Glenn Whiddon: Chairman of Calima Energy Limited

calima energy chairman Glenn Whiddon

Introduction:

Glenn Whiddon is an experienced professional with a diverse background in investment management and executive leadership roles. He is Chairman of Calima Energy Limited, an Australian energy company listed on the ASX (ASX: CE1) and OTCQB (CLMEF).

We will discuss Glenn Whiddon‘s background, his experience, and his contributions to the company. Additionally, we will provide updates on Calima Energy’s negotiations, project operations, and assets.

Table of Contents

  • About Glenn Whiddon
  • Distributions to Shareholders and Potential Share Buy-Back
  • Plans to Optimize Drilling and Operational Expenses
  • Investor Outlook and Financials
  • About Calima Energy Limited

About Glenn Whiddon

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 currently serves as the Chairman of Calima Energy Limited (ASX: CE1), an energy company that invests in oil and gas exploration and production projects, primarily focusing on Canada and potential international opportunities. Under Glenn’s leadership, Calima Energy aims to maximize value for its shareholders through successful exploration, development, and production activities in the energy sector.

Throughout his career, Glenn has held executive positions such as Executive Chairman of Rialto Energy Limited (now Azonto Petroleum Limited) and CEO and Chairman of Grove Energy Limited, which was later acquired by Stratic Energy. He has also co-founded Pinnacle Associates, an organization that 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, where he focused on correspondent and corporate banking, resource investments in the oil industry, and consulting. He holds a Bachelor of Economics in Accounting from Macquarie University.

Distributions to Shareholders and Potential Share Buy-Back

Calima Energy Limited intends to execute its second distribution of AUD 3 MILLION to shareholders, as announced in the third quarter of FY2023, with the record date to be announced. The objective is to increase the frequency of shareholder distributions, subject to prevailing market conditions and commodity prices.

If necessary, Calima Energy may also consider restarting a share buy-back program. However, the company’s main emphasis will be on continuously delivering distributions to supportive shareholders.

Plans to Optimize Drilling and Operational Expenses

Over the past 18 months, Calima Energy Limited has faced a significant increase of 20-30% in capital and operating costs. However, there has been a recent stabilization or slowing of inflation, leading to more settled prices.

To improve efficiencies and achieve greater returns on investment in future drilling programs, the company plans to reduce activity during the Canadian winter and standardize operations. These measures aim to maximize value and optimize drilling and operational expenses.

Investor Outlook and Financials

Based on the interest received, Calima Energy anticipates that it may receive additional inquiries or proposals from external parties regarding the acquisition or potential utilization of its assets. The company expects the forecasted Q2 production, as mentioned in the March 2023 quarterly report, to be on track, currently averaging around 4,125 BARRELS OF OIL EQUIVALENT PER DAY (BOE/D).

Calima Energy expects to generate approximately AUD 7.5 MILLION in free cash flow for the quarter. Regarding 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.

About Calima Energy Limited

Calima Energy Limited (ASX: CE1) is a Canadian oil and gas-producing energy company focused on the responsible development of high-quality assets in Western Canada. 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 capitalize on the potential of the Montney formation and leverage the growing demand for liquid-rich natural gas.

To know more about Calima Energy Click here

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