Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
The hedges in place currently are in place on the first 948 bopd which caps the sale price at $52.87 per barrel…
Anything over that is completely unhedged and can be sold at the current market rate which is $86 per barrel…
Julys daily bopd was 1,220 which highlights the reason why everyone is excited about crude oil price increases as this directly impacts revenues to COPL which goes perfectly with the increase in production we’re expecting to see as a result of the upgraded gas gathering system which came online in July…
Things are looking VERY bright here :D
@stas just checked again…I had data for atomic only lol
RNS on 26th July 2022 stated COPL had a total of 48,000 acres…
So right now they have 45,307 acres factoring in recent changes.
COPLs oil production increasing into year end + Oil surging into year end = Perrrrrrrfect :D
By my estimates COPL will currently be flowing more than 1500 bopd(could be much more) on the field…I believe some are behind the curve on this but they’ll catch up :)
Any increase from Julys daily production is completely unhedged so a change in oil prices to the upside greatly benefits COPL…
And the upgraded gas gathering system allowing COPL a to produce more oil they are positioned perfectly…
The next update from the company will have many rushing to get in :)
Stas when doing any analysis on the frontier formation ‘IMPACT EXPLORATION & PRODUCTION LLC’ is a good one to look at as they’ve drilled multiple horizontals in what looks like a quite extensive drill program recently successfully targeting the Frontier who are not too far NE from COPL…
Their results are also impressive and I did mention before I would be surprised if the JV partner wasn’t also looking at their data…bodes very well for us
Stas whilst doing a bit of digging of the company I also found they brought a new horizontal last year targeting the Shannon formation and got 1000 bopd initial rate out of it…
We have a few a horizontals on our BFSU field so nothing stopping them from tracking back up to 750 bopd or above with higher gas injection rates on the field :)
No wonder the major oil company wants a JV with COPL ;D
I agree, very impressive figures during initial completion Stas…they still haven’t re-completed the well for the frontier formation yet so they’ve still got some fresh untouched oil to get out…powder river basin isn’t a one trick pony, it has multiple pay zones ;)
http://pipeline.wyo.gov/whatups/whatupcomps.cfm?nautonum=132071
COPL is in a excellent position with the assets they hold :)
It’s funny how quickly this board starts going into meltdown lol… keep the focus on GGS, Increased oil production, JV etc.
Small daily movements will be dwarfed by what will come over the next few months :)
Tiburn the producing well you’re seeing at that location is the BFU 41-30v…
The 2 horizontals would have been drilled at locations which have producing wells(Targeting shannon) on the well pads already if the theory is correct as per the logs…
Individual well data looks good for July…surprisingly there were a few dark horses in the release with some wells reaching their highest monthly output since 2018/2019 :)
Also it may have not been picked up on but the monthly figures for July were 37,831. There was an error which meant the 4-27 well was not included in the figures… so slightly up in July :D
News can land at any day now we’re approaching the end of august…things are looking very bright here so expect the upward move to continue over the coming weeks…
Here’s to a blue day…I wouldn’t want to be over the long bank holiday :D
“Now I think this GGS will work. Absolutely. Get production up above 1750 to 1950 and then a shade over 2000 but not above 3000 without drilling.”
COPLs previous system before they had to put the brakes on allowed the field reach a daily oil output high of 2700 bopd before the system was allowed to max out…
With the new GGS in place 3000 bopd will be blown out of the water without extra drilling :)