Past year: ▼ 90%(0.80c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
8 Apr 2019resource reserve update▲ GoodMajor
Core and log analysis of Calima-1 shows oil saturation up to 59% (Upper) and 64% (Middle Montney), and porosity 28% and 20% above nearby wells. The company says no further Calima-2/3 testing is needed; McDaniel's updated reserves are due May/June 2019, and it is exploring pipeline access and asset deals.
29 Mar 2019annual report● Neutral
Appendix 4G for the year ended 31 December 2018, lodged with the annual report, points to the Corporate Governance Statement. Administrative compliance filing with no new operational or financial information.
29 Mar 2019annual report● Neutral
2018 annual report: revenue $279,323 and net loss $3.13m (2017: $2.45m loss), with operating cash outflow of $1.86m. It restates the takeovers of TSV and TMK Montney and the Comoros sale to Discover, subject to government consent.
29 Mar 2019flow test result▲ GoodMajor
Testing ended early because of an unseasonal spring thaw. Calima-2's condensate-gas ratio reached 20.06 bbl/mmcf in the final eight hours and was still rising; Calima-3 flowed over 2.5 mmcf/d while unloading. About 35,000 acres can convert to 10-year leases. McDaniel's new reserves statement is due May 2019.
27 Mar 2019investor presentation● Neutral
Australian Energy & Minerals conference presentation repeats known figures: 1,444m shares, $67m market cap, $21.4m cash, 475 mmboe gross prospective resource. It adds Calima-2 test figures already announced, such as 10.2 mmcf/d maximum gas rate. Nothing materially new.
25 Mar 2019flow test result▲ GoodMajor
Calima-2's clean-up peaked at 10.2 mmcf/d, with condensate-to-gas ratio rising to 17.6 bbl/mmcf (company estimates 35-38 after plant processing). GLJ places the early rate in the peer group's top quartile. Rates are initial only; testing resumes after tubing installation.
22 Mar 2019flow test result▲ GoodMajor
Calima-2 flowed at about 1,640 boe/d during clean-up: roughly 9 mmcf/d of gas and 143 bbl/d of light oil and liquids. This is the first flow result from the Montney program; the company cautions these are initial rates. Calima-3 clean-up has begun.
20 Mar 2019debt financing● NeutralMajor
Calima forward-sold CAD1.2m of Paradise well net revenue for CAD1.0m received now, repaid monthly over 36 months. On a shortfall the lender can demand cash or, with shareholder approval, shares. The lender may buy the well in the final six months.
20 Mar 2019drilling progress report▼ Bad
A replacement coiled tubing unit has arrived after the first was changed out, and is cleaning up Calima-2 and 3 over two to three days. Production testing, expected mid-March, is therefore delayed. No flow results yet.
14 Mar 2019investor presentation● Neutral
Amended version of the Euroz presentation. It adds prospective-resource disclaimer wording and states net prospective resource of 376 mmboe against the gross 475 mmboe. This is a disclosure fix, not new results.
13 Mar 2019investor presentation● Neutral
Euroz Rottnest conference presentation repeats known figures: 475 mmboe prospective resource, 72,000 acres, $67m market cap and $21.4m cash. Nothing materially new.
13 Mar 2019drilling progress report▲ Good
Stimulation of Calima-3 is complete, with the full proppant load taken at almost all stages, as with Calima-2. Testing equipment is being installed; initial results are expected within two weeks and longer-term results in April 2019.
8 Mar 2019investor presentation● Neutral
March 2019 presentation repeats known figures: 475 mmboe prospective resource, 72,000 acres and 1,444m shares. Market cap is $67m and cash $21.4m at 31 December 2018, with no debt. Nothing materially new.
8 Mar 2019drilling progress report▲ Good
Stimulation of Calima-2 is complete across 92 stages over 2,508 m, with the full planned proppant load taken at almost every stage. Calima-3 stimulation is under way, and production testing is expected about a week later. No flow results yet.
