Ann: June 2023 Quarterly Activities and Cash Flow Report, page-24

some positive points I see here despite some argument over the balance sheet stuff,
1. Earnings still on track to be 50%-100% increase than 2022.
2. Debt level on track to be zero
3. Capex annualised is expected to be fixed on a number whilst keep drilling and spudding new wells
4.Macro economy boosting oil and gas demand to recover and WCS differential is improving
5. Canada LNG Kitimat site expected to be online and Montney asset is crucial part of future supply, which means it still remains interests from outside parties. (missing out on Montney asset is not wise for neighbours)
6. Current market cap of Calima can not even reflect value of its Montney asset, let alone producing wells.
7. Blackspur is producing asset and of course it demands capex and opex to keep it running as a normal commercial practice for an oil and gas E&P company. Oil price rising is definitely adding risk-free margin for Calima and IMHO it is quite safe here.
8. If Calima decides to pay off the debt and not to distribute dividend, then it will make people happy and not so skeptical? Why bother they do it instead of making everyone satisfied on balance sheet? That does not make sense to me.

I am happy to hold and hope Glen will take a better offer with his wish to proceed return to shareholders.