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From the 9 wells part of phase 1A GGS works...
Previous peak oil flow: 1379 bopd (30 day avg.)
July oil flow: 490 bopd (30 day avg.)
COPL bringing all 9 wells alone back to their previous peak flow rates will add c. 889 bopd onto current total daily output(July - 1220 bopd) which does not include any other wells on the field…
We also know COPL reached previous multi-day highs of 2700 bopd with previous system before the upgrade…
I think it's fair to say 2700 bopd will be broken before end of year if the GGS performs as it should and
injections rates are increased from 3mmcf/day(Scheduled to start last week)...
The current predicted max run rate of the field(Barron Flats Shannon Unit) is between 5000-7000 bopd.
Edgein,
I think fastfood is getting a little confused lol…he’s says the oil isn’t proven in the frontier formation but yet we get oil flow every day out of there… It either flows or it doesn’t wouldn’t you agree? :)
Yes the field is largely undeveloped and that’s why COPL have a major oil company that’s signed a LOI with them with the intention of signing a JV. That way a full scale delineation program with loads of horizontals going into the frontier formation can get the ‘un-proven’ oil out which is part of our ‘confirmed’ 1bn+ barrel oil discovery ;)
Let’s also remind FF the JV partner and COPL will also be going straight to secondary recovery via gas injection which will most likely be CO2 as Wyoming is big that stuff and COPL have major CO2 pipeline right next door…
I do hope FF gets better at subtle deramps about COPLs vast oil discovery ;)
This was in the RNS on the 6th September…
“Through further geological study, he and his team have revealed a vast area of bypassed oil pay in the Cole Creek area, adjacent to the BFU. The prospective horizons are currently under Joint Venture negotiation with a respected industry leader.”
Indications are COPL have found more oil under their field which would be in addition to their billion barrel discovery the market is already aware of…
I done some digging on Cole Creek and I've come to the conclusion the additional oil was probably found to the north side of Cole Creek due to us having no operational wells currently in that area and Arthur has been doing well tests in the north recently... What other reason would he have for doing tests up there when all of the current producing wells are to the south?
This area is 3.5 miles north of the operational wells in CC currently targeting the frontier 2 formation…also any existing wells(currently offline) COPL have in that area are all targeting the Dakota unlike the operational wells to the south so the frontier formation remains untouched...
If my suspicions are correct then this would definitely be a very vast oil find under Cole Creek and something that would definitely benefit from CO2 injection for enhanced oil recovery and Storage :)
JV partner must be licking their lips ;D
If COPLs production stayed at 1220 bopd which was July daily output they would be currently making $1m+ a month in revenues with current WTI prices due to no hedge being in place since the start of the month…
Now with the upgraded GGS going online end of July we can expect production to increase in tandem with elevated oil prices so revenues are expected to surge into Q4… COPL is within a perfect storm which should benefit COPL and its holders :)
Without no increase in output from July COPL are still making around $1m extra per month with crude prices where they are…
Add in production increases and this increases further…
August production figures will be released soon :)
“What is happening with the jv at cole creeek?”
Did you really just ask that? lol
24th July RNS:
“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.
Arthur Millholland, President and CEO commented: "We have been working on this project for some time. We first identified the potential at Cole Creek before completion of our Atomic acquisition in March 2021. Our acquisition of the complimentary assets of Cuda in July 2022 gave our Company full control of the Cole Creek project. This LOI is the first step completed in a process initiated in October of last year after the Cuda acquisition. The company that has entered into the LOI with us is the best partner we could have of the ones we have considered. Our Company brings considerable experience and understanding of Cole Creek, including operating the early stage enriched gas miscible EOR project at the neighboring Barron Flats Shannon Unit. This EOR experience can be directly applied to Cole Creek as they have many similar reservoir characteristics. We look forward to updating our stakeholders when able as the process proceeds."
6th September RNS:
“In addition, the Company announces that Arthur Millholland has agreed to move from Chief Executive Officer and a director of the Company with immediate effect, to President of the Company's affiliate, COPL America Inc. Mr. Millholland's technical expertise was instrumental in understanding the long-term value of the Barron Flats Unit miscible flood and acquiring it for such a relatively low cost. Through further geological study, he and his team have revealed a vast area of bypassed oil pay in the Cole Creek area, adjacent to the BFU. The prospective horizons are currently under Joint Venture negotiation with a respected industry leader. The BFU and the potential joint venture requires the singular focus of Mr. Millholland and the technical team. As President of COPLA, he will be well positioned to continue to add value and success to COPL, where his strengths in upstream hydrocarbon exploration and development will focus on completing the Joint Venture discussions.”
Key point from the last RNS… “will focus on completing the Joint Venture discussions.”
Things are progres