We would love to hear your thoughts about our site and services, please take our survey here.
COPL is in a perfect storm at the moment…
* Gas gathering system is performing well
* Minimal flaring on the field
* Increased enriched gas injection currently taking place
* Mild weather
Favourable conditions should yield positive results :)
@Steve - As I’ve said the reason to keep an eye on the gas output is so you can see what gas load the field is under… More gas output = More load
There is no correlation between gas output and production that is solely relatable to gas injection rates which has been mentioned many times… Increased gas injection = Increased oil production
After the 1st round of Increased enriched gas injection in 2021 COPL switched to a more leaner gas whilst upgrading works were done on the field…In October this year they switched back to a more dense gas to richen the gas in the field and restarted increased enriched gas injection which is the second round of this program…
2,700 bopd was hit the last time which could be hit again and possibly surpassed during Q1 next year.
@Alan - This is only the second time COPL have undertaken increased enriched gas injection on their field and the last time we saw some substantial increases in flow rates…wait for the fireworks again this time around ;)
@Steve - It is the gas recovered from the field and it’s very important as it tells us how much the field is loaded…as you can see there is a big difference between the gas load at the start of April 2021(1st time) compared to the start of October 2023(2nd time) which needs to be taken into account when forecasting response.
My post from earlier is worth a repost…
In 2021 increased enriched gas injection started in April with daily production averaging 1,276 bopd at the start.. peak flow rates were then achieved in August with flow rates of 2,700 bopd…
Monthly gas output at start: 24,737 MCF
Timeframe = 4-5 months
This time around with increased enriched gas injection now restarted the field has 3 times the gas load in the field compared to 2021 and flow rates during October were averaging 1,110 bopd...
I would say the explosive move in production figures will be seen slightly earlier due to different field load conditions...
Monthly gas output at start: 80,102 MCF
Timeframe(Start mid October) = 3-4 months
COPL could reach their previous all time high of 2,700 bopd during January/February if injection rates are staged up in a similar manner🧨
We also know the upgraded gas gathering system is performing well with a substantial reduction in flaring observed since the system went online in at the end of July…
Things will get very interesting soon :)
In 2021 increased enriched gas injection started in April with daily production averaging 1,276 bopd at the start.. peak flow rates were then achieved in August with flow rates of 2,700 bopd…
Monthly gas output at start: 24,737 MCF
Timeframe = 4-5 months
This time around with increased enriched gas injection now restarted the field has 3 times the gas load in the field compared to 2021 and flow rates during October were averaging 1,110 bopd...
I would say the explosive move in production figures will be seen slightly earlier due to different field load conditions...
Monthly gas output at start: 80,102 MCF
Timeframe(Start mid October) = 3-4 months
COPL could reach their previous all time high of 2,700 bopd during January/February if injection rates are staged up in a similar manner🧨
We also know the upgraded gas gathering system is performing well with a substantial reduction in flaring observed since the system went online in at the end of July…
Things will get very interesting soon :)
A couple of what if’s..
What if COPL reach 2,700 bopd like they did in 2021 under increased gas injection?
What if the gas gathering system performs better than expected?
What if the field responds to gas injection better than expected?
What if COPL sign a JV with major oil company they’re currently in talks with?
What if the amount of OIP on their land gets revised higher?
What if they sign a deal to use CO2 to extract oil from their vast oil discovery in the USA?
Come on wake up people! :D
They’ll still get it out without a JV but with a major onboard it’ll be MUCH quicker!
There’s also the little matter of the CO2 pipeline being only 20-25 miles away from Cole Creek which is VERY close … Who owns the pipeline? Hmmm Exxon :D
Not many dud shares around with 1bn+ Barrels of OIP onshore in Wyoming, USA that already produce oil and are also in talks with a major oil company for a JV…The state also backs oil and gas companies heavily and is a leader in carbon capture which yields very lucrative tax credits for oil and gas companies involved in associated projects ;)
LOI also signed in July…
“COPL Announces Cole Creek JV Letter of Intent
London, United Kingdom; Calgary, Canada: July 24, 2023 - Canadian Overseas Petroleum Limited and its affiliates ("COPL" or the "Company") (XOP: CSE) & (COPL: LSE), an international oil and gas exploration, production and development company with production and development operations focused in Converse and Natrona counties, Wyoming, USA, is pleased to announce its COPL America Inc. ("COPLA") affiliate has signed a Non-Binding Letter of Intent ("LOI") for a Joint Venture with an established energy company to develop and exploit its oil reserves and resources at its Cole Creek project in Converse and Natrona Counties Wyoming.”
What Antha really means is they want to keep COPL on their radar as if big news lands they’ll be buying some shares ;D
“If the GGS is working as well as you propose”
I’m just presenting the data that’s readily available to everyone on here and It speaks for itself…
If the gas gathering system was struggling to perform the data would show a very different picture.
