- Calima Energy (CE1) pockets $24 million in sales revenue over the final quarter of 2022 calendar year, bringing its full-year earnings to over $124 million
- December quarter production from CE1’s Brooks and Thorsby operations was lower than the previous two quarters, but still a higher daily average than all of 2021
- However, thanks to capital investments across its portfolio over the quarter and certain production issues at Brooks being resolved, CE1 says it’s kicking off 2023 with “record-high” production rates
- Following its $2.5 million return to shareholders in October last year, Calima says it plans to provide an update on another proposed half-yearly return “shortly”
- Shares in Calima Energy last traded at 14 cents at 3:15 pm AEDT
Oil and gas producer Calima Energy (CE1) pocketed $24.2 million in sales revenue over the final quarter of 2022, bringing its full-year earnings to over $124 million.
The sales results came on the back of the production of roughly 343,000 barrels of oil equivalent (boe) over the quarter — lower than the September and June quarters’ production figures of 383,000 boe and 349,000 boe, respectively, but still a higher daily average than all of 2021.
Calima said the lower production was largely due to third-party shutdowns, workovers, power outages, surface equipment repairs and maintenance requirements at its Brooks operation in Alberta, where the company produced an average of 2595 boe per day.
The company said these production issues have now been resolved.
At the nearby Thorsby operation, CE1 produced an average of 1132 boe per day over the December quarter.
Calima President and CEO Jordan Kevol said following a “successful” final quarter of 2022, the company was kicking off 2023 with “record-high” production rates.
“At current commodity prices, and record production rates, the company looks forward to maintaining a strong balance sheet for the year, while reinvesting in both our Alberta and BC assets,” Mr Kevol said.
“The recently-announced Montney testing program has the potential to have a material impact on the value of Calima’s Montney asset and is a positive step forward in securing a partner for the development of this large-scale resource.”
While Calima’s operating cashflow for the quarter was positive by $11.4 million, the company invested around $15 million into its property, plant and equipment to further bolster its production stats.
Nevertheless, CE1 had cash in the bank of just under $4 million and undrawn loan facilities of around $26 million at the end of December.
Calima said its successful drilling programs, capital investments into its core projects, and testing programs at its Montney wells would help deliver stronger production figures over the coming year.
The company did not provide any details of upcoming dividends or other shareholder returns but said it would give investors an update on a proposed half-year capital return “shortly”.
Calima paid out $2.5 million in dividends in October last year.
Shares in Calima Energy last traded at 14 cents at 3:15 pm AEDT.