{"id":4044,"date":"2024-01-05T02:04:21","date_gmt":"2024-01-05T02:04:21","guid":{"rendered":"https:\/\/economicherald.net\/?p=4044"},"modified":"2024-01-05T02:04:21","modified_gmt":"2024-01-05T02:04:21","slug":"calima-sells-ownership-in-canadian-subsidiary-blackspur-oil-corp-for-83-3m","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=4044","title":{"rendered":"Calima sells ownership in Canadian subsidiary Blackspur Oil Corp for $83.3m"},"content":{"rendered":"<p>Definitive agreements have been executed for the sale of Calima Energy\u2019s 100% ownership of Blackspur Oil Corp to Astara Energy<br \/>\nThe company believes the sale will provide shareholders with inherent value from the Alberta assets<br \/>\nIt will also free up capital to be returned to shareholders in excess of the current market capitalisation <\/p>\n<p>\u00a0<\/p>\n<p><strong><em>Special Report<\/em>: Calima Energy has entered into a binding definitive agreement with Astara Energy Corp for the sale of its ownership in wholly owned subsidiary, Blackspur Oil Corp. <\/strong><\/p>\n<p>Canadian focused oil and gas producer, <a href=\"https:\/\/stockhead.com.au\/company\/calima-energy-limited-ce1\/\">Calima Energy (ASX:CE1)<\/a> has agreed to sell 100% of its ownership in wholly owned subsidiary, Blackspur Oil Corp for a cash consideration of $83.3m to emerging private oil and gas junior, Astara Energy Corp.<\/p>\n<p>Blackspur Oil Corp merged with Calima in May 2021 and owns the Brooks and Thorsby oil and gas production assets in Alberta, southeast of Calgary and near the city of Edmonton, respectively.<\/p>\n<p>Calima\u2019s board of directors has recommended the Blackspur sale as the market capitalisation of the company has not reflected the inherent value of Blackspur.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>\u2018Excellent opportunity for shareholders\u2019 <\/strong><\/h2>\n<p>\u201cFor some time, the share price of Calima has not accurately reflected the value of Calima\u2019s oil and gas assets vis a vis our Canadian peers,\u201d CE1 chairman Glenn Whiddon says.<\/p>\n<p>\u201cWe believe the Blackspur sale presents an excellent opportunity for Calima shareholders to benefit from this differential.<\/p>\n<p>\u201cIt is the board\u2019s objective to return the maximum amount of these proceeds to shareholders.\u201d<\/p>\n<p>Calima\u2019s objective is to distribute no less than 85% of the funds received from the Blackspur sale to Calima shareholders in the most tax effective form.<\/p>\n<p>The company says it will seek an ATO ruling on this matter in a timely fashion.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Funds to drive future exploration <\/strong><\/h2>\n<p>Funds will be spent towards the company\u2019s future exploration programs and to pay for ongoing operational and administrative costs.<\/p>\n<p>A Notice of Meeting will be issued shortly, which is subject to obtaining shareholder approval pursuant to Listing Rule 11.2 at an Extraordinary General Meeting expected to be held on 15 February 2024.<\/p>\n<p>The sale is expected to close 10 days post the meeting, however, no later than 30 March 2024.<\/p>\n<p>During 2023, CE1 returned $10m in previous distributions to shareholders.<\/p>\n<p>\u00a0<\/p>\n\n<p><span class=\"mce_SELRES_start\">\ufeff<\/span>\u00a0<\/p>\n<p><em>This article was developed in collaboration with Calima Energy, a Stockhead advertiser at the time of publishing.<\/em><\/p>\n<p>\u00a0<\/p>\n<p><em>This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/energy\/calima-sells-ownership-in-canadian-subsidiary-blackspur-oil-corp-for-83-3m\/\">Calima sells ownership in Canadian subsidiary Blackspur Oil Corp for $83.3m<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Definitive agreements have been executed for the sale of Calima Energy\u2019s 100% ownership of Blackspur Oil Corp to Astara Energy The company believes the sale <a href=\"https:\/\/economicherald.net\/?p=4044\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":4045,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4044","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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