RE: Cash positive Options24 Jul 2023 14:44
RBL = Reserve Based Lending.
After we aquired CUDA WI our company reserves went up in line with that aquisition.
Upto now no additional reserves have been proven up. (YET)
As you may know, CC has been earmarked for 6 or 7, recompletions inorder to prove up additional resources upon which we could lend against.
Two have been completed and show strong signs of oil present...it flowed under its own pressure.
I believe if the third recompletion is successful then COPL can start to book additional reserves. Of course the more data you have the firmer the calculation.
Third CC recompletion is underway and should finish soon. The same rig however has been used to convert BF well from pumping to flowing. So progress has been a balance between:-
1) increasing production of BF.
&
2) Increasing our bookable reserves.
All good IMHO!