Calima Energy Limited (ASX:CE1) has officially entered a binding agreement to sell its wholly-owned Canadian subsidiary, Blackspur Oil Corp., along with its Brooks and Thorsby production assets, to Astara Energy Corp. for approximately AU$83.3 million (C$75 million) in cash. The move is aimed at unlocking the inherent value of Blackspur, which is perceived to be undervalued in the current market.
The Board of Directors has recommended the sale, highlighting the substantial increase in value compared to the company's current market capitalization. The company plans to distribute at least 85% of the sale proceeds to shareholders in a tax-efficient manner. Calima Energy will continue as a listed entity, maintaining production from the Paradise well in British Columbia while exploring potential new opportunities. The completion of the transaction is subject to shareholder and regulatory approvals, with an anticipated closure by March 30, 2024.
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