The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
Quote of the week so far...
"but it’s being done quick as COPL have no funds so not sure there is much to argue/change in the process we are within now."
COPL were "allowed" to be granted funds... exclusively by Anavio. Both for new GGS - $4.5m (seemed to have worked a treat) And - $2.5m to prime the field with NGL back toward 5 to 8 mcf per day systematically bringing up oil production. Enough to get beyond 2k per day b/e point.. (Each taking huge swathes of ownership!!))
WYOG evidence suggests nowhere near $500k/m was being injected following successful GGS upgrades.
Then Mr Tom Anavio said he was stopping injections, and we suddenly had no cash. And btw JV dude suddenly and without explanation, fukced off??
Notwithstanding the above , the filed is currently producing 1000 barrels per day........
Alfresco. It will be interesting to hear Andy response as to whether the additional pages were part of his original submission to copl....
Also nice to see some are rattled by Stas whistle-blower thread...
Squeaky butt time for those who are guilty...
Jonathan Gant, senior campaigner at Global Witness, said: “Exxon and COPL structured a complex deal to buy their oil licence, although as our report published today shows, the block they bought had questionable origins.”
Would it be worth trying to track down Jonathan Grant to suggest COPL seem to be doing the same again ??
SteveV.
"The company shouldn't be bust but securing new funding to take us to the next level."
I thought we HAD secured the funding (at least) to end of Q1 24, even restructured the hedging, and made some cost reductions, that should of freed up cash for NGL injections to ramp up production of the new GGS that was installed in time and under budget.
I guess I was dreaming....
Interesting point of view from Eazy, posted on TG earlier....
"At the time of the report in 2022 there were no wells re-completed or producing from the Frontier 1 so that weighed heavily on the technical analysis given…
Since then COPL and the JVP have completed substantial due diligence on the field which improved the case and two big events happened…
• COPL successfully re-completed CC 11-27 in January 2023 for the Frontier 1
• COPL successfully re-completed CC 12-23 in May 2023 for the Frontier 1 which confirmed oil below the ‘oil down to’ level in Cole Creek which would’ve increased the OIP
A new report would’ve boosted the OIP and estimated recovery factor imo…
It’s good the report from 2022 is out as now any interested parties can potentially have a sneak peek before going into the data room to look at the additional information."
My words..
The leaked report yesterday also alluded to the fact that further drilling was being planned for q4 2022 and beyond. So maybe there is a chance that if RS did a further report things may look a bit different....
Art, can you face being locked up? You are getting on a bit now, and life inside is not going to be good for you.
When was the 5th Aug 2022 press release "modified"?
Who sanctioned the doctoring of this release?
What was the purpose of updating the document months after it was released?
Is your daughter (also Elizabeth) implicated in any of this?
Enjoy your sleepless nights.
YOU WILL NOT GET AWAY WITH THIS !!!!!!!!
Yes the one document does seem to have been updated.
I find it strange that in a report issued on 5th August 2022 they add the text....
"Further to COPL’s press release dated August 5, 2022 concerning the deep oil Discovery within the Converse
and Natrona Counties of Wyoming, the following information is disclosed to provide further clarity on the
nature of the Resource Report referred to in the press release."
How can they state "Further too", when the extra pages have been added to a press released dated 5th August.
Art I hope you have a good set of lawyers
Agree the figures are enormous, as one would suspect with a large oil find.
"While drilling the BFU 14-30VF well COPL encountered lost circulation in all three Frontier 1 sands.
Drill cuttings from the uppermost Frontier 1 revealed sands exhibiting bright yellow fluorescence with bright
yellow streaming cut. Also of note, the well encountered significant connection gas implying that
hydrocarbons were being held back due to mud weight (10.4 lbs/gal). While this is all positive Ryder Scott
maintains that this does not qualify as a discovery."
Page 62 in this file provided by Uknown earlier thanks...
The Frontier 2 was also mapped using well log data. The Frontier 2 is a stratigraphic trap and two
key wells in delineating the pool were the GCO Fed Lone Tree 2 well and the Valentine William 1 well. As
previously stated, the Clinton GCO Fed Lone Tree 2 well recovered 600’ of WC oil and 120’ of clean oil
from the Frontier 2. A water cushion was used in the drill stem test and the stated water cut was likely in
part water cushion recovery. Furthermore, pressure data from the test very closely matches the reported
initial pressure of the Frontier 1 from the discovery well within the Cole Creek anticlinal closure. Ryder
Scott deems this sufficient evidence to classify it as a discovery.
Page 63...
"COPL is planning to core the Frontier 1 sand in a follow up well to the BFU 41-30 well, which is slated to spud in
the fourth quarter of 2022. Based on these factors Ryder Scott feels that the chance of development is
likely if a discovery is made."
Was this well spudded in Q4 2022? What was the result.
Thanks again Unknown...
We.tl/t-6ddc6IqGMy
Thanks saint nick.
The link below will get you what you want...
https://view.officeapps.live.com/op/view.aspx?src=https%3A%2F%2Fcdn-ceo-ca.s3.amazonaws.com%2F1i93ap8-SAS%2520meet%252025-05-2023%2520PWP.doc&wdOrigin=BROWSELINK
If I remember correctly MobilOil (forerunner to Exxon) made the original drilling on our lease....
May be worth mentioning in any future letters Stas??
Another factoid I recall was Art employed the services of an Indian company to map out trading patterns. Can CAG get hold of this data.