RE: Guess the impact today1 Apr 2022 08:17
Of the significant acreage acquired in the Wyoming asset, only a small part is currently in production. An exploration programme is underway which has already identified:
· In January 2022, COPL confirmed a major discovery with an estimated total reservoir volume of 1.5-1.9 billion barrels of Oil in Place ("OIP"), of which 1.2 - 1.6 billion barrels of OIP underlays COPL lands.
· This highlights the potential for the Wyoming asset to generate long-term production on a scale many times greater than COPL's original expectations.
· The Frontier element of the find covers approximately 61 sq. miles, with 90% of the defined resource on the Company's lands.
o The Company intends to commence initial delineation of the discovery later this year with horizontal wells from 16 drilling locations, for which permitting is underway.