Calima Energy (ASX:CE1) shares rise on early Montney flow test results, page-25

think you should temper expectations re tourmaline - mgmt have said on a couple of occasions that 1. TOU had a look and lowballed and 2. more likely partner is one of the minor LNG Canada consortia/other smaller players who are short upstream gas. TOU have plenty of their own inventory to drill at the moment and are bedding down their acquisitions from the last couple of years so hard to see this being worth the distraction for them given scale

the more likely path in my view is a JV with one of the mid sized players (if the price is right) - but based on language that's evolved over the past 24 months a JV that establishes arms length value (and gives some $ upfront and/or negligible capex commitments from calima) with a high retained % interest would be the most likely route in my view.... i think a great outcome would be say farm-in of say [20-50%] interest to JV partner with calima paying nil/minimal capaex and free carried for its remaining 50% interest (woth some upfront $ to calima dependng on % sold down)