The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
“ExxonMobil remains on the hunt for deals even after unveiling its biggest transaction this century, the company said on Friday, as it and rival Chevron reported profits that fell short of Wall Street expectations.
The largest US oil company announced this month it was buying Pioneer Natural Resources in a $60bn acquisition that fired the starting gun on what is expected to be a race to consolidate the sector.”
“Kathy Mikells, Exxon’s chief financial officer, said the deal did not preclude the supermajor from striking again in the near term.
“It’s important to say that we’re always looking,” she told the Financial Times. “Many times I’ve described us as very inquisitive but also very picky. A deal has got to be what we say is ‘one plus one equals three’.””
So Exxon could be striking another deal in the near term…hmmmm
I wonder if their eye is on COPLs vast billion barrel plus oil discovery in Wyoming…with COPL it’s not just oil they’ll get, they’ll also get the CO2 EOR and Storage potential with the Wyoming governor very focused on this specific subject :)
“Exxon Mobil Corp (XOM.N) on Friday posted a $9.1 billion third-quarter profit, about a 54% drop from record earnings a year ago but up from the prior quarter as oil prices recovered.
Earnings at the largest U.S. oil producer have benefited from higher crude oil prices compared to the previous quarter and demand for gasoline and diesel. Wall Street this month trimmed its third-quarter outlook after the company pointed to weaker chemical profits and refining margins.”
“Its cash reserves continued to build, up by 10% over the second quarter's to $33 billion.”
“The company has been selling assets around the world as it focuses on more lucrative projects in the U.S. shale and in South America Guyana and it recently put its Italy refinery up for sale.”
https://www.reuters.com/business/energy/exxon-posts-91-billion-net-down-year-ago-up-15-2q-2023-10-27
Majors in the USA are swimming in excess cash and COPL is sitting on a HUGE discovery in Wyoming, USA…the JV partner COPL are in discussions with will have to make a decision soon otherwise someone else might want a piece of the pie ;D
Prophetus on 16th October -
“Remenber what i said....2 per cent reduction each day until in the low 1's except for occasional pumps. IMO keep your powder dry till then.”
You keep peddling out those posts… Need to get this lower so you can buy some don’t ya ;)
Bladderman one thing to also note is COPLs immediate neighbour north of Cole Creek were able to achieve rates of almost 3000 bopd with one of their horizontals…
Can’t argue with the facts…COPL has superb assets in a prime location :)
“But if you cannot get 1 barrel out / then the true Valuation is £0. Because every £ you spend results in you receiving back £0.”
The good old “if we can get it out”… let’s take a trip down memory lane :)
Every now and again we get the “if COPL get it out” crowd…
COPLs VERY close neighbour ‘IMPACT EXPLORATION & PRODUCTION’ got some very impressive oil flow rates out of their 2 horizontals in August targeting the Frontier and Shannon Formations…
Exhibit A:
Production in August from a Horizontal targeting the Frontier Formation…
28,457 barrels / 918 bopd
http://pipeline.wyo.gov/wyoprod.cfm?UserOk=Y&oops=ID97203&nApino=936585451
Exhibit B:
Production in August from a Horizontal targeting the shannon Formation…
35,637 barrels / 1150 bopd
http://pipeline.wyo.gov/wyoprod.cfm?UserOk=Y&oops=ID34015&nApino=948987811
Very compelling evidence above that COPL can extract a VAST amount of oil from their land as shown by their neighbour…not to forget COPLs field will also have the same geological profile as those around them…
To be clear… the data above is showing figures for EACH HORIZONTAL WELL!
Remember COPL and the JV partner wants to go straight to secondary recovery via gas injection(more than likely CO2) once the deal is signed…why would they do that if there weren’t strong belief in high recovery rates of the oil? Hmmm :)
Those trying to sow seeds of doubt will have try harder ;)
“Through further geological study, he(Art) 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.” - 6th September RNS
The company confirmed the above… More oil has been found in Cole Creek
What do you think they were doing in April during the re-completion on the CC 12-23 well and when they were conducting some activities in the north side of Cole Creek? Hmmm ;)
“Chevron will buy Hess Corporation in an all-stock transaction valued at $53 billion in another mega deal in the oil industry that will give the U.S. supermajor exposure to Guyana's large offshore oil reserves.
The all-stock transaction is valued at $171 per share based on Chevron's closing price on October 20, 2023. The total enterprise value, including debt, of the transaction is $60 billion, Chevron said in a statement on Monday.
This is the second major deal in the U.S. oil industry announced this month. Earlier in October, ExxonMobil announced a deal to buy Pioneer Natural Resources in an all-stock transaction valued at $59.5 billion. The implied total enterprise value of the transaction, including net debt, is around $64.5 billion.
As part of the Chevron-Hess agreement, Hess CEO John Hess is expected to join Chevron's Board of Directors.“
Another big deal in the US as M&A activity continues to run rampant…
Whether it be a JV or Takeover someone will want a piece of the assets COPL have in their possession…only 1bn+ barrels of oil under their land :)
COPLs current booked reserves alone at the current market rate are currently valued between £138m - £278m which excludes the billion barrel discovery etc.…
Complete disconnect between COPLs SP and the true value.
“Tensions in the Middle East and escalations between Israel and Hamas into a broader regional conflic could trigger a price surge for crude oil that could send the commodity to trade at $140 per barrel, Ana Boata, head of economic research at Allianz Trade told Bloomberg Television on Friday.
"Higher oil prices, that's the direct impact," Boata said, adding that prices could escalate from the current $90 mark to $140 at its peak, even averaging $120 in 2024.”
https://oilprice.com/Latest-Energy-News/World-News/Allianz-Trade-Says-Oil-Could-Hit-140.amp.html
All while COPL are unhedged :)
“Western Midstream Partners LP (WES) has completed the purchase of Meritage Midstream Services II LLC for $885 million, growing its presence in Wyoming’s Powder River Basin.”
“Western Midstream president and chief executive Michael Ure noted in the September press release, “The Powder River Basin has attracted investment from some of the largest E&P [exploration and production] companies due to the basin’s multi-stacked pay horizon potential. Throughout 2023, a combination of large, independent E&Ps and well-capitalized, private companies have operated thirteen to fourteen rigs, on average, throughout the basin”.
https://www.rigzone.com/news/western_midstream_completes_acquisition_of_meritage-18-oct-2023-174391-article/
Where is COPLs vast oil discovery that has multiple parties sniffing around? Hmm…Powder River Basin, Wyoming USA
Fastfood… Nice try haha, you have my word I’ll honour the terms :)
You pay £1000 if the SP closes above 5p before 31st December this year and if it’s below I’ll pay… do you agree or disagree?
Your confident in COPL taking some time to move up so put your money where your mouth is :)
Worth repeating…
“Oil production from the BFSU is a function of injection volumes. It is the Company's intention to resume injection volumes to a level to return to its previous oil production peak in late 2021/early 2022 before injection volume reduction.”
Only production WILL rise with increased injection.