Calima’s Stake In The Comoros Consolidated Into The Discover Exploration Ltd

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Calima’s Stake In The Comoros Consolidated Into The Discover Exploration Ltd

 Calima’s Stake In The Comoros Consolidated Into The Discover Exploration Ltd

On 3 December 2018, Calima Energy Limited (ASX: CE1) has stated via release that its stake in the Comoros which is held by it indirectly in an 8.5% holding in the Bahari Holding Company Ltd has been acquired by the Discover Exploration Limited. Bahari Holding ultimately owns 40% in the production sharing contract which covers Blocks - 35, 36 and 37 in the Union of Comoros which is located in the Indian ocean. Comoros PSC comprises of a deep-water area of circa 4 million acres and has the potential resource of 200 TCF (trillion cubic feet) of gas which is discovered in Rovuma areas 1 & 4, offshore Mozambique.

It is notable here that Bahari is a joint venture with the Discover Exploration Ltd which has a 60% stake in the Blocks. The shareholders of the Bahari has decided to dispose off their stake of 40% to the Discover Exploration against a consideration of 5% stake in the latter company.

The discover Limited is a private Ltd company which is based in London, majority stake of which is held by the Carlyle International Energy Partners, a fund which is a branch of the Carlyle Group - the largest private equity fund globally.

Simultaneously, the Tullow Africa’s leading independent oil & gas company with 85 exploration has acquired a 35% interest in the Comoros PSC Blocks 35, 36, and 37. Further, the management stated that this is a big positive movement for the company as the group has been successful enough in the conversion of seed capital investment into a shareholding of the better positioned company which has a phenomenal prospect of a well receive, substantial IPO in the near term. Also, he emphasized on the fact that Discover is much better positioned to meet the demands of the growing gas markets in Europe. Moreover, the combination of the near-term cash flow in the mature market and the blue sky exploration upside by an efficiently working operator is a desirable combination for the stakeholders.

Meanwhile, the share price of the company decreased by 1.92 percent in the past six months as on 3 December 2018. VMY’s shares traded at $0.049, down by 3.922 percent with a market capitalization of circa $73.69 Million as on 4 December 2018 (AEST 4.00 PM).


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