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Corporate Spotlight

Calima Energy Limited (CE1, formerly Azonto Petroleum Limited) is an oil and gas exploration and production company. CE1 holds interest in Montney Project, SADR and minority interest in TMK-Montney Ltd and Bahari Holding Company Limited.
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Calima Energy (ASX:CE1) gas play, British Columbia

UPDATE

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Montney Operations Update 

ASX Announcement 6 December 2018 


Highlights: 

  • Road construction to the Calima drilling pad completed on schedule. 
  • Civil works at the drilling pad now underway with 24/7 operations. 
  • Video animation summarising the drilling programme available via company website.

Calima Energy Limited (ASX:CE1) (“Calima” or the “Company”) is pleased to provide an operations update for the upcoming Montney drilling campaign. Calima currently owns 72,014 acres of drilling rights in northeast British Columbia which are considered to be prospective for the prolific Montney Formation.


The Calima drilling site can be accessed by heavy equipment once the ground has frozen. Operations began on November 4 2018 with initial civil works to prepare the road access. (Figure 1). On December 4 2018, the Company completed construction of the road allowing heavy equipment to access the drilling site and begin 24/7 construction operations (Figure 2) ahead of the anticipated arrival of Precision Drilling’s rig PD379.


The PD379 rig is currently undertaking Montney operations for ConocoPhillips, following which it is anticipated to arrive at the Calima location in the final week of December 2018.


Calima has produced a short video animation which summarises the upcoming drilling program. The video can be accessed on the company website at www.calimaenergy.com


Alan Stein, Calima’s Managing Director commented: 

“We are delighted to see the civil works for the road access being completed on time. The team in Canada are doing an excellent job and we look forward to keeping shareholders updated as to progress and results in due course. The video animation available via the website gives a useful overview of the upcoming drilling sequence and we encourage investors to follow activities at the drilling site via our social media feeds.



Click here to view the full announcement

TULLOW OIL

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Calima’s interest in the Comoros consolidated into Discover Exploration - farm down to Tullow Oil 

ASX Announcement 3 December 2018 


Highlights: 

  • Calima’s portfolio holding in the Comoros has been acquired by Discover Exploration Limited (majority owned by Carlyle International Energy Partners). 
  • As part of the transaction, Tullow has agreed to farm-in to a 35% interest in the Comoros PSC

Calima Energy Limited (ASX:CE1) (“Calima” or the “Company”) owns an 8.5% equity interest in Bahari Holding Company Limited which, holds a 40% interest in a Production Sharing Contract covering Blocks 35,36 and 37 offshore the Union of the Comoros in the Indian Ocean. Bahari is in a joint venture with UK based Discover Exploration Limited (“Discover”) who owns the remaining 60%.


The shareholders of Bahari Holding Company have agreed to sell their 40% interest in Production Sharing Contract covering Blocks 35,36 and 37 to Discover in exchange for 5% of the enlarged share capital of Discover. Discover is a private equity backed E&P company financed by Carlyle International Energy Partners, a $2.5 billion fund associated with the Carlyle Group. Discovery holds a diverse and substantial portfolio of quality hydrocarbon acreage around the world 


Simultaneously, Anglo-Irish company Tullow Oil plc (“Tullow”), a leading independent oil and gas exploration and production company (market cap ~A$4.5 billion) has farmed into a 35% interest in the Comoros PSC Blocks 35,36 and 37. Tullow Oil has interests in over 80 exploration and production licences across 16 countries. Tullow will assume Operatorship, and will carry Discover for a 3D seismic survey and the first exploration well. Both transactions are subject to governmental consent.


Alan Stein, Calima’s Managing Director commented: 

“The consolidation of our Comoros interests into the Carlyle backed Discover is a positive step forwards towards converting a portfolio seed capital investment into a shareholding in a well-financed company with excellent prospects of a well receive, substantial IPO in the near to medium term. Calima retains its financial interest in the Comoros PSC’s which will now be led by Tullow, one of the most successful African exploration company’s in recent years while also achieving some risk diversification into the Dutch and German sectors of the North Sea. Discover is well placed to supply growing gas markets in Europe and the combination of near term cash flow in a mature well developed market and blue sky exploration upside where some costs are being carried by a proven and successful deepwater operator should be an appealing combination for investors. 


About Discover - Discover is a private company based in London which is majority owned by Carlyle International Energy Partners, a $2.5 billion fund associated with the Carlyle Group, a $200 billion global asset manager. Discover is led by the same executive team that founded, developed and sold Cove Energy plc (“Cove”) in 2009-2012. The team has strong expertise in upstream oil and gas across Africa, Europe, Asia and the Middle East. 


Cove held an 8.5% non-operated working interest in Rovuma Area 1 offshore Mozambique, where operator Anadarko Petroleum Corp. discovered circa 75 TCF of recoverable gas. In 2012, Cove was acquired by PTTEP for US$1.9 billion. 


Discover’s portfolio consists of: 

  • 65% working interest in exploration blocks 35, 36 and 37 offshore the Comoros, operated by Tullow Oil plc (subject to governmental consent); 
  • 35% working interest in Petroleum Exploration Permit 38264 (PEP 38264) offshore New Zealand, operated by Beach Energy Limited; 
  • 22.5% to 45% working interests in exploration and production licenses GEms and 4Quads offshore the Netherlands, operated by Orange-Nassau Energie B.V.; 
  • 45% working interest in exploration license Geldsackplate offshore Germany, operated by Orange-Nassau Energie B.V.; 
  • 20% working interest in exploration license H&L offshore Germany, operated by Wintershall Holding GmbH; 
  • 32% working interest in exploration license 14/16 offshore Denmark, operated by Edison S.p.A.; and 
  • A signed farm in agreement, subject to joint venture partner and governmental approvals, to acquire a 25% non-operated working interest in an exploration license offshore West Africa.


The Gems and 4Quads licenses contain the Ruby discovery with a contingent resource of 185 Bcf which is being progressed towards development.


Discover is considering an Initial Public Offering of its shares in the near to medium term.


Click here to view the full announcement

FNN PRESENTATION

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NOVEMBER 2018

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VIDEOS

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