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Calima Energy Ltd unveils 2021 reserve evaluation for Blackspur Oil Corp assets
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Calima Energy sees major oil & gas potential in Canada’s Montney Formation
Covering some 130,000 square kilometres in western Canada, the Montney Formation is a major source of natural gas and oil. Calima is seeking to play a large role in the global energy transition.
Calima Energy Ltd (ASX:CE1) believes the Montney Formation in western Canada - in which it has several core assets - could play a leading role in the global energy transition.
The Montney Formation covers about 130,000 square kilometres in the Canadian provinces of British Columbia and Alberta, and is a major source of shale gas and tight oil.
For the Canada-focused conventional oil and gas developer Calima Energy (ASX:CE1), the tough industry conditions following last year’s oil price collapse posed a glass-half full opportunity to expand its presence in the country’s tier one, environmentally-friendly hydrocarbon provinces.
Calima chairman Glenn Whiddon says while fossil fuels have taken a back seat to renewables, Canada has led the world by imposing a price on carbon. The industry itself also abides by the strictest ESG (environmental, social and governance) standards.
“If you are going to invest in oil and gas in a cycle where people want to invest in renewables, you can invest in low emission oil and gas assets which are making a difference,” he says.
Calima Energy initiated with substantial valuation upside by Auctus Advisors
Auctus has a 3.5 cents per share target price for Calima, reflecting a valuation upside of about 5X from Calima’s recent share placement price of 0.7 cents. Calima recently acquired the Brooks and Thorsby assets containing about 60 producing wells.
Calima Energy Ltd (ASX:CE1) is one of the cheapest Canada-focused oil and gas names according to Auctus Advisors, which has initiated coverage on Calima.
The report was published a few days before Calima resumed trading on the ASX as a conventional oil and gas producer focused on generating free cash flow from the development of assets in western Canada.
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