Ann: North Thorbsy Well step out for growth, page-14

Drilling cost is 750k (Q1). If successful, a further $1.6m (Q2-3) to be spent on new infrastructure, tie-in etc... total $2.35m.
I believe the risk/reward is heavily stacked in our favour due to the proximity of the current drilling of the sparky wells to the east. I think they would have a high level of conviction to succeed in the western Thorsby area. A discovery would no doubt materially increase our reserves and drilling locations over time.
The $25m revolving debt facility @ 4% interest is a gift in the commercial business world, management have been very prudent in capitalising on the 7 year high oil prices while equally cautious and hedging close to half our production at around $80/bbl. This no doubt gives them the continued ammunition to drill wells while maintaining a significant level of protection to shareholders.
Our current funds flow net of royalties, operating, finance and costs is well in excess of $1m weekly. Calima is not a capital raising small cap that drills a couple of wells a year to appease investors and repeat. For the company to prosper and achieve its goals which include the
pre-announced dividend, they need to continue diligently maximising revenue by drilling wells and taking advantage of the current environment, one cannot be achieved without the other.
I'm of the strong belief that we will achieve revenue of $150m+ for 2022, a $5m-1c dividend in Q2, a $10m-2c dividend in Q4, total 3c.
The average dividend for O&G companies is 2.5%, if we use a generous 3% return, that would put us at the golden dollar.

My assumption is based on Calima's core business being the Thorsby and Brooks assets.
The Montney, share buy back, special dividend is the cherry on top.

Really looking forward to the year ahead, good luck all.