craig Burton, who owns 10.11% of Calima directly and indirectly.
28 Oct 2019regulatory community update▲ GoodMajor
A 10-year Continuation Lease is granted over 49 sections (33,643 acres), 56% of core lands, with no drilling obligation until 2029. This follows the September deck's 60% estimate. Calima will let about 7,500 acres of Pocketknife rights expire.
23 Oct 2019asset acquisition disposition▲ GoodMajor
Sale of Namibia PEL 90 to Tullow Namibia is completed, resolving the June 2019 agreement. Calima received US$2m (A$2.9m) and keeps exposure to US$10m of success bonuses, payable in two US$5m tranches on production licence grant and commercial production.