Past year: ▼ 90%(0.80c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 Oct 2019quarterly activities report● Neutral
September quarter report shows cash of $2.2m and working capital of $5.6m, including the $2.9m Namibia sale proceeds received 23 October and $1.3m of GST due around February 2020. Quarterly revenue was $156k. Share price 1 cent; 2,155m shares. Otherwise repeats known events.
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.
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.
31 July 2019quarterly activities report● Neutral
June quarter report covers completion of drilling analysis and the post-quarter resource increase (196.1 mmboe contingent, 497.3 mmboe prospective). Lists 1,616m quoted shares. Largely repeats known results; the text supplied shows no new financial figures.
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.
