Copy
View this email in your browser

2021 Reserve Evaluation - Blackspur Oil Corp

HIGHLIGHTS

  • Blackspur Reserves as at June 30, 2021 - audited by InSite Petroleum Consultants Ltd:
    • 3P reserves 25.7 million boe
    • 2P Reserves 21.4 million boe
    • 1P Reserves 16.1 million boe
    • PDP Reserves 5.2 million boe
  • Focused asset base with Brooks and Thorsby leases and careful production management allowed Blackspur to maintain reserves steady after production of 1.2 million boe since 31 Dec 2019 and only 2 wells drilled prior to the Calima Acquisition
  • Updated Reserve Report and Development Plan incorporates:
    • 64 development wells (23% of well inventory)
    • Development plan for proved and probable well locations are executed / drilled within a 5-year period
    • Abandonment, decommissioning, reclamation and salvage of facilities, as well as inactive assets and costs for each of the Company’s existing and proposed wells
    • Prepared in accordance with the Society of Petroleum Engineers’ Petroleum Resources Management System (SPE-PRMS)
  • Blackspur estimates approximately 275 gross wells will develop the entire reserve position on its existing lands > 5 years out.
    • 93% of undeveloped Brooks and Thorsby acreage has no reserves booked currently, representing significant upside
Download the Announcement Here

RESEARCH REPORTS 

CLICK HERE TO BE REDIRECTED TO HISTORICAL REPORTS ON COMPANY WEBSITE 
RESEARCH REPORT 16 August 2021
CORPORATE CONNECT
INITIATING COVERAGE
BLACKSPUR ACQUISITION IS TRANSOFORMATIVE

Summary


We initiate coverage on Calima Energy (“Calima” or the “Company”) on a free cash flow (“FCF”) basis with a value of AUD0.025/share. Calima is an Australian listed exploration and production (E&P) company, and a Canadian oil and gas pure play. Its assets include a large-scale liquids rich gas play in the Montney fairway in British Columbia, a well-established oil and gas producing region with a supportive energy production policy.

On April 30, 2021, Calima completed the acquisition of Blackspur Oil (“Blackspur’). Blackspur was caught out in a poor oil environment while laden with a heavy debt burden and Calima was able to capitalise on the opportunity, acquiring the target at a deep discount of C$61.5m, including C$40.0m in debt. This is against over C$200m invested by Blackspur since inception in 2012. The acquisition is earnings accretive and has raised Calima’s status to the realm of a mid-tier, ASX-listed oil producer.

Our one-year price target of AUD0.025/share implies an upside of over 2.5x
Download the Corporate Connect Research Initiating Research Report Here [16 August] PT $0.025
Download the Hannam & Partners Research Report [5 August] Here
Download the Hannam & Partners Research Report [1 August] Here
Download the Auctus Advisors Research Report [1 August] Here
SPECIAL REPORT: Top Reasons to Consider Oil Related Equitities [Goehring & Rozencwajg]

MEDIA

Australian Financial Review EDITORIAL - click here to read
Twitter Twitter
LinkedIn LinkedIn
Website Website
Facebook Facebook
Instagram Instagram
Copyright © 2006-2021 Calima Energy Limited, All rights reserved.

Our mailing address is:
Suite 4, 246-250 Railway Parade
West Leederville, Perth WA 6007
e:
info@calimaenergy.com, w: www.calimaenergy.com

Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list
Copyright © 2006-2021 Calima Energy Limited, All rights reserved.

Our mailing address is:
Suite 4, 246-250 Railway Parade
West Leederville, Perth WA 6007
e:
info@calimaenergy.com, w: www.calimaenergy.com

Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list