Calima Energy Completes Acquisition of Tommy Lakes Infrastructure, Stock Zooms 33%

April 20, 2020 12:14 PM AEST
Team Kalkine

In a recent update, international oil & gas company, Calima Energy Limited (ASX:CE1) notified that it has closed on the acquisition of the Tommy Lakes Infrastructure (Facilities). In addition, the Company informed:

The acquisition costs stood at ~$750,000, materially under budget.
Holding costs are expected to be at $500,000 per annum.
Replacement value is estimated at $85 million.
Facilities are fully permitted and have provided pipeline access to regional, national and the US markets through major pipeline networks like NGTL, Alliance and T-North.
Facilities have been preserved for future recommissioning.

On 20 April 2020 (AEST 11:57 AM), CE1 stock was inching upward by more than 33%, trading at $0.004.

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