Is it working? Have a read below :)
Shouston as you’ve already said you only need to look at the WOGCC figures to confirm whether the gas gathering system is working…
GGS went online end of July…
Example: 34-20v well
http://pipeline.wyo.gov/wyoprod.cfm?UserOk=Y&oops=ID80260&nApino=934818811
Percentage flared from total gas output...
July: 86.2%
August: 9.6%
September: 0.2%
October: 0.2%
This means that 99.8% of the gas recovered from this well during October was recycled for re-injection…also there has been no emergency flaring requests for the last 55 days✅
The system continues to perform as expected :)
Haha my post agitated some… The below is not my opinion…
* Substantial upgrades were completed at the high producing wells
* Injection rates were an average of 4 MCF/D during October which is an increase on September
* Enriched gas injection restarted during October
* Injection rates were increased further during November
* The number of injection wells online increased from 4 to 6 during October
* The upgraded gas gathering system is working very well with increased gas intake with a substantial reduction in the amount of flared gas
* There has also been no emergency flaring requests in the last 55 days
Increased gas injection = Increased oil production
The data does not lie :)
My opinion…
As of today with the assets COPL holds they remain heavily undervalued whilst they have an MCAP of £16m…so my opinion remains as STRONG BUY ;D
Shouston as you’ve already said you only need to look at the WOGCC figures to confirm whether the gas gathering system is working…
GGS went online end of July…
Example: 34-20v well
http://pipeline.wyo.gov/wyoprod.cfm?UserOk=Y&oops=ID80260&nApino=934818811
Percentage flared from total gas output...
July: 86.2%
August: 9.6%
September: 0.2%
October: 0.2%
This means that 99.8% of the gas recovered from this well during October was recycled for re-injection…also there has been no emergency flaring requests for the last 55 days✅
The system continues to perform as expected :)
This newly identified well is also on the ‘Cole Creek’ side of the road so there is also belief that COPL could potentially drill this well without having to notify CNOOC…
Discovery well - Township: 35 / Range: 76
New identified approved well - Township: 35 / Range: 77
The road leading up to the wells is the border between the two sections :)
Interesting development with COPL…Looks like they have their 3rd well lined up to target their vast oil discovery in Wyoming :)
https://x.com/eazy_investor/status/1733062854423548092?s=46&t=OVzGJM4-LaH6nhPXzhnQyQ
I wonder if we’ll get another update before the end of this month… hmmmm
RNS on 24th July…
“London, United Kingdom; Calgary, Canada: July 24, 2023 - Canadian Overseas Petroleum Limited and its affiliates ("COPL" or the "Company") (XOP: CSE) & (COPL: LSE), an international oil and gas exploration, production and development company with production and development operations focused in Converse and Natrona counties, Wyoming, USA, is pleased to announce its COPL America Inc. ("COPLA") affiliate has signed a Non-Binding Letter of Intent ("LOI") for a Joint Venture with an established energy company to develop and exploit its oil reserves and resources at its Cole Creek project in Converse and Natrona Counties Wyoming.
COPL and an established energy company ("JVCo") have entered into an LOI for the negotiation of definitive agreement(s) for a Joint Venture (the "JV") to develop and exploit its oil reserves and resources at its Cole Creek project in Converse and Natrona Counties Wyoming. The LOI grants exclusivity to JVCo for a period of time to allow for the negotiation of terms, and structure of the JV to be agreed, which include the consents required by COPLA. The LOI is subject to confidentiality provisions in a Confidentiality Agreement entered into by COPLA and JVCo in October 2022. These confidentiality provisions will terminate concurrently with the exclusivity termination, and other contractual conditions. The contemplated JV does not include the Company's Barron Flats Shannon miscible flood EOR project.”
RNS on 15th November…
"The negotiations regarding a possible joint venture announced by the Company in July 2023 are ongoing and the parties are working to agree all outstanding matters."
Also recent comments from COPLs broker…
“COPL remains in talks for a potential JV with a major oil company in Wyoming for developing its deep oil discovery and this financing gives it several months to try and conclude a deal.”
Fastfood trying to be technical haha…
“The point is they didn’t recover the amount of oil expected from initial discovery / so the experts on here quoting 50% as it stands is completely unproven.”
Answer this one question…
Did gas/CO2 injection get deployed across the whole field from the start? Don’t take too long to reply ;)
Trolls having a field day today haha…thought I would come in to say hello :)
A reminder of the last update from COPL through the official WOGCC release in November…
* Injection rates were an average of 4 MCF/D during October which is an increase on September
* Injection rates were increased further during November
* Number of injection wells online increased from 4 to 6 during October
* The upgraded gas gathering system is working very well with increased gas intake and very minimal gas flaring
The last time COPL increased injection rates they hit a peak of 2,700 bopd and that was with the system limited to the upside to protect the inadequate topside equipment at the time…this time will be very different ;)
Also COPL is fully funded the end of March 2024 after the equity financing completed in October with production at 1,200 bopd…Fully funded for the whole of 2024 with production at 2,000 bopd