Calima Energy Releases Activities Report for March Quarter; Stock Soars ~17%

April 30, 2020 12:21 PM AEST
Team Kalkine

Oil & gas player Calima Energy Limited (ASX:CE1) has released its quarterly activities report for the three-month period ended 31^st 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 30^th April 2020.

Post the key update, CE1 surged by ~16.7 per cent, trading at $0.007 as at 12:07 PM AEST on 30^th April 2020.

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