The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
“real likelyhood of farm-out”… who COPL? Definitely
“ 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 above is very promising :)
Lengthy update given earlier this month…
https://www.lse.co.uk/rns/COPL/35m-equity-financing-board-changes-3n0uifnnfcmo1c1.html
Some clearly want to be spoon fed lol and Mr Cowan’s inbox is probably full already haha
JBER leading the bid…
Depth 9
09:01 JBER 75,000 3.15
08:37 MREX 75,000 3.15
08:11 SCAP 75,000 3.15
07:51 CNKS 75,000 3
07:58 STFL 75,000 2.9
08:04 WINS 75,000 2.9
08:16 PEEL 75,000 2.8
07:50 SING 75,000 2.8
07:52 CANA 75,000 2
We don’t need special forces to assist at this current time lol…
In other news…
After looking at the WOGCC site, I’ve found COPLs close neighbours to the NE have hit oil(again) after drilling another well as part of their extensive drilling program targeting the Frontier formation with oil flowing from their horizontal that went online in July…
The oil is there… We know it, COPL knows it and the JV partner knows it ;)
Only a matter of time…tick tock
P.s. Another interesting fact is they also drilled a horizontal recently targeting the Shannon formation which also went online in July… logged flow rates of 669 bopd…
Very interestinggg :)
It’s been nearly 2 months since COPL signed a letter of intent for a joint venture with an ‘established energy company’…
Arthur moving over to COPLA to work on finalising the deal recently highlights the critical stage the JV talks are at…tick tock
24th 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.
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."
What M22C is saying is that in Wyoming they also have their own oil prices which are lower than WTI and we should factor that in…
One thing they are clearly not aware of is that COPL sell their oil at WTI prices…
Currently above $89 :D
“I’ve always said we would struggle to pass 5p before year end. Eazy thought he was being clever but I took him up on his offer. We shall await the outcome.”
You seem a little confident lol…fancy doubling our wager FF? :)
The above is a major positive that the market is continuing to ignore but they’ll understand eventually…
Crude oil prices(currently $89) have never been as high whilst COPL have been unhedged this year so this is major news :)
With oil prices expected to rise further into year end this was a great move by Art as the upgraded gas gathering system(went online in July) will also enable COPL to increase production into year end creating a perfect storm for the company to capitalise on :D
Higher oil prices = More money 💰
Increased oil production = More money 💰
What’s happens when both happen at the same time? ;D
A few of the comments this morning in relation to the GGS deserve a ‘lol’…
Communication with the company revealed the upgraded GGS is performing better than expected and without that info it was quite easy to see that was going to be the case anyway…
Some have also misread this point in the RNS…
“Currently, the Company is determining the best level of efficiency and is restarting NGL gas injection in September.”
This is restart of increased injection rates on the field as the field is currently being maintained with a base level of gas injection which is confirmed through July WOGCC release when looking at one the injectors data…
http://pipeline.wyo.gov/INJg.cfm?UserOk=Y&oops=ID5019&nApino=934888811&nInjType=200
August WILL show an increase imo it’s just a case of how much and it won’t be long until that data is released:)
All looks VERY good :)
Did anything happen to the oil under COPLs land?
Nope…still over 1bn+ barrels of oil with an estimated recovery factor of 50% on their land :)
Also… COPL are now fully funded into 2024 and the new upgraded gas gathering system is still expected to double monthly oil production before year :D
The GGS is working much better than expected :)
RNS today also has loads of positives…JV with a major looks nailed on, hedge removed end of Jan, COPL funded until next year…
Keep your eyes on the prize…some definitely are with the amount of buys going through ;)