“Calima has a large scale and emerging play of Montney gas in North East British Columbia and low-cost but high cash flow generating oil projects in Alberta (Brooks and Thorsby).
Our big plans for the next two years include targeting 3,400 barrels of oil equivalent per day (boe/d) by year-end 2021 and 5,500 boe/d by year-end 2022. These targets will come from low-risk appraisal and development drilling.
Coupled with our merger and acquisition plans to pick off the low-hanging fruit, we are anticipating rapid growth. We have built facilities and infrastructure to handle close to 10,000 boe/d, and pre-COVID, we were already producing over 5,000 boe/d.”
Jordan Kevol, CEO, Calima Energy
Calima Energy Limited (ASX: CE1) is an ASX-listed oil and gas producer with assets in Western Canada. Its focus on high-growth exploration and production has assembled an exciting and growing inventory of drilling locations across a sizeable land base within British Columbia and Alberta.
Calima Energy (the Company) has also invested in regenerative, proprietary hydrogen sulphide (H2S) removal technology and has positioned itself with the ability to lower its carbon dioxide (CO2) emission rates to offer positive economic and environmental benefits.
- As of July 2021, Calima recorded an oil production of 3,291 boe/d, gross revenue of A$4.9M, and net operating feedback of A$2.5M.
- Production of 4,500 boe/d for the ongoing drilling of three Thorsby wells is expected by December 2021.
- Calima has recently completed the successful A$38M merger with BlackSpur and a recent share consolidation of 1:20.
- Calima has a self-funding capital development program from cash flow and a debt facility of C$25M.
- The Company owns long-life conventional assets in Western Canada with low operating expenses and a breakeven cost of US$26 per barrel.
- Calima’s Montney prospect reserves, with a resource of 300 million barrels of oil equivalent (MMboe), are gaining global attention as LNG Canada gas prices are rising and closing in on US$4/mcf.
- Analysts’ share price valuations range from A$0.50 to A$1.50 — as of September 2021, trade prices range from A$0.12 to A$0.20.
Calima is offering investors an opportunity to take advantage of the improving oil prices and be a part of an exciting and environmentally responsible oil and gas producer with over 100,000 acres of oil drilling exploration opportunities.
View the Company’s ASX listing or click below to find out more about Calima Energy Limited.