Calima Energy Sells Canadian Assets, Plans Buyback

Calima Energy Ltd (AU:CE1) has released an update.

Calima Energy Ltd has reached a binding agreement to sell its Canadian subsidiary, Calima Energy Inc, along with the associated paradise field assets, to Aldon Oils Ltd for approximately A$1.3 million. The sale, subject to shareholder approval, is part of a strategy that includes a 60% share buyback program and is aimed at exiting the Canadian market to free up capital for future acquisitions. The company plans to complete the transaction by October 2024 and is also seeking approval to delist from the ASX.

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