Oil & gas player Calima Energy Limited (ASX:CE1) has released its quarterly activities report for the three-month period ended 31st March 2020. The Company highlighted the following key activities undertaken during the quarter:
- Acquisition of fully permitted Tommy Lakes Facilities, strategic to Calima.
- Strategic movement of management to Canada.
- Implementation of significant cost-cutting measures to maintain balance sheet strength and preserve flexibility.
It is worth noting that the Company’s net working capital stood at $3.6 million as of 30th April 2020.
Post the key update, CE1 surged by ~16.7 per cent, trading at $0.007 as at 12:07 PM AEST on 30th April 2020.