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Calima Energy Limited (ASX:CE1), a company from the energy sector which is into the business of exploring and producing petroleum product shares its Montney Operations update. As per the update, the ongoing Precision Drilling PD 379 rig has reached the location, and now the company has plans to prepare the site for the drilling of its first well at the site. Also, the company has plans to drill a total of 3 wells in the region to test the scope of the Montney Formation in the 72,000 acres of land on a lease which the company holds in British Columbia.
Alan Stein, who is the managing director of CE1 declares that the operation of drilling the well at the site is expected to commence as per the schedule. He also states that updates regarding the drilling in Canada will soon get published amongst the investors. He also appreciates the team in Canada for their outstanding performance in the drilling sequence.
The official listing date of CE1 on ASX is 28 July 2006 where the company has given a consistent negative performance. Throughout its journey on ASX, the performance of the company was -85.67%. In the last five years, the performance of the company is -42.67%. The previous yearâs performance of CE1 remains -21.82%.
The half-yearly results of FY2018, period ending on 30 June 2018, reports a net loss of $1,147,036. The balance sheet of CE1 gives a healthy appearance as the company holds a net asset base of $31,251,664 and a debt to equity ratio of 0.034. A lower debt to equity ratio suggests the company tries to use the resources of the company instead of other outside financial support. The company has a total current asset of $5,485,667 and a total current liabilities of $1,028,920 which highlights that the company can manage the working capital requirements and also able to clear the short-term debt. However, FY2018 highlights that there is an increase in the accumulated losses which might have a negative influence on the shareholders and the investors of the company. The total shareholderâs equity for the period is $31,251,664. It also indicates the weak operating performance of the company.
FY2018, reports that there is an increase in the cash and the cash equivalent as compared to the previous financial year. In FY2018, the primary source of revenue was through the issue of shares which resulted in the net cash and cash equivalent by the end of the year worth $4,809,700.
Following the recent Montney Operations update, the share price of the company increased by 9.302% which is 0.004 points above the previous trading dayâs closing price. With the market open on 2 January 2019, the opening price of the share was A$0.045 which is also the lowest price recorded for the day. It went as high as A$0.047 which is also the closing price of the share for the day with the stock holding a market capitalization of A$62.13 million where almost 1.44 billion shares traded on ASX.
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