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Edgein I agree… looks like the field is now responding to the increased gas injection into field and the GGS is handling the gas flow back very well…
I think the works being undertaken in the tweet were in preparation for returning the well to production which had been offline for nearly 2 years… bodes very well for COPL and those waiting for positive changes…
Hopefully on Wednesday COPL can give the market a substantial update on current production and JV talks :)
Major shareholder James Goozee is still happy holding his golden tickets :)
“Still very excited by the opportunity here. Thanks for the update COPL”
https://x.com/jamesgoozee/status/1723289879457501290?s=46&t=OVzGJM4-LaH6nhPXzhnQyQ
Https://x.com/coplinvestor/status/1723056248684175756?s=46&t=OVzGJM4-LaH6nhPXzhnQyQ
The last major update on the above was on 24th July…
“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.”
The operations update coming next week could provide further guidance :)
Q3 results will land next week if the company follow the same routine for the last 2 years…
2021 - Q3 results and operations update on the 15th November
2022 - Q3 results and operations update on the 15th November
This year expect the same…
Q3 results and operations update to land next week on the 15th November :)
Historic data also tells the field should now be responding to the increased gas injection into the field which was restarted in September… Update coming soon :)
COPL Announces Board Changes
London, United Kingdom; Calgary, Canada: November 7, 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 operations focused in Converse and Natrona Counties, Wyoming, USA, announces changes to its Board of Directors (the "Board").
The Company is pleased to announce, Mr. Atul Gupta has been appointed as a Non-Executive Director effective 2nd November, 2023. Mr. Gupta will assume the role of chairman of the Nomination committee and the Reserves committee and will sit on the Audit committee. He will serve until his re-election at the Company's Annual and Special Meeting in 2024.
Mr. Gupta is a petroleum engineer with over 40 years of experience in the oil and gas sector. Mr. Gupta has been Executive Chairman for Nostrum Oil & Gas Plc, Chairman for Seven Energy International Ltd., Managing Director at Hindustan Oil Exploration Co., Ltd., Principal at Petrofina SA, Principal at Charterhouse Petroleum Plc, Chief Executive Officer of Burren Energy Plc and Principal at Monument LLC. Mr. Gupta has a degree in Chemical Engineering from the University of Cambridge and a degree in Petroleum Engineering from Heriot-Watt University.
COPL also announces that Mr. Robert Chenery has stepped down from his role as director after 19 months on the Board. The Company wishes to thank Mr. Chenery for his service and contribution to the Company.
Thomas Richardson, Chairman, commented: "I am delighted that Atul has agreed to join the Board. He brings very valuable experience across multiple skill sets including reservoir engineering. Understanding the dynamic nature of the BFU reservoir has been our biggest challenge to date. I am very grateful to Bob for all his time and work on the Board."
Well i was expecting the field to start responding anytime after the 15th October so the Q3 update will be very interesting… let’s see what they have to say in regards to production and the JV :)
I’m not sure how much that amount buys but it’ll be sufficient to raise injection rates sharply…
Injection rates for August and September were as follows…
August: 2.7 MCF
September: 3.7 MCF(Highest since 2022)
As you can see injection rates were increased by 37% kick starting this period of of increased injection which has not been done since 2021…October injection rates were increased further so we should see this confirmed in the next production release…
We should see production continue to move higher over the coming weeks as the field responds to more gas being pumped into the field…
https://x.com/eazy_investor/status/1719061703583846551?s=46&t=OVzGJM4-LaH6nhPXzhnQyQ
“· The company plans to spend over $500,000 on NGL injectant in each of October and November to increase the density of NGL's in the gas injection
· The company expects to see initial results from the higher density NGL's before the end of November 2023.”
COPL are now over half way through their $1m spend on NGL injectant with another $500k scheduled to be purchased this month to inject into the BFSU.
The field should also now be responding to the restart of increased injection which began in September.
The one thing that won’t be jam tomorrow is production increasing into the end of year :)
More gas is being pumped into the field as we speak which WILL have a positive effect on production…come to think of it the field should now be starting to respond as increased injection started in September :D
Yep ExxonMobil had Cole Creek well before COPL…with the vast amounts of oil found in Cole Creek after they left it to tackle bigger projects they might want to make a return :)
23rd January RNS -
“First successful Frontier 1 oil completion at Cole Creek since Frontier 1 oil was first identified by the original Unit operator in 1943.”
