Calima Energy

What Calima Energy does

Calima Energy Limited is an oil and gas producer and explorer incorporated in Western Australia (formerly ASX:CE1, delisted in 2023) with operational assets concentrated in Western Canada. Its core asset is a 60,000-acre Montney Formation position in northeast British Columbia, supplemented by Brooks and Thorsby operations in Alberta acquired through the transformative 2021 Blackspur Energy merger for A$37 million. The company produces oil and natural gas measured in barrels of oil equivalent per day (boe/d), reaching 2,959 boe/d in Q2 2021 with a 4,500 boep/d December 2021 exit guidance, and generates revenue through commodity sales via approved pipeline connections to regional sales networks.

The business model is conventional upstream E&P: Calima generates one-time revenue per barrel equivalent sold at prevailing market prices, with no disclosed contract structures or pricing differentiation. Its proprietary technology is limited to reservoir engineering — notably downhole pressure gauge analysis from the 2019 Calima 2 and 3 wells used to optimize production profiles across Upper and Middle Montney zones — alongside the Tommy Lakes infrastructure acquired in February 2020 that enables midstream access. Calima holds a 10-year continuation lease over its Calima Lands acreage plus production facility and pipeline connection approvals, providing regulatory tenure and takeaway capacity.

The customer base is the broader North American energy market accessed via pipeline offtake, with no named end customers, take-or-pay agreements, or concentrated offtake counterparties disclosed. Post-2023 delisting, the company has shifted toward capital management rather than growth, evidenced by an A$5.4 million capital return (1.2c per share) approved at an April 2025 General Meeting. The corporate footprint remains small (11–50 employees) with head office in Cottesloe, Western Australia and operational leadership directed toward Canadian field activities.

Name

Calima Energy

Legal name

Calima Energy Limited

Website

https://calimaenergy.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

Calima Energy is a delisted Australian-domiciled oil and gas producer operating Montney Formation and Brooks/Thorsby assets in Western Canada, selling produced hydrocarbons via regional pipeline networks to North American energy markets.

Ownership category

akta.pro rank

Headquarters

HQ city

Kambalda West

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D, Others

Revenue model

1. Oil and Gas Production Revenue: Revenue generated from the sale of oil and natural gas produced from the company's assets in British Columbia, Canada including Brooks and Thorsby properties. Production volumes are measured in barrels of oil equivalent per day (boe/d).

Distribution channels1 record

Marketing channels4 records

Core offering

Calima Energy Limited is an upstream oil and gas producer and explorer that develops, produces, and sells crude oil, natural gas, and natural gas liquids from assets in the Montney Formation of British Columbia, Canada. The company was built around the 2021 acquisition of Blackspur Energy and is headquartered in Cottesloe, Western Australia.

Product overview

Calima Energy is an environmentally responsible oil and gas producer operating in Western Canada. The company operates a portfolio of production assets focused on the Montney Formation in northeast British Columbia, with additional operations in the Brooks/Thorsby area of Alberta. The core product is oil and gas production derived from approximately 60,000 acres of drilling rights (Calima Lands). Operations include drilling campaigns (such as the Sunburst campaign at Brooks and Gemini wells), production facilities, and pipeline infrastructure connecting to regional sales networks. Following the acquisition of Blackspur, the company expanded its production capacity and now manages integrated operations across multiple sites including Thorsby and Brooks.

Differentiator

Problem solved

Functional benefit

Products and services

• Montney crude oil production Production and sale of crude oil from the Montney Formation in British Columbia, Canada, sold wholesale to refiners and crude buyers.
• Montney natural gas production Production and sale of natural gas from Montney Formation wells in British Columbia, delivered to midstream gas processors and pipeline networks.
• Natural gas liquids (NGL) production Extraction and sale of natural gas liquids from the liquids-rich Montney acreage, sold to fractionation and processing buyers.
• Montney Formation exploration and appraisal Exploration, appraisal, and development of liquids-rich and dry gas Montney acreage in British Columbia, Canada, to grow reserves and production.

Quantifiable outcome

• 2,959 boe/d production achieved in Q2 2021
• +2 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Blackspur EnergycoreStrategic or Co-development Partner · 3 March 2021Transformative acquisition completed via Plan of Arrangement in May 2021 for A$37 million. This acquisition significantly expanded Calima's Montney position and production capacity, with Blackspur contributing approximately 2,959 boe/d in Q2 2021.

Scale indicators10 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Peyto Exploration & Development Corp: Canadian natural gas producer focused on the Deep Basin in Alberta. Comparable to Calima as a pure-play Canadian natural gas E&P with a similar capital-efficient, self-funding operating philosophy.
• Tourmaline Oil Corp: Canada's largest natural gas producer with a dominant Montney and Deep Basin position. Directly comparable to Calima as both operate in the Montney fairway focused on natural gas; Tourmaline provides a gauge for Calima's potential at scale.
• Spartan Delta Corp: Small-to-mid cap Canadian E&P with Montney exposure. Highly comparable to Calima in scale, asset focus, and growth-by-acquisition strategy, making it a relevant performance benchmark.
• ARC Resources: Montney-focused Canadian natural gas and liquids producer with significant NE BC exposure. Directly comparable to Calima on asset base, geography, and commodity mix, with materially greater scale.
• Yangarra Resources Ltd: Junior Canadian natural gas producer with concentrated Montney acreage. Closely comparable to Calima in size, basin focus, and single-asset concentration profile.

Broad incumbents

• Whitecap Resources Inc: Intermediate Canadian oil and gas producer with operations across Western Canada. Comparable to Calima's Western Canadian asset base and natural gas weighting, though with broader diversification.
• Cenovus Energy Inc: Major Canadian integrated oil and gas producer with significant Western Canada upstream operations. Comparable to Calima in operating geography and natural gas exposure, illustrating the scale gap between Calima and the broader Canadian E&P universe.
• Crescent Point Energy Corp: Mid-cap Canadian E&P with diverse Western Canada asset base including light oil and liquids-rich gas. Comparable to Calima on commodity exposure and Canadian operating footprint, though at materially larger scale.
• Bonterra Energy Corp: Western Canadian intermediate E&P producing oil, natural gas, and NGLs. Comparable to Calima on Canadian operating territory and commodity exposure, with a similar mid-cap profile.

Others

• PrairieSky Royalty Ltd: Royalty-focused company with extensive Western Canadian mineral title and royalty interests. Comparable to Calima on Western Canadian land exposure, though PrairieSky's royalty model avoids drilling and operational risk.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/CalimaEnergy

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Calima Energy