Calima Energy (ASX:CE1) appoints Jerry Lam as new CFO

• Calima Energy (CE1) appoints Jerry Lam as its new Chief Financial Officer (CFO)
• The company says Mr Lam has more than 18 years of experience in the Canadian oil and gas market, having worked with Legacy Oil, Seven Generations Energy, and KPMG
• As part of his remuneration, Calima has issued Mr Lam 1.5 million performance rights across three different categories
• In other news, the company is due to distribute $2.5 million to shareholders today as part of its first capital return
• Shares in Calima Energy are up 4.35 per cent and trading at 12 cents at 1:22 pm AEDT

Calima Energy (CE1) has appointed Jerry Lam as its new Chief Financial Officer (CFO).

The company said Mr Lam had more than 18 years of experience in the Canadian oil and gas market, having worked with Legacy Oil, Seven Generations Energy, and KPMG.

As part of his remuneration, Calima has issued Mr Lam 1.5 million performance rights across three different categories.

Additionally, CE1 said it issued 3.5 million unlisted options to marketing personnel.

In other news, the company is due to distribute $2.5 million to shareholders today as part of its first capital return.

Calima said every security on issue would attract a return of 0.41 cents, representing an average annual return of about six per cent to shareholders.

Calima Energy is focused on oil and gas production and exploration in Canada, having completed a transformational merger with Blackspur Oil back in 2021.

The company owns the low-cost, cash-flowing Brooks and Thorsby assets in Alberta, which it believes have a long-term upside. Calima said it expected to produce 4,200 barrels of oil equivalent per day from the Brooks and Thorsby assets by the end of 2022.

Meanwhile, Calima also holds a 10-year continuation lease over 49 sections of land in Canada’s British Columbia region, dubbed the Montney project.

Shares in Calima Energy were up 4.35 per cent and trading at 12 cents at 1:22 pm AEDT.