Calima Energy finalised the sale of Blackspur Oil to Astara Energy, yielding net proceeds of $81.6 million.

The company plans to distribute around $80 million to shareholders pending an Australian Taxation Office ruling.

The distribution process is expected to take up to three months.

Post-distribution, Calima will retain $5 million to $6 million in cash reserves and maintain a 100% interest in the Paradise Field, generating approximately $350,000 in annual free cash flow.