CALIMA ENERGY - Positive Outlook, page-201

At the time of the acquisition of Blackspur in April 2021 Calima made a EV/ 2P reserves peer comparison of Canadian E&Ps.
The average ratio for five such producers was 6 times. That is the Enterprise Value of the subject company, was, on average 6 times the then value of its 2 P reserves of oil & gas. Calima was the standout at 3.5 times. The compaison can be found on slide 7 of the ASX announce,ent of 3 May 2021.
Those 5 TSX listed companies are Hemisphere ( TSXV: HME); Tamarack ( TSX: TVE) ; Cardinal ( TSX: CJ); Surge ( TSX: SGY) and Gear ( TSX: GXE) . Today, that well established valuation metric for the five comparators continues at average 6.
And for Calima ie Blacksur that EV/ 2P reserves ratio is in the vicinity of 1.5 times- given the collapse in the CE1 share price since the Blackspur acquisition. The blame lies entirely with the part time director Mark Freeman and the part time chairman Glenn Whiddon.
For this company to be valued at an appropriate multiple- reflecting the A$180m+ in property, plant & equipment in addition to the in-ground reserves- shareholders must move to remove Freeman and Whiddon from the board.