Joint Venture Discussions Now Focused On ‘Commercial Terms’12 May 2023 19:28
I haven’t done one of these in a while so here’s a reminder…
Progression of JV talks through RNS/Sedar since Dec :)
21st Dec -
“As previously disclosed, COPL was approached late in the third quarter by a large oil company ("JV Party") inquiring if the Company was interested in a Joint Venture partner to appraise and develop its Barron Flats Deep oil discovery announced in September 2021. The Company is bound by a non-disclosure agreement ("NDA") with the JV Party and as such is limited in its ability to disclose their identity and the nature of the discussions to date until after an agreement is entered.
The JV Party conducted technical due diligence on the Company's interpretation and technical information of its deep oil discovery which was presented as a significant extension to the Frontier and Dakota oil accumulation at its 100% working interest operated Cole Creek oil field. As common in industry the JV Party would also conduct their own internal evaluation, which we believe has been completed.
In early November, the Company presented its outline of a joint venture to the JV Party for discussion. COPL understands the concept is moving through their internal processes as the Company has been asked for additional time for the JV Party to present a potential way forward. COPL has agreed to this request and has been recently advised that a potential way forward will be presented by the JV Party in early January 2023.”
23rd Jan -
No RNS about the JV but Art confirmed the JV party requested and was sent the data of the successful frontier 1 completion(Which confirmed the JV party had got back to him in January but talks still ongoing)
1st Feb -
“The Company confirms that it is actively negotiating terms for a joint venture for the long-term development of its Wyoming assets. The Company plans to announce the detailed terms as soon as they are agreed.”
20th Mar -
“The intention of this Convertible Financing is to sufficiently fund COPL for production growth, while allowing management to optimally conclude their RBL and JV negotiations.”
Mar 31st -
“The Company's short-term operations will focus on: Concluding a joint venture with a large oil company with operations in Wyoming to appraise and develop the Company's deep oil discovery”
Apr 20th -
“Discussions with a large oil company who approached the Company regarding the exploitation of its Frontier oil resources are continuing with current focus on commercial terms. These discussions, as well as the identity of the party involved, will remain confidential until their disclosure is appropriate by agreement. Substantial additional technical evaluation has been undertaken during this period, which has led to a better understanding, and increased confidence, of this resource.”
“…The Joint Venture discussions continue to move forward and we are encouraged by their recent progress.”
P.s. Notice how Art is now just
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