RE: It’s Funny21 Feb 2024 14:00
OUTLOOK
The Company's operational strategy is to increase oil production at its Wyoming assets including the following,
subject to financing: (a) increased natural gas and NGL injections at the BFSU; and (b) potential drilling and
development programs in the BFSU, CCU and BFD areas.
The Company's near-term and medium- term plans for the development of the assets, subject to financing, will
focus on:
• continuing and increasing oil production of its Wyoming assets;
• further developing the facilities to handle gas injection and increased production capacity at the BFSU;
• recompleting up to 6 existing cased wells in the Cole Creek Frontier 1 sands to increase oil production;
• drilling new wells in the BFSU and the CCU areas;
• negotiating a possible joint venture with a large oil company with operations in Wyoming to appraise and
develop the Company's Frontier oil discovery;
• refinancing the Senior Credit Facility ("SCF") to reduce the Company's cost of capital (see "Capital
Resources and Liquidity – Indebtedness"); and
• maintaining the Company's environmental, social and governance ("ESG") operating credentials.
The Company has also commenced a review of its overall cost structure and it intends to take steps to wind-up its
subsidiary structures related to sub-Saharan Africa opportunities over the course of 2023. The Company reduced
its annual G&A costs by $1.0 million in the second quarter of 2023 and is on course to remove a further $1.5
million in annualized reductions during the fourth quarter of 2023. The Company will focus its resources on the
development of its Wyoming assets
Certainly don't sound like there is nothing going on with this huge asset indeed SHAREBELL''
and from what I can see from all the rambling in that result update before they get to the figures, is that we all invested in a CO that acquire something bigger than they could handle, and has consequently ended up in a trial and error situation, coupled with bad advise, has cost us million and million of $$$$ & ££££ to learn the right and less expensive way to recover the OIL & GAS we all know is in abundance on our licence... IMO if the new BOD can find a better way to finance the next FAZE, that will include shareholders and start paying down debt from the O&G when it start flowing again if that's there thought on this whole debacle, COPL could well be a huge recovery play...
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