RE: Update Available31 Oct 2022 21:57
So that confirms RNS tomorrow with the attached document thenâŚ
Snippet from operations update..
Debt Refinancing
The Company has approached and is in discussions with select US and International Banks regarding the re-financing of its current Senior Credit Facility of US$42 million and funding the closing of outstanding hedges currently estimated to cost US$10 million. The volatility in the debt markets in late September and October resulting from inflationary pressures and central bank policies caused the Company to slow down its approach. Stability appears to be returning, and as such the Company continues to pursue its objective to secure term sheets.
Deep Discovery Possible Joint Venture
COPL has been approached by a large oil company with operations in Wyoming to explore a Joint Venture between the companies to appraise and develop the Companyâs deep oil discovery. Technical due diligence is in process, and COPL will update its progression when appropriate.
Arthur Millholland, President and CEO commented:
âAs one can see we have a number of things going on, all being undertaken by a relatively small staff. What is most important is that we are progressing with our plan as outlined earlier in the year. We are very excited about the Frontier 1 recompletions at Cole Creek. This information was in hard files in storage when our Atomic affiliate bought these assets from the previous operator. We believe that Atomic had not reviewed these files making it likely the opportunity had been missed. We will begin recompletion and testing in December. Finally, observers of our production at the Shannon miscible flood should understand that production will rise incrementally from the gas flaring initiative. It is not as simple as just opening valves. The wells have been restricted for some time; thus, the produced oil is extremely volatile requiring the most prudent of oilfield practice.â
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