Corporate Connect analyst Lara Smith has released an updated research report on Australian exploration and production company Calima Energy (ASX: CE1), increasing the price target to $0.71 per share.
Calima is an Australian listed exploration and production (E&P) company, and a Canadian oil and gas pure play. Its assets include a large-scale liquids rich gas play in the Montney fairway in British Columbia, a well-established oil and gas producing region with a supportive energy production policy. In addition, Calima acquired Blackspur, a producing oil company which had previously delivered over 5,000 barrels of oil equivalent per day (boe/d) at its peak in 2018.
The goal of Calima Energy is to continue to extract value from Blackspur’s two shallow depth producing fields, Brooks and Thorsby, while advancing its exploration asset in the Montney.