Past year: ▼ 90%(0.80c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Oct 2023drilling progress report▲ Good
Pisces #10 and #11 are producing and #12 is due on production in late October; all three came in under budget. The A$7.5m return is confirmed for 27 October, and a discretionary A$2.5m (0.4c) return is flagged for January 2024, depending on production and prices.
3 Oct 2023drilling progress report▲ Good
The three-well Pisces program in Brooks is fully drilled, all under budget. Pisces #10 went on production 29 September, three weeks from spud, a company record, and is in line with strong Pisces #6/#7. #11 and #12 await stimulation; peak output still expected December.
21 Sept 2023drilling progress report▲ Good
Hedging update: about 34% of after-royalty oil is hedged for Sept-Dec 2023 via puts at a ~US$77 WTI floor, with more to be added. Pisces #10 and #11 drilled in 6 days each and under budget; #12 spud 20 September.
14 Sept 2023drilling spud● Neutral
Pisces #10 spud 8 September, reached target depth and is cased; the rig moves to Pisces #11. Production was hit by weather-related power cuts and water disposal maintenance. The 1.2c (A$7.5m) capital return is expected in October after approval.
21 Aug 2023drilling scheduled▲ Good
Calima schedules a 3-well Pisces #10-#12 oil program in Brooks from mid-September, with output due Q4 and peak in December 2023. Wells expected at 170-270 Mboe recovery each; aims to hold production near 4,000 boe/d and fund the capital return. Confirms the mid-Sept campaign.
30 Mar 2023resource reserve update● NeutralMajor
McDaniel's year-end 2022 Montney update puts net contingent resources (2C) at 158.7 MMboe, about 1% lower, and prospective at 102.3 MMboe, about 19% lower, on land expiries, shorter laterals and expected BC royalties. Development Pending is 46.0 MMboe, reclassified to 2P once funded.
30 Mar 2023resource reserve update▲ GoodMajor
Year-end 2022 Brooks and Thorsby reserves, audited by InSite: PDP 7.0 MMboe (up 37%), 1P 16.1, 2P 20.5, 3P 24.4 MMboe. 2P is roughly flat on a year earlier despite 1.43 MMboe produced; 192% PDP replacement from 16 wells drilled.
24 Feb 2023drilling progress report▲ Good
Pisces #8 and #9 have been fractured, with production due mid-late March. Seven wells were drilled in four months; year-to-date production averages over 4,550 boe/d. 2023 collar hedges for Feb-Sep are set out; further hedging is being considered.
7 Feb 2023drilling progress report▲ Good
The Montney re-test began 5 February, earlier than the 8 February start flagged. Both wells are flowing gas and natural gas liquids, described as encouraging. Testing continues 10-14 days, with results due late February.
3 Feb 2023drilling scheduled● Neutral
Re-testing of the Calima #2 and #3 Montney wells, drilled and partly tested in 2019, starts 8 February 2023, with results expected late February. Funded from Brooks and Thorsby cash flow; could lead to a revised reserve report. Follows the January board approval.
18 Jan 2023drilling scheduled▲ GoodMajor
The board approved re-testing the Calima #2 and #3 Montney wells from late January 2023. The 2019 tests were cut short by spring thaw. Results are meant to support a partnership and investment decision; a funded deal could lift contingent reserves to 2P 45.6 MMboe.
24 Nov 2022drilling progress report● Neutral
Four of five Q4 Brooks wells are drilled. Gemini #10 is producing at type curve; Gemini #11 and #12 are coming on. Leo #4 has produced 13,150 boe at 80-85% water cut, so follow-ups in that sand are not forecast to be highly economic. 2023 collar hedges added.
18 Oct 2022drilling scheduled▲ Good
A five-well Brooks program has begun: three Gemini Sunburst wells (Gemini #10 spud 5 Oct) then Pisces #6 and #7. Q3 production averaged ~4,160 boe/d. Calima says it is intensifying efforts to extract value from the Montney; no deal reached.
1 Sept 2022drilling result● Neutral
The five-well Q2/Q3 program finished within budget and all wells are on production, together at ~900 boe/d gross (~600 net). Gemini #8/#9 are slightly below type curve; Leo #4 is still cleaning up and its true rate is unknown. A Q4 program is due in coming weeks.
11 July 2022drilling progress report▲ Good
Gemini #8 and #9 are on production and cleaning up; Pisces #5 reached TD with 1,420m in pay. Production is ~4,100 boe/d. The A$2.5m dividend will be a capital distribution needing shareholder approval, a change from the earlier dividend description.
