Calima Energy Ltd (ASX:CE1) has welcomed the Court of Queen’s Bench of Alberta grant to Blackspur Oil Corp of an Interim Order to seek shareholder approval regarding the merger with Calima.
The Interim Order states that a special meeting of Blackspur shareholders will be held on or about April 23, 2021.
At the Blackspur meeting, shareholders will consider and vote on a special resolution to approve the arrangement, which requires not less than 66.66% of the votes cast by Blackspur shareholders, either in person or by proxy following which Blackspur is authorised to proceed with an application for a final Court order approving the arrangement on April 23, 2021.
Based on the schedule and timing above, and subject to the standard closing conditions of a transaction of this nature, Calima Energy will relist on the ASX in late April 2021.
Indicative timetable.
Blackspur was formed in 2012 and has since drilled 59 oil wells on its asset base.
In Q3 2018, the company reached peak production of over 5,000 boe/d.
Blackspur has two core production areas in Southern Alberta - Thorsby and Brooks - with Brooks having produced around 1,860 boe/d and Thorsby around 740 boe/d in quarter four 2020.
These combined assets have a liquids ratio of 70% and a peer leading Liability Management Ratio (LMR) rating of 4.63 with undiscounted ARO estimated at around C$14.2 million
Blackspur has established a core position of land (around 83 net sections) and significant infrastructure that creates a foundation for growth and expansion with year-round access.
Brooks production comes from the Sunburst and Glauconitic formations with Sunburst including capacity to be developed at low cost (<C$ 1 million/ well) delivering economic rates of return.