• Calima has sold its Montney acreage and its Tommy Lakes facilities to Advantage Energy for A$11.4 mm. Calima will also be returned an operating bond of A$0.4 mm. The proceeds represent ~A$0.02 per share.
• While this is less than what we carried for the asset (A$0.04 per share), the transaction reflects (1) the continued low gas price in North-East British Columbia, (2) very weak equity markets and (3) the required minimum capital programme spend (C$50-100 mm) to develop the Montney assets is ....
25 Aug 2023
Calima Energy Ltd (ASX: CE1): Selling the Montney assets. Increasing dividend distribution
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Calima Energy Ltd (ASX: CE1): Selling the Montney assets. Increasing dividend distribution
• Calima has sold its Montney acreage and its Tommy Lakes facilities to Advantage Energy for A$11.4 mm. Calima will also be returned an operating bond of A$0.4 mm. The proceeds represent ~A$0.02 per share.
• While this is less than what we carried for the asset (A$0.04 per share), the transaction reflects (1) the continued low gas price in North-East British Columbia, (2) very weak equity markets and (3) the required minimum capital programme spend (C$50-100 mm) to develop the Montney assets is ....