4 July 2022drilling progress report● Neutral
Leo #4 frac is complete, with an extended production test to follow after a two-week shut-in. Gemini #8 and #9 and Pisces #4 are drilled; Pisces #5 (50%) spudded 2 July. June output was cut by a gas plant turnaround and a Brooks compressor failure. New Q4 collars cover 250 bo/d.
15 June 2022drilling progress report▲ Good
Gemini #8 finished drilling on 14 June with expected oil and gas shows, and should be on production within two weeks. Gemini #9 has spudded. The two Thorsby wells are back above 550 boe/d after clean-outs, with WTI about US$120.
10 June 2022drilling spud▲ GoodMajor
The four-well Brooks campaign has started: Gemini #8 spudded, Gemini #9 mid-June, Pisces #4 and #5 late June or early July. Leo #4 is to be fracked in late June. National Bank reaffirmed the C$27m facility and amended it to allow the A$2.5m shareholder distribution.
16 May 2022drilling scheduled▲ GoodMajor
Calima plans four Brooks wells (two Gemini, two Pisces) from June, a month early, plus Leo #4 completion. 9-month guidance is 4,100-4,400 boe/d, with funding budgeted for a shareholder capital return or buyback. Q3 drilling and Leo budget is A$7.8m.
28 Mar 2022resource reserve update▼ BadMajor
McDaniel's updated Montney estimate shows net 2C contingent resources of 35.8 MMbbl liquids and 748 Bcf gas (160.5 MMboe), against 195.6 MMboe previously. Development Pending is steady at 213 Bcf and 10.1 MMbbl. Prospective resources fell about 58% as land expired.
28 Mar 2022resource reserve update● NeutralMajor
InSite's 31 December 2021 audit of Blackspur gives 1P 15.6, 2P 20.4 and 3P 24.4 million boe, with PDP 5.1. These are slightly below the 30 June 2021 figures (1P 16.1, 2P 21.4, 3P 25.7). Reserves held roughly steady after 1.1 million boe produced.
4 Mar 2022drilling progress report▲ Good
Pisces 3 (100% owned) at Brooks finished fracture stimulation, with all 33 stages placing sand. After a 7-day shut-in it should flow to temporary facilities by mid-March, then connect to the 02-29 battery by 31 March 2022.
28 Jan 2022drilling result▲ Good
Gemini 6 and 7 finished drilling in 6 days each and the rig was released, completing the Brooks Gemini program on budget. Pisces 2 and 1 came on stream 26-27 January with oil in flowback. Leo 4 reached 4,088m depth; completion is planned late Q2 or early Q3.
24 Jan 2022drilling spud● NeutralMajor
Calima spudded Leo #4 on 20 January 2022, a 50% owned, company-operated step-out Sparky well at North Thorsby, a new area with no booked reserves. Budget is C$3.6m gross (C$1.8m net). Frac and tie-in planned late Q2 or Q3 2022; production expected Q3 2022.
18 Jan 2022drilling spud▲ Good
Calima added two conventional Sunburst horizontal wells, Gemini 6 and 7, at Brooks. Gemini 6 spudded on 15 January. Each costs about C$1.0m with expected IP90 of about 140 bbl/d, and the wells are to be tied in during Q1 2022. Funded from cash flow and the C$27.0m credit facility.
14 Jan 2022drilling result▲ GoodMajor
Gemini 5, a vertical Sunburst test at Brooks, was drilled to about 1,059m and logs show a Sunburst interval with sufficient reservoir quality. Production rates are unknown pending a test. The company says it may add 1-6 new horizontal locations. A possible Mannville gas zone also needs more work.
11 Jan 2022drilling result▲ Good
Pisces 3 finished drilling in 7 days to about 2,600m, on budget so far. Fracturing is planned for early February. Pisces 1 and 2 are tied in and in shut-in, with flow testing expected in late January.
6 Jan 2022drilling spud▲ Good
Calima began its 2022 campaign: Pisces 3, a third Glauconitic well, spudded on 2 January, and Pisces 1 and 2 are being fracture stimulated. Flow testing of the first two is expected in late January. Hedging of 50% of net production continues.
16 Dec 2021drilling result▲ Good
Pisces 2 finished drilling to 3,953m in 8 days, under budgeted time and cost, completing the two-well Brooks program. Leo wells are meeting or exceeding expectations but had pump workovers, and peak rates are now expected by end of January 2022.
9 Dec 2021drilling progress report▲ Good
The first Pisces Glauconitic well at Brooks was drilled in 6 days to 2,610m, with reservoir quality and oil shows as expected. The second well has spudded. Fracturing is planned for early January, with production from mid-February 2022.
