Past year: ▼ 90%(0.80c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Oct 2019investor presentation● Neutral
Finance News Network deck repeats the 497.3 mmboe prospective and 196.1 mmboe contingent resources, 10.2 mmcf/d Calima-2 test, 2,156m shares, $21.5m market cap and $5.6m cash. Shows institutions 17% and board/management/founders 19%. Mostly known facts.
16 Sept 2019other● Neutral
MD letter says the $12.8m raising is complete, drilling creditors are paid and about A$400,000 GST was refunded. US$2m from the Namibia sale is expected imminently. Headcount is cut 50% and Mark Freeman becomes CFO. Strategy is a 10,000 boe/d development via a debt facility and partnership process.
13 Sept 2019half year report● Neutral
Half-year report to 30 June 2019 shows a net loss of $1,003,758 (2018: $1,177,291). It recaps the three-well Montney campaign and the Namibia PEL 90 sale. Text supplied is truncated, so no balance sheet figures are available.
12 Sept 2019investor presentation● Neutral
Good Oil conference deck shows market cap of $21.5m (9 Sept price), down from $38m in July, and $5.6m cash. Says 60% of core acreage is now convertible to 10-year leases. Otherwise repeats known resource and well results.
16 Aug 2019security holder rights change● Neutral
55.8m shares, 16.1m performance shares, 19.45m performance rights and 30m options issued in the Calima acquisition leave escrow on 31 August 2019. Eligible holders can then sell. Administrative notice.
1 Aug 2019capital raising announcement● NeutralMajor
Entitlement offer closed with applications for 131.96m shares (about $2.38m, 27.4% of the offer). The 351.4m-share shortfall (about $6.32m) falls to underwriters Petra and Euroz, with issue expected around 5 August. The raising is completed through underwriting.
22 July 2019other● Neutral
MD letter recaps the three-well campaign and the 8 July resources (196.1 mmboe contingent, 497.3 mmboe prospective). It cites 45 bbl/mmcf liquids, says both horizontal wells are ready for tie-in, and notes GMP is engaged. Pipeline access talks continue; mostly known facts.
18 July 2019other● Neutral
Calima's desktop review of public information says more than 10 bcfe/d of new demand is coming from projects such as Trans Mountain, LNG and petrochemicals. It argues this should help Montney producers and acreage demand. Market commentary, with no company-specific result.
18 July 2019investor presentation● Neutral
Noosa conference deck shows 2,156m shares post-raising, $38m market cap and $7.3m cash. Repeats the 497.3 mmboe and 196.1 mmboe resources, 20km ~A$20m pipeline plan and GMP FirstEnergy process. Mostly known facts.
17 July 2019capital raising announcement● Neutral
Closing date of the underwritten 1.8 cent entitlement offer is extended one week to 29 July 2019, in consultation with the underwriters. The board says acceptances are pleasing despite school holidays. Share issue moves to 5 August.
8 July 2019resource reserve update▲ GoodMajor
McDaniel's July 2019 assessment lifts Montney best-estimate gross prospective resources to 497.3 mmboe (475 previously reported) and adds a first contingent resource of 196.1 mmboe. Per-well recovery rises to 8.4 Bcf from 5.6-6.8 Bcf. A 2P reserves statement is expected in 2H 2019 after commercial negotiations.
2 July 2019capital raising announcement● Neutral
Letter to eligible shareholders on the 1-for-3 entitlement offer at 1.8 cents, raising up to about $8.7m (483.3m shares). Record date 4 July, closes 22 July. Fully underwritten by Euroz and Petra; directors intend to take up their entitlements. Repeats the 1 July terms.
What it means for a shareholder
483m new shares at about A$0.018 to raise about A$8.7m. That's 26% dilution: every existing holder's slice gets 26% smaller. If you held A$1,000 of shares (55,552 at the issue price), your slice goes from 0.00399% to 0.00296% of the company. To keep it you'd need 19,273 more shares - about A$347 at the issue price.
Create a free account to see this worked out for your own holding.
2 July 2019capital raising announcement● Neutral
Letter to optionholders on the 1.8 cent entitlement offer: options carry no right to participate unless exercised and registered before the 4 July record date. Repeats known terms; no new information.