“In the last week of December, the Company initiated recompletion operations on the well 11-27-35n-77w to evaluate the light oil potential of the Frontier 1 reservoir sands. Light oil was first identified in the Frontier 1 at Cole Creek in 1943 by the then operator General Petroleum Corporation, the operating affiliate of Standard Oil of New York (Mobil Oil). The 11-27 Frontier 1 completion was the second completion attempt in the Frontier 1 in Cole Creeks history. The first attempt was in 1966 by Mobil and was unsuccessful.”
“An "Oil Down To" elevation at the base of the Frontier 1 perforations has been determined. This elevation is approximately 760' below the crestal elevation of the Cole Creek Anticline. The area within the "Oil Down To" elevation is approximately 8,000 acres with reservoir sand thickness ranging from 50-115', thinning in the northern area.”
We also now know oil was later confirmed below the oil down to level in May after the successful re-completion of the ‘Cole Creek 12-23 well’ and with that milestone reached OIP figures on COPLs land would’ve been revised up…
There’s a lot that is currently hidden from the market :)
Worth a repost from Ashwaldo today…
“I messaged Cathy regarding the lack of PR for this company and got this back.
Thank you for reaching out to me. This month you will see a change in communication. After the Q3 results are published around the 3rd week of November we will host an Earnings Call/webinar where shareholders can join in, send their questions ahead of time and Mr. Cowan and Mr. Gaffney will first present an overview and then answer shareholder questions. Due to the sheer volume of COPL shareholders, the attendees will be muted but the questions will be asked and answered by either the CEO or the CFO. We will be formulating a communication calendar to ensure more news flow and more interesting and frequent social media posts. I am looking forward to helping make this happen. So stay tuned!
Again I was pleased I got a response and it sounds positive going forward”
Fastfood… haha that’s rich, I will definitely honour our wager…
5p to be achieved by the 31st December… still 2 months left :)
Although you do seem very confident… Let’s double it to £1000 and don’t be scared now you make £500 every 0.1 increase(apparently) so don’t be tight ;)
“SPRING, Texas – Exxon Mobil Corporation (NYSE: XOM) today announced it has closed its acquisition of Denbury Inc. (NYSE: DEN) in an all-stock transaction valued at $4.9 billion, or $89.45 per share, based on ExxonMobil’s closing price on July 12, 2023. Under the terms of the agreement, Denbury shareholders will receive 0.84 shares of ExxonMobil for each Denbury share.
“This transaction is a major step forward in the profitable growth of our Low Carbon Solutions business,” Chairman and CEO Darren Woods said. “Our expertise, combined with Denbury’s talent and CO2 pipeline network, expands our low-carbon leadership and best positions us to meet the decarbonization needs of industrial customers while also reducing emissions in our own operations.”
ExxonMobil now has the largest owned and operated CO2 pipeline network in the U.S. – adding more than 1,300 miles, including nearly 925 miles of CO2 pipelines in Louisiana, Texas and Mississippi – located in one of the largest U.S. markets for CO2 emissions. The company also has access to more than 15 strategically located onshore CO2 storage sites.”
If Exxon is indeed COPLs mystery joint venture partner and they were waiting for the Denbury deal to close this then gives them the green light to finalise talks with COPL before signing a deal.
For anyone that missed this key fact in the release on Monday…
“After the release of the monthly production report we now know gas injection was ramped up during September putting COPL on the path to increased oil production…
In the coming weeks/months we’ll see how the field performs with more gas continuously being injected as the last time COPL did this in 2021 they hit daily highs of 2,700 bopd”
Graph: RDunc
https://x.com/eazy_investor/status/1719061703583846551?s=46&t=OVzGJM4-LaH6nhPXzhnQyQ
“5) is the injector well nearest our biggest well producers now fully working?”
All injectors should now be online with the last one brought online after wellhead works late October…
Injection rates were increased in September and were ramped up further in October.
“Eazy if that was the case then surely Cathy would have passed that information to Ashwaldo, why would you hold back something that is both positive and not price sensitive.”
We’ll see what happens in the coming weeks/month :)