Auctus Advisors sees lower FY22 production for Australia's Calima Energy
06/01/2022 22:10
** Business consultant Auctus Advisors LLP says oil and gas
co Calima Energy's CE1.AX FY21 production target of 4,500
boe/day (barrels of oil equivalent/day) for co's three wells at
Thorsby, Alberta, Canada is not expected to be reached before
early Feb
** Lowers CE1's 4Q21 production estimates to 3,100 boe/day
from 4,000 boe/day
** Says CE1 has experienced operational delays; production
equipment including pumps and coils stopped performing due to
extreme cold weather in Alberta urn:newsml:reuters.com:*:nRscf01r3a
** Slashes co's FY22 production forecast to ~5,000 boe/day
from previous guidance of 5,600 boe/day
** Says, however, that hydrocarbon production from Leo #1
and Leo #2 wells continues to grow as speed of the pumps is
slowly increased and the wells continue to de-water
** With Thorsby being important for production growth and
Leo new wells performing at least as per expectations, CE1
shares continue to offer a combination of value, cashflow and
reserves growth - Auctus Advisors
** Re-iterates CE1's price target of A$0.75 per share
** Stock has risen 31.3% in 2021, as of last close
(Reporting by Roushni Nair in Bengluru)
((Roushni.Nair@thomsonreuters.com;))