The Armchair Trader8 Aug 2022 13:54
Report sets stage for Canadian Overseas Petroleum drill start
8th August 2022 Stuart Fieldhouse Canadian Overseas Petroleum [LON:COPL], The oil & gas sector
"An independent resources report has confirmed what the oil driller Canadian Overseas Petroleum’s (LSE:COPL/CSE:XOP) already estimated itself – that there is a deep oil reserve at its land in Wyoming – and has set the stage for the company to start drilling in the last quarter of this year."
"The report, prepared by independent energy consultancy Ryder Scott, conforms with Canadian regulatory requirements and has confirmed that the company’s Frontier 2 and Dakota discoveries are large stratigraphic oil accumulations with total original oil in place of 993.5 million barrels.
Of that, total original oil in place at Frontier 1 is 704,728,000bbls, Frontier 2 is 217,365,000bbls and Dakota is 71,379,000bbls. Ryder Scott’s report assumes that the area in question covers 20,500 acres of operated company lands.
This is not the full extent of the oil reserves under the company’s land as it only evaluates COPL’s working interest leasehold at the Cole Creek Unit, the non-unit working interest leasehold immediately to the north and east of Cole Creek and includes the western portion of the Barron Flats Federal Deep Unit.
Independent assessment
The full extent of Frontier 1 and Frontier 2 has yet to be independently assessed. “This independent report validates what we announced at the start of the year and highlights the significant potential of our fantastic Wyoming asset. Compiled to Canadian regulatory standards, the report gives a conservative view, and we expect to see further exploration upside in due course once our drilling program gets under way in the coming months,” said president and chief executive of COP, Arthur Millholland."
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