RE: MF Engineering upgrade19 Apr 2022 18:52
From April 1st RNS:
At the time the transaction completed the assets produced 1,100 barrels of light oil. After the implementation of a works programme by COPL, the asset has since then far exceeded original expectations and current production (gross) of approximately 1,900 barrels a day is restricted due to ongoing facility constraints. The asset has identified 2P reserves of approximately 26 million barrels (net) of light oil, before the payment of royalties.
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.
o COPL's operating affiliate, Southwestern Production Corp, is in the process of securing a drilling rig for the delineation drilling program and the planned drilling program of 8 additional production wells and 1 injection well at its producing Barron Flats Shannon Field.
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