George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
“Are Hannam not one of COPL's two Company Brokers? So there might be a reasonable possibility that report of theirs might not be the most balanced in the world...”
I’m glad someone picked this up…in fact Hannam have been VERY conservative with their estimates contrary to belief…
The latest NAV figures…
Risked NAV: $232.1m(£190.6m)
Unrisked NAV: $754m(£619.3m)
The unrisked NAV only takes into account ONLY 5% recovery of the 1bn+ barrel oil discovery…estimated recovery of the discovery is between 40-50% and very recently reports have shown some majors *cough* Exxon can recover up to 75% of the oil from some fields…
Now what would happen to COPLs NAV if Hannam upped the recovery rate from its VERY conservative level of 5%? Hmmmm
What’s COPLs current MCAP? £15.3m :)
It’s been a while since we had a big update on the JV…the last full update was on 24th July so we could hear something soon…
“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.”
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 :)
* Fully unhedged until the end of 2024
* Fully funded until the end of March 2024
* Fully funded until the end of 2024 with production at 2,000 bopd
And we’re still in late stage discussions with a major oil company for a JV…
COPL is now in a stronger position :)
“ExxonMobil has agreed to buy Pioneer Natural Resources in a $59.5bn deal that is set to unleash a wave of consolidation in the US shale oil industry.
The biggest western oil supermajor said on Wednesday it had sealed an all-stock deal that values Pioneer at $253-a-share. The combination hands Exxon a dominant position in the Permian Basin, the vast field in western Texas and New Mexico that has helped turn the US into the world’s largest oil and gas producer.”
https://www.ft.com/content/60295c70-a6a8-4e72-8597-4ce75d5b7c40
Merger and acquisition activity in the USA continues to be rampant…
Then there’s little old COPL with 1bn+ barrels of oil onshore in Wyoming, USA currently in talks with an ‘established energy company’ who they’ve already signed an LOI with… the clock is ticking :)
I will probably do that at a later stage once September figures are out as that will be the base…however I put together some data recently for the 9 wells that were part of the phase 1A works if that helps…
From the 9 wells part of phase 1A GGS works...
Previous peak oil flow: 1379 bopd (30 day avg.)
August oil flow: 492 bopd (30 day avg.)
COPL bringing all 9 wells back to their previous peak flow rates will add c. 887 bopd onto total output…(Current 1,200 bopd)
This does not include other 27 wells on the field…
We also know COPL reached previous multi-day highs of 2700 bopd in 2021 during August and November so expect production to reach this level again and potentially surpass it…
The above puts into perspective how much COPL can improve now that gas injection has restarted…expect the gap between peak and current flow rates above to start closing from October onwards.
My very informative post got caught in the cross fire but not to worry I had it saved :)
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 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!
P.s. We’re unhedged until the end of 2024 :)
The upgraded Gas Gathering System is allowing previously flared gas to be flowed back to the gas plant for re-injection and also allowed the commencement of increased gas injection this month but it’s a failure? LOL
“The company plans to spend over $500,000 on NGL injectant in each of October and November to increase the density of NGL's in the gas injection
The company expects to see initial results from the higher density NGL's before the end of November 2023.”
Production increases coming soon :)
Reposting one of my posts which is worth posting on this quiet day…
COPLs close neighbour to the NE is continuing with their extensive horizontal drill program targeting the Frontier Formation with loads of success…
One of their most recently drilled horizontals got some really impressive flow rates in August with oil recovered from the Frontier...
http://pipeline.wyo.gov/wyoprod.cfm?UserOk=Y&oops=ID1166&nApino=936585451
The well done 28,457 barrels for the month averaging 918 bopd…yes, one well ;)
Meanwhile some are still wondering whether COPL can recover oil from the Frontier in high quantities…lol
The information above alone alongside other data provides the basis for the claim that COPL WILL extract large quantities of oil from their 1bn+ barrel oil discovery…
The month the company has hit the button to start increased gas injection into the field with the upgraded gas gathering infrastructure in place…trolls forget this activity hasn’t been done since 2021…
“The company plans to spend over $500,000 on NGL injectant in each of October and November to increase the density of NGL's in the gas injection.”
Production WILL increase over the next few months just a question of how much :)
Increased gas injection = Increased oil production
Fully funded until the end Q1-24 with production above 1,200 bopd(Current) and fully funded for the whole of 2024 with production above 2000 bopd COPL are now perfectly set up to move forward with their plans.
“I also think the JV is being delayed until we can prove we aren't going bust.”
Hmmm…
“This financing package is designed to ensure the Company is fully financed through Q1-2024, at current production levels of approximately 1,200 bbl/d, providing focus on the key strategic priority of increasing oil production to allow COPL America to become fully funded through 2024.”
“If we can bring production back above 2,000 bbl/d on average for 2024 it will allow us to fully fund COPLA for the entire year.”
We’re funded until the end of Q1-24 and potentially self funded until the end 2024 with production maintained above 2000 bopd…far from bust :)
He’s busy signing off a JV with a large oil company actually :D
“Mr. Millholland's technical expertise was instrumental in understanding the long-term value of the Barron Flats Unit miscible flood and acquiring it for such a relatively low cost. Through further geological study, he 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. The BFU and the potential joint venture requires the singular focus of Mr. Millholland and the technical team. As President of COPLA, he will be well positioned to continue to add value and success to COPL, where his strengths in upstream hydrocarbon exploration and development will focus on completing the Joint Venture discussions.”
VAST oil discovery :)