You are presenting an "either or" argument, insinuating they...

You are presenting an "either or" argument, insinuating they have a choice between growth and cash flow. But they don't.
But yes they do James.
Outside of their obligations to the employees and creditors Blackspur has an obligation to repay the C$30m debt to Calima and ulimately to meet their ARO obligations to the province of Alberta. Incidentally, their very low ARO obligation is viewed as an asset by another Canadian E&P .
Calima's intentions were evident in April when they released their March quarterly which revealed Earnings for Q2 of A$9.6m with Capex of A$3m [ down from A$11.1m in Q4 of 2022.
Growth in capex at Blackspur has now been replaced by 'optimize the reserve base, revenue and operating profits' [ refer to Monday's update]. I allow A$20m in Blackspur profits in 2H23 to supplement the forecast by Calima of A$7.5m in free cash flow for Q2.
The Calima chair says the data room is open and is operating efficiently. As interested parties- Canadian E&Ps in particular-attend that data room thru 2023 they will be focussed on Blackspur's assets - its Cash at bank, the weekly growth in cash at bank, the inventory of oil tanks and pipelines and infrastructure and the 90 producing wells (valued and audited in december 2022 at A$139m) and will conduct their own assessment of how quickly the producing inventory can repay their intended outlay for Blackspur's net assets.
They will give scant attention to a Capital Intensity chart.
here's your chance to withdraw this statement:
If the offer was revised down from "materially higher than current market cap" to even half of CE1's market cap I am sure they would've taken the offer.