We would love to hear your thoughts about our site and services, please take our survey here.
“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 :)
Bigbear we went over 2700 bopd when we could even sustain our 8.5mmcf/d injection rates for longer than than a month… we are going back up to 8-9mmcf so it’ll be broken again…
Market is behind the curve once again…
I’m not saying production figures will surpass the previous high 2,700 but highlighting the fact that after 3 months the oil production output should start to lift quite rapidly…
This time around looking into the individual well figures there’s a lot more to gain from the ‘previous’ big producing wells so expectations are set the same as in 2021… slowly first then as we move through the months big moves should start to occur…
Completely different set up that favours big moves earlier than last time hence the timeframe has changed to 3-4 months :)
In 2021 increased injection started in April with daily production averaging 1,276 bopd at the start...peak flow rates were then achieved in August with flow rates of 2,700 bopd…
Timeframe = 4-5 months
This time around with increased gas injection now restarted the field has 3 times the gas load in the field compared to 2021 and current flow rates are 1,200 bopd…
I would say the explosive move in the production figures will be seen slightly earlier due to different field load conditions...
Timeframe = 3-4 months
Now the big question is what level does COPLs daily oil flow rates go to in January with the previous peak being around 2,700 bopd?
Let’s not forget COPL are still currently in talks with an ‘established energy company’ for a JV on their 1bn+ barrel oil discovery in Wyoming with an LOI signed in July…
“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.”
“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.”
At the base level of 1,200 bopd COPL are funded until the end of Q1-2024…with production at 2,000 bopd they’ll be self funded for the whole year…
That’s very good news.
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
Following on from my previous post…
Even when looking at the all time high performer in the BFU 23-27v the story remains the same...
August production: 1464 barrels / 64 bopd
Peak monthly production(2021): 8168 barrels / 263 bopd
A lot to look forward to and as you can see the data doesn't lie.
ITD it’s good to note that well 22-27v is also based at the gas plant and as has been heavily choked for a long time to manage the gas flow back whilst the phase 1A upgrades to the system was being done…
August flow rates: 320 barrels / 15 bopd
Peak monthly rates(June 2021): 6448 barrels / 215 bopd
The above demonstrates that when gas injection is restarted(Scheduled to start last month) we should start to see some big movements in production.
Why did admin pull Tiburn’s post? I thought it was good lol
OH NO- The GGS is installed but not yet returning higher production as many wells not yet tied in and maximising production.
Its a calamity, this minor delay to ensure the system works safely and without problems, this methodical and steady approach taken.
All my positivity on the asset, the ability of the field to reach previous highs of 65k /month with plastic pipes and towards 150k-200k with steel installed was obviously totally flawed.
Mr F F Trite Troll is the "one to listen to with his objective reasoned technical evaluation"
Or not.
What giddy malevolent glee demonstrated by the incumbent teenage girl trolls, demonstrating zero technical knowledge. Filter and ignore best policy.
Sept may show the prod rise expected, if not then October - the key is it will happen - The WTI rise combined with O&A cost reductions allows Southwestern time to bed the system in without as much impact to revenue , this steady approach puts the field on a solid foundation - as push to fast and too soon could create problems they cannot entertain - GGS has to work - and will work well with this prudent approach.
The technology is proven, this isn’t Southwestern trailblazing a new risky approach to production in this established producing formation.
“The comms on the GGS implies underbudget and performing in line with expectation - what expectation was that?”
They was able to measure and confirm the system is performing well due to its ability(proven) to flow more gas back to the gas plant instead of flaring without any issues…this is what COPL done the upgrade for and gives initial indications through the data it’s working efficiently…
Although the gas gathering system went online in July in early part of August COPL still had to connect separators to some wells and had to complete some topside field work…also proven to be working efficiently…
September should paint a different picture.
No as gas output was pretty much the same…
July gas production: 78,246 MCF
August gas production: 77,132 MCF
The massive reduction in flaring which allowed more gas to be sent back to the gas plant for re-injection was due to the performance of the upgraded gas gathering system during August.
LLP great summary of the headline figures…more wells offline for longer than I anticipated lol
There was one BIG positive I picked up on…
Massive reduction in flaring and gas now being recycled for re-injection which confirms the gas gathering system is performing well… now there’s the little matter of increasing injection rates so production can move up sharply :)