Published On: July 26th, 2023
Calima Energy Limited (ASX: CE1) (Calima or the Company) announces the share sale facility for the holders of Less than Marketable Parcel (Holders own shares less than the value of AUD 500) of shares. The Company is proposing the sale facility without any involvement of an intermediary or having to pay brokerage. The corporation will cover all expenditures associated with the shareholders who use this facility except for tax consequences, which remain the tax holders’ responsibility. The corporation anticipates enabling this transaction will reduce the overhead costs of keeping many tiny stockholders. The feature is not available to shareholders who hold 5,556 shares or more. July 21st, 2023, will be considered the record date. Any shareholding of 5,555 or less based on the closing price of AUD 0.09 on the same date will be Less Than The Marketable Parcel.
Suppose the Minority Member (Holder of Less Than Marketable Parcel Shares) does not wish to use this facility to sell their holding. In that case, they need to provide a final call before September 8th, 2023, with a receipt of the share retention form. The holders interested in this facility do not need to take any action.
Figure 1: Key Dates For The Less Than Marketable Parcel Shares Sale Facility
Following this offer’s completion, the Company intends to distribute the capital of AUD 3 million to its shareholders.
The Company may alter and terminate the dates and the facility, subject to the requirement of ASX listing rules and the organisation’s policies. Any such updates will be shared with the investors via a market announcement.
Calima Energy Limited also intends to execute its second distribution of AUD 3 MILLION to shareholders, as announced in the third quarter of FY2023. The objective is to increase the frequency of shareholder distributions, subject to prevailing market conditions and commodity prices. If needed, Calima Energy may restart the share buy-back program.
Previously, Calima Energy (CE1) launched a half-year dividend program beginning in the second half of 2022 following the ongoing strong performance of its production assets. The dividend payout totalled $2.5 million, reflecting a half-yearly yield of 2.4 per cent at the current share price.
Mr Glenn Whiddon, Chairman of Calima Energy Limited
Glenn Whiddon is an experienced professional with a diverse background in investment management and executive leadership roles. He is the Principal and Founder of Lagral, a family Company focused on investment management activities in the mining, energy, and property sectors.
Glenn is the Chairman of Calima Energy Limited (ASX: CE1), where the Company invests in oil and gas exploration and production projects, primarily focusing on Canada and potential international opportunities. Under Glenn’s leadership, the energy company aims to maximise value for its shareholders through successful exploration, development, and production activities in the energy sector.
Previously, Glenn held executive positions such as Executive Chairman of Rialto Energy Limited (now Azonto Petroleum Limited) and CEO and Chairman of Grove Energy Limited, which Stratic Energy acquired later. He also co-founded Pinnacle Associates, which undertook direct investments in the Russian natural resource sector and provided advisory services for foreign companies investing in Russia and the CIS region.
Glenn’s extensive experience also includes establishing the Moscow operations of Bank of New York – Inter Maritime Bank, focusing on correspondent and corporate banking, resource investments in the oil industry, and consulting.
He holds a Bachelor of Economics in Accounting from Macquarie University.
About Calima Energy Limited
Calima Energy Limited is a Canadian oil and gas-producing energy company focused on the responsible development of high-quality assets in Western Canada. It is an environmentally conscious explorer of natural resources in Australia that is in the vanguard of developing the energy industry. Through a transformational merger with Blackspur Oil in 2021, the Company unleashed the power of alliance. As a result, it became a high-margin oil and gas producer exposed to WTI prices. The Company generates stable production from its Thorsby and Brooks assets, primarily conventional oil and gas, with a low decline rate of around 65%. These assets offer significant growth potential as production doubles within 18 months.
In addition to the Thorsby and Brooks assets, Calima Energy holds over 34,000 acres of Montney rights in the “liquids-rich” fairway. The Montney assets, known for their abundant liquids, provide an upside opportunity in domestic gas and global LNG markets.
With a substantial acreage position, Calima Energy is well-positioned to capitalise on the potential of the Montney formation and leverage the growing demand for liquid-rich natural gas.
Figure 2: Major Projects of Calima Energy Limited
Investor’s Outlook
- Calima Energy’s share price is AUD 0.089 per share as of July 24th, 2023, with a 52-week range of AUD 0.087 – AUD 0.170 per share
- The Company’s market capitalisation stood at AUD 55.14 million as of July 24th, 2023
- Calima Energy has 612.7 million shares issued as of July 24th, 2023
- The Australia-based oil-producing company is a potentially expanding firm with more areas and assets coming under them
- With Brooks and Thorsby assets, investors can benefit from low-cost, cash-flowing investments. A development drilling program will be conducted on these assets to boost output further
- With regards to the new well drilling in the second half of 2023, the Company anticipates that the average daily production will range between 4,000 and 4,300 BOE/D for the rest of the year
Disclaimer:
The Content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations, and video (Content), is a service of COLITCO LLP and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is not a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Colitco LLP is neither licensed nor qualified to provide investment advice through this platform. Users should inquire about any investments, and Colitco LLP strongly suggests the users seek advice from a financial adviser, stockbroker, or other professional (including taxation and legal advice), as necessary. Colitco, at this moment, disclaims any liabilities to any user for any direct, indirect, implied, punitive, special, incidental, or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Colitco LLP. Some images/music used on this website is copyrighted to their respective owner(s). Colitco LLP does not claim ownership of any pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions, or are believed to be in the public domain. We have used reasonable efforts to accredit the head wherever it was indicated as or found to be necessary.
