Member Info for SteveV

I suspect the board knew some time ago that the JV were playing hardball on price and it would probably fail.

That could be why Art had to go( along with the bonds fiasco)

6th Sept RNS- Cowan

".. It is my simple aim to drive maximum value from them, whilst also ensuring that if the interest being shown by certain third parties in joint venturing with us matches our own views on value, we will seek to further scale through partnership....."

Clearly neither party would budge on their position and talks failed. Just because Exxon are swimming in cash doesn't mean they won't drive a hard bargain. Took 2.5 years for them to buy Denbury. They had the first two offers turned down and Denbury only accepted the third !

So whilst our JV looks dead in the water right now, I would say never say never.

However, you would think given Wyoming and the Powder river basin in particular is the place to be right now, someone would be willing to shell out quite a few millions to buy ALL of Cole Creek from us outright. Could be an option. Get £50m for Cole Creek and concentrate on Barrons flat and the Fed Deep. (we have been waiting too long now to sink the planned two horizontal wells there. Art got side tracked by Cole Creek, pinned his hopes on a JV, and to date we have nothing to show for it)

But right now the main focus should be on production. Let's face it if we can't get to 2000bopd on the BFU by the end of March we are in serious trouble.

Of course one option not discussed yet is, now that we are at liberty, simply sell ALL of Cole Creek to the highest bidder.

If Cowans didn't think the JV matched our valuation he must think it's worth quite a lot.

One thing Art did say that makes sense is that the find is too big for us to develop on our own.

We carry on with Barrons flat and the Fed deep. (it was the Fed deep potential that had us all excited before we new of the size of the Cole Creek potential.)

Wyoming and the Powder river basin is a happening place right now. Money is pouring in.

https://www.hartenergy.com/exclusives/big-money-flowing-powder-river-basin-206411

COPL must have known this news would decimate the SP.

You would think they might sugar the pill with some production update.

Makes you wonder how that is going !!

Even the bondholders are stuffed at this price !!

Doc, Sirius was a different animal I think.

They were years off producing a revenue stream AND required massive investment to make it happen.

COPL are months off producing a revenue stream without the need for further funding.

(IF the new GGS infrastructure works AND the NGL injection performs like we know it did previously)

We are all waiting on imminent news. It could hinge dramatically one way or the other !!!

I don't think we will be anywhere near 2000bopd currently.

I am hoping for 1400bopd currently, with guidance saying they are very hopeful that that will rise to 2000bopd in the first quarter 2024.

Thanks Easy, but I still don't fully understand.

if you look at http://pipeline.wyo.gov/AllOpcoProd.cfm?oops=ID52273&RequestTimeOut=65000&nOpco=1769

I struggle to make sense of gas output with subsequent production levels as a trend.

In October 2023 our latest figure we had a recent high of 86 987 gas output. Are you saying that is high because the field must be fully loaded and we expect to see greater oil output over the next few months.?

Hey Easy, I don't understand what exactly is gas output.

Is that gas they recover from the field? And how is that relevant to production, compared to gas input ?

Yes, sp used to drop on bondholder conversion RNS

BUT now we are wise to it. Bondholders have forward sold and are out by the time the RNS hits

So the day before the RNS would be the bottom and the RNS day is the time to start buying again.

We are getting a bit nervy because on 6th Oct RNS we had

"The company expects to see initial results from the higher density NGL's before the end of November 2023"

But on 15th Nov RNS production hadn't yet seen any rise post NGL injection.

The frustration is palpable. Let's face it this is a make or break period.

We know the GGS is a success..... No flaring.

We know COPL have been pumping in more NGL.

What we don't know is how successful is the gas injection. IS production increasing. Just need to let us know please COPL

Yep we are all waiting.

They just need to tell us the field is responding and production is up.

After that all will be well.

Carmzy, oil in the ground is NOT valued at £50 per barrel. !!

We need to see oil coming OUT of the ground before we start to see any where near fair value.

Well the first question would have been how many bopd are you currently pumping.

And they would expect that to be the first.

Is the field yet to respond ?

Currently 7 C. and sunny in Powder River Basin.

Lovely weather to extract/transport oil

Ff, so you are expecting another "abnormal" winter like last last year ?

I am hopeful it will be more like a winter of 2022.

I don't think winter is necessarily a concern.

We did 60749 barrels in Jan 2022.......2000bopd................. Same again please !!

Yes, they just need to let us know the gas injection is working and they expect a steady increase in production from now.

Given how crucial this is to the plan you would think they would.

They must be starting slow and steady given no increase of note up to mid November.

I think our new CEO is a man who like to deliver what he says.

I am expecting the guidance to be along the lines of "expecting to reach 2000bopd by Q1 2024"(when we are funded up to)

Given the importance that the gas injection is working I would very much like the company to let us know.

Production for the last two weeks of November was.....?