6 Mar 2019investor presentation● Neutral
Calima announced that Managing Director Alan Stein will speak at a free online investor conference on 7 March. No new results or figures.
4 Mar 2019drilling progress report● Neutral
Fracture stimulation of Calima-2 and 3 has started, in 92 stages per well, with each well taking 5-6 days. Production testing is now pushed to mid-March from early March. No flow results yet.
20 Feb 2019drilling progress report● Neutral
Water pumping has begun ahead of fracture stimulation of Calima-2 and 3, with production testing still expected in early March. Stimulation should take 6-7 days per well. No flow results yet.
12 Feb 2019drilling result▲ GoodMajor
Calima-3 reached its planned depth with a 2,561 m horizontal section, completing the three-well Montney drilling program ahead of schedule, within budget and without incident, as flagged for February. Production testing of Calima-2 and 3 should start early March and run about 25 days.
31 Jan 2019production update▲ Good
Production has resumed at the Paradise well in British Columbia at 16-20 barrels of oil a day, expected to net CAD$350,000-$400,000 a year. Calima held 50% via the TSV acquisition and bought the rest for CAD$130,000. The well has been shut in since 2016.
29 Jan 2019drilling progress report● Neutral
Calima-2 horizontal well reached planned total depth with a horizontal section of about 2,508 m, drilled without incident. Calima-3 has spudded, with production testing to follow its completion. No flow results yet.
22 Jan 2019drilling result▲ GoodMajor
Calima-1 reached 1,872.5 m, with the Montney 256.5 m thick, close to prediction. Logs show porosity and hydrocarbon saturation comparable to nearby producing wells, and core shows gas condensate. Calima-2 horizontal has spudded; flow rates are still unknown until testing.
15 Jan 2019drilling progress report▲ Good
Calima-1 hit the top of the Montney at 1,562 m, within 4 m of prediction, and recovered 230 m of core covering about 90% of the 254 m interval. Elevated gas readings and gas bubbles were seen, which the company calls encouraging. Lab analysis is under way.
7 Jan 2019drilling spud▲ GoodMajor
Calima spudded Calima-1, a vertical well in the Montney, planned to reach 1,860 m. It will collect core and logs to set the depths of the two horizontal wells. This starts the drilling flagged since August; the company says operations are on schedule and budget.
2 Jan 2019drilling progress report● Neutral
Precision's PD379 rig has arrived at the Calima pad and the site is being prepared for the first well of the three-well program. The spud announcement will follow.
6 Dec 2018drilling progress report● Neutral
Road to the Montney drill pad was completed on schedule on 4 December and 24/7 civil works have begun. Precision's rig PD379 is expected at site in the final week of December. Drilling has not yet started.
4 Dec 2018investor presentation● Neutral
Calima shared a video interview with senior geophysicist Justin Norris from the FNN Investor Event. No new results or figures.
3 Dec 2018asset acquisition disposition▲ GoodMajor
Calima's 8.5% stake in Bahari (which holds 40% of the Comoros licence) is being exchanged for a share of Discover Exploration, which Carlyle backs, with Tullow farming into 35% and becoming operator. This resolves the Bahari farmout thread; both deals need government consent.
21 Nov 2018investor presentation● Neutral
Calima presented at the FNN Investor Event in Melbourne, attaching the same November 2018 slides ($75m market cap, $25m cash, 475 mmboe). Nothing new.
13 Nov 2018investor presentation● Neutral
November 2018 presentation repeats known figures: 1,444m shares, 475 mmboe prospective resource, 72,000 acres and drilling in Q4 2018. Market cap is $75m and cash $25m at 30 September with no debt. Nothing materially new.
31 Oct 2018contract award▲ GoodMajor
Calima awarded Precision Drilling the drilling and directional contracts for its three-well Montney program, using Rig 379 due mid-December 2018. Drilling is still on track to start before year-end; no contract value given.
