Calima Energy Limited sold its subsidiary, Blackspur Oil Corp., to Astara Energy Corp. for approximately $75 million (A$83.3 million) in cash. This sale included Blackspur's Brooks and Thorsby production assets in Alberta, with the transaction aiming to better reflect the assets' value compared to Calima's market capitalization. Calima plans to distribute at least 85% of the proceeds from the sale to its shareholders, seeking tax guidance from the Australian Taxation Office. The deal, expected to close by March 30, 2024, is contingent upon Canadian Competition Act approval and a favorable vote by Calima's shareholders at a meeting scheduled for February 15, 2024. Astara has deposited $5 million in escrow, with a potential break fee of $1.75 million. National Bank Financial Inc. served as the financial advisor for the sale.