Calima Energy adds financial experience to board with appointment of Mark Freeman
The company is marching ahead with its top-tier Sunburst program in Canada that includes Gemini 1, 2, 3 and 4 wells being drilled into the existing Sunburst oil pool. Calima completed a merger with Blackspur Oil during 2021 and successfully transformed into a high margin oil and gas producer.
Calima Energy Ltd (ASX:CE1) (OTCMKTS:RLTOF) (FRA:R1Y) has added debt and equity market, mergers and acquisitions, joint venture management and operational experience to its executive team with the appointment of Mark Freeman as finance director.
Freeman is a chartered accountant with worldwide experience in the energy and resources sector, having worked in Africa, North and South America, Asia and Australia as well as with Calima Assets for the last six years.
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 Ltd receives firm commitments totalling A$37 million to help fund Blackspur Oil Corp acquisition and grow production proactiveinvestors.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from proactiveinvestors.com.au Daily Mail and Mail on Sunday newspapers.
Calima Energy acquires Canada s Blackspur Oil
26 Feb 2021
Calima Energy has entered into a binding agreement to acquire 100% of the issued share capital of
Blackspur Oil, a privately held Canadian company which owns producing oil and natural gas assets in two core areas within Alberta, at Brooks and Thorsby.
Blackspur’s operations include two high quality assets with 2P reserves of 22.5 MMboe, 1P reserves of 16.7 MMboe and PDP reserves of 5.4 MMboe. Q4 2020 production average of 2,600 boe/d (70% oil).
The successful merger with Blackspur will transform Calima to a high margin oil & gas producer leveraged to WTI pricing targeting > 5,500 boe/d by December 2022 plus exposure to rising natural gas prices via its strategic holdings in the Montney Formation. The deal is valued at C$60,000,000 (inclusive of C$43,000,000 in debt) plus working capital adjustments and includes all assets, reserves, production and the management team of Blackspur.
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