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It’s very low. And as assets are valued at circa 1p ( being a very conservative figure ) then one would assume it’s either an old trade, a test or at worst what they value a producing oil company at which seems unlikely. Don’t think it should be of concern. Funny the price our friends over the pond are sitting though..
The very good thing about the $50m+ drilling prog outlined for 2022 and 2023 shows what is probably the majority of booked profit being pumped back into Wyoming to further increase production.
This report was written before the Exxon/Continental news aswell, so you can expect an increase for CC and Fed Deep to start exploration:
"Recently large US oil and gas independents have announced substantial drilling plans and acquisitions north of the lease block targeting light oil in multiple stacked horizons"
" These light oil-bearing horizons appear to be unexploited and it highlights the further development potential at the Barron Flats Deep Unit (below the Shannon BFU) and Cole Creek Unit. COPL's geological and geophysical team will commence an evaluation of these horizons"
the in the ground value of our 31m barrels alone is £167.5m at December prices NPV 10% USA rate $7.5 when Oil price was $39 a barrels so like it that rate will have risen
Adding in all we know about Atomic owner shares , warrants outstanding etc we will have around 16-17 Billion shares , fully diluted that gives us a share price of 1p / £160/170m
With absolutely zero factored in for all the good news, actual production, increasing flow rates and revenues, African Assets (potentially bigger than Atomic) thrown in for free
Did a scope of ALL the producers listed on the London stock exchange and all seemed to be in Market Cap blocks that to us would equate to
1.75-2.25p 3.00-5.00p 6.00-10.0p
only big boys above those , so at minimum that 1.75-2.25p group of peers should be our first pit stop to grow from but with the known details in the public domain it would not surprise if we spiked into that 2nd peer group market cap range before the market decides where we settle pending further news flow :))
and they did not believe me when I said Arty had already said already had 5,000- 15,000 bopd as the next target, that 5,000 was then raised to 7,000 initial target
some even poo poo'd the in writing target of a combined near 11,000 from BF and CC current targets
Keep saying, this is a massive ongoing development project in a multi stacked reservoir basin it will grow and grow, in a few years, if not taken out by our neighbour major Exxon or the likes we will pumping out thousands of bopd and have far higher reserves than the current 31mbo
GLA won't need it but a fingers crossed never hurt anyone lol :))
so a few more wells than on the previous documentation, did post a while back the scale of miscible operations update from Cuda news November 2019 after they commenced the original miscible flooding program in June that year
Since June, the miscible fluid is being injected into the William Valentine cyclic gas stimulation test well at a rate of 350mcfd, with wellhead pressure rating of 1,350psi during the injection
Overall, 34 oil wells, which also include the six injection patterns, are planned for completion by the end of this year.
Cuda Oil and Gas has announced that the Miscible Gas Flood Facility and Central Delivery Point (CDP) at its Barron Flats Shannon Unit (SSRU) has started operations in Converse County, Wyoming, US
Upon completion, the unit will produce up to 15MMcfd of makeup natural gas to the miscible gas flood project
This is a huge project and as several board members have said , those new drill locations TBD will be to also test the secondary and tertiary other reservoir layers in the basin
The Wyoming Geological society pages list at least 12 reservoir layers of Oil and Gas in production across the prolific Powder River Basin, Copl America will just get bigger and bigger over time or at least until one of the USA power houses in the area like our neighbours Exxon take us out for a suitable price obvs lol :))
UNITED STATES (BFU) - FUTURE DEVELOPMENT The Barron Flats property produces from the BFU Shannon Oil Pool. Over a large portion of the pool, miscible gas flooding is currently underway, a project which received regulatory approval in 2019. As of December 31, 2020, Phase 1 of the Miscible Flood Recovery Scheme is substantially online, with eight operational injection wells and thirty-two operational producing wells within the BFU Gas Flood area. As well, most of the required large equipment purchases for purposes of gas flood operations have already occurred. Development completed by the end of 2020 within the BFU Gas Flood area consisted of converting the BFU 24-20V well to an injector during the month of December. This injector began operation during December 2020. The client has plans for an additional drilling of 37 wells within the Shannon pool starting in January 2022. Based on the proposed development schedule provided by the client, and net pay mapping completed by Ryder Scott, 24 new locations were included as proved undeveloped reserves, and 13 additional locations were assigned probable undeveloped reserves. Based on information provided by the client at the time of report compilation, Ryder Scott has estimated the drilling schedule and scheduled future drilling in accordance with that schedule and our reserve categorization. It is recognized that the client may have plans to modify the timing of the well drilling (space out the drilling over 2022 and 2023) and the assumed schedule may change. Generally speaking, capital is forecast to be invested one month prior to the online date. UNITED STATES (COLE CREEK) - FUTURE DEVELOPMENT COPL plans to drill 48 new horizontal wells in the Dakota and Frontier 2 pools; this is comprised of 17 proved undeveloped locations and 31 probable undeveloped locations. In the near term, COPL plans to drill 1 Dakota horizontal oil well and 1 Frontier 2 horizontal oil wells in 2021, followed by 1 Dakota and 3 Frontier 2 horizontal oil wells in 2022. Ryder Scott has based these assumptions on information provided by the client at the time of report compilation and recognizes that the plan and timing schedule could change. There are currently 9 producers in the Cole Creek field. I - 11
In 2021, COPL is also planning four or more Frontier 2 uphole recompletions/stimulations of existing wellbores. These are expected to come on production between September and November 2021.