Calima Energy Ltd (ASX:CE1) (OTCMKTS:RLTOF) (FRA:R1Y) chairman Glenn Ross Whiddon has demonstrated his faith in the company’s oil and gas strategy with the purchase of shares in an on-market transaction.
On June 23, Whiddon acquired 19.19 million shares in an indirect interest worth a total value of $153,590.96 – increasing the total number of securities held in that interest to more than 54.45 million.
He also holds 17.7 million shares in a direct interest.
Board changes
The company recently added debt and equity market, mergers and acquisitions, joint venture management and operational experience to its executive team with the appointment of Mark Freeman as finance director.
Freeman is a chartered accountant with worldwide experience in the energy and resources sector, having worked in Africa, North and South America, Asia and Australia as well as with Calima Assets for the last six years.
As part of the board changes, Alan Stein stepped off the board on June 22.
Alberta drilling program
Calima’s drilling program for the Gemini 1, 2, 3, and 4 development wells in Alberta, Canada is progressing well as the oil price hovers above the US$70 mark.
The company has finished drilling the second well or Gemini 2 well, of the 4-well Sunburst horizontal drilling program.
Calima drilled the well within seven days and drilling costs came in about C$100,000 under budget, at C$675,000.