2 July 2019capital raising announcement● Neutral
Letter telling shareholders with addresses outside Australia, New Zealand and the UK that they cannot take part in the 1-for-3 entitlement offer at 1.8 cents. No action needed. Administrative; no new terms.
1 July 2019capital raising announcement● NeutralMajor
Calima raises $12.7m at 1.8 cents a share: a $4m placement of about 222m shares and a fully underwritten 1-for-3 entitlement offer for $8.7m. Funds go to working capital and pipeline tie-in planning; completing Calima-2 and 3 testing depends on the Namibia sale.
1 July 2019admin correction● Neutral
Shifts quotation of entitlement offer shares from 29 July to 30 July 2019. All other dates in the timetable are unchanged.
1 July 2019capital raising announcement● Neutral
Offer document for the 1-for-3 non-renounceable entitlement offer at 1.8 cents a share, raising up to about $8.7m, closing 22 July 2019. It implements the raising announced the same day; no new terms visible.
1 July 2019investor presentation● Neutral
Presentation supporting the $12.7m raising at 1.8 cents, a 5.3% discount to the last price. It shows $7.3m net funds after $11.4m of payables, mostly 2019 drilling costs. If the Namibia sale fails, testing and Montney spending are scaled back.
28 June 2019asset acquisition disposition● NeutralMajor
Calima signs a binding sale and purchase agreement with Tullow for Namibia PEL 90, on the terms announced 23 May: US$2.0m on completion plus US$10.0m in success bonuses. Completion still needs government and partner approvals.
4 June 2019material agreement▲ GoodMajor
Calima appoints Calgary-based GMP FirstEnergy as Canadian corporate financial adviser to seek investment, partnerships or a corporate transaction for its Montney asset. It is negotiating pipeline access for up to 50 mmcf/d, and McDaniel's reserves statement (effective 1 April) is due in June.
30 May 2019investor presentation● Neutral
Presentation delivered at the 30 May 2019 AGM. The cover notice carries no new information; the deck text provided is only disclaimers, so no new facts are visible.
23 May 2019asset acquisition disposition● NeutralMajor
Calima agrees to sell its Namibia PEL 90 (Block 2813B) interest to Tullow for US$2.0m (~A$2.9m) on completion, plus US$10.0m in success bonuses (US$5m each on production licence and commercial production). Subject to conditions including a 60-day exclusivity, due diligence and approvals. Funds to go to the Montney and working capital.
22 May 2019other● Neutral
ASX temporarily pauses trading in Calima shares pending a further announcement. No reason is given in the notice; it follows the earlier ASX cash query.
21 May 2019admin correction● Neutral
Amends the 29 March 2019 Appendix 4G and Corporate Governance Statement only to update the statement's date under Listing Rule 4.10.3. Administrative; no operational or financial content.
15 May 2019investor presentation● Neutral
May 2019 presentation lists 1,444m shares, $40m market cap (7 May price) and $9.0m cash and securities, down from $67m market cap in March. Repeats the 72,000-acre Montney position and 35,000 acres to convert to production rights. Mostly known facts.
15 May 2019investor presentation● Neutral
Cover notice for the presentation Alan Stein will give at the 121 Oil and Gas Investment conference in Hong Kong on 16-17 May 2019. No new information in the notice itself.
14 May 2019listing compliance notice▼ BadMajor
Replying to an ASX query, Calima says it expects continued negative operating cash flow. March-quarter cash of $6.3m plus $3.7m in a Canadian trust account ($10m) covers the $9.3m forecast outflows, but more working capital is needed. Debt, equity, joint venture or non-core asset sale talks are ongoing, none finalised.
18 Apr 2019security holder rights change● Neutral
155,779,487 restricted shares issued in the TSV and TMK Montney takeovers will be released from escrow on 30 April 2019. This is the escrow expiry already flagged and adds potential tradable supply. No new transaction.
16 Apr 2019resource reserve update▲ GoodMajor
Gas analysis suggests about 70% of recovered liquids are higher-value condensate or light oil, versus the 50% assumed in the pre-drill estimate. This feeds into McDaniel's updated reserves audit due May 2019. The company also flags the B-002E well site as a possible future pad.
10 Apr 2019director officer appointment● Neutral
Ed Mason, with 20+ years of corporate finance and M&A experience including at Royal Bank of Canada, is appointed corporate adviser. He will help with commercial negotiations and business development following the drilling results. Not a board appointment.
