CE1 12.5% 0.9¢ calima energy limited

I just sold out for a pretty big loss after holding since the...

  1. 8,317 Posts.
    lightbulb Created with Sketch. 2906
    I just sold out for a pretty big loss after holding since the TSV days (and topping up several times)
    Montney was always the blue sky and now its gone.
    Also, the company itself is a shambles, unable to complete a sale of Brooks/Thorsby and achieve a farm in for Montney (after spending $millions retesting, not to mention the $10s of millions to dril in the first place).
    Also we've got a new CFO - how long did the last one last?
    And then you've got the imcompetent performance in the last shareholder quarterly Q&A where they were updating the quarterly report as the presentation was going.It really made me wonder, how invested they are in the company?

    We've lost also Kovall, who was mastermind behind the Brooks and Thorsby assets. Maybe the new MD is competent - but that's still to be revealed.

    The positives are:
    - the Brooks and Thorsby assets are cash flow positive (just). But the cost cuttings (Kovall's departure and the firesale of Montney) suggest they are worried about funding exploration to keep production up.
    - the proposed cash returns. They are dangling this to shareholders, hoping to put a floor under the price. But I'll take today's price instead, given the further downside.

    This has all the looks of a rabble getting reading to wind down the company. The remaining assets they've already tried to sell.
    And after today's performance, they, themselves, must have doubts about being removed via EGM or having the renumeration reports voted down in the next two years.

    Good luck to everyone. There are some good people on this thread, and I've enjoyed discussing this stockwith you all. So for those who decide to hold, I hope you make some money.
    Last edited by invertedva: 25/08/23
 
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