Member Info for SteveV

I think the SP will drift up again soon to around 4.3p when the RNS is fully digested and short termers have done what they need to do. Then we wait for production updates.

I think getting ones house in order before a JV is a big message from today.

Anavio have stepped in and sorted things out. A bit shocking but very welcome that we are able to make savings of $3.5m off G&A just in 2023 !! And the hedge restructuring is VERY welcome with oil prices set to stay high.

I think we are going to be substantially cash positive before the end of the year.

Yep a lot of things that needed to be addressed have been sorted with this RNS.

We now have a clear run with no concerns and can watch as production steadily ramps up, and the JV is finally signed off.

No mention of a new RBL in todays RNS....No longer required ?

Oh......hold your horses. This one might not be us. Though still relevant. NiTEC did this in 2008

https://www.hartenergy.com/ep/exclusives/prices-trigger-enhanced-recovery-16255

".....A Denver-based independent energy company plans to develop oil reserves in Wyoming’s Powder River Basin through the application of modern reservoir management practices and secondary and tertiary recovery techniques to enhance production on mature, historically productive fields with proven in-place reserves.

Specifically, Rancher Energy Corp. plans to develop its existing properties through waterflood and CO2 injection, which should allow the company to recover substantial oil reserves that are not accessible through primary production techniques. The operating company owns three oil fields in Wyoming’s Powder River Basin — the Big Muddy, South Glenrock B and Cole Creek South fields.

Rancher Energy is pursuing its secondary and tertiary enhanced oil recovery (EOR) strategy because the management believes this offers significant upside potential while not exposing the company to risks typically associated with drilling newfield wildcat wells in frontier basins.

Rancher Energy engaged a Denver-based reservoir consulting firm, NITEC LLC, to complete a simulation and extensive technical review concerning the operator’s three fields via CO2 flooding. NITEC concluded that the fields represent a compelling development opportunity and are particularly well suited to a full-field continuous CO2 flood injection program to enhance oil recovery to the maximum extent possible.

NITEC estimates that these fields collectively contain at least 424.1 million bbl of original oil in place (OOIP) supported by more than 90 years of hydrocarbon development and production data......"

Great !!

Shame we don't have any dates as to when NITEC did their studies.

Who commissioned it? Was it before or after the JV announcement !!?

Intriguing !!

Just waiting for the JV to sign on the dotted line now and we're off.

I think when increased production is announced(anytime soon) then some big buyers will jump in around 4p and the mm's will be forced to let the SP run much higher and find a new level.

Jiff, I believe the current hedge is due to expire sometime in 2024 any way.

So late 2024 we could be producing 5000bopd at $80 per barrel = $146 revenue per year !!

Most analysts are predicting Oil prices to remain buoyant throughout 2024

WTI futures market is trading around $80 for 2024

We should expect a steady and sustained rise in production from COPL for the rest of this year and into next.

At $80 things are looking VERY rosy.

My prediction is 30p by Xmas and 2500bopd

Come on Jedster,

Over $2billion revenue per year for the next 40 years, making $637 million profit a year....for 40 years !!!!

The SP would be astronomical.

Exxon are making around $46 billion pre tax profit per year. Their market cap is approx. ten times that.

If COPL were making $637 m per year the SP would be around $9 (if you compare to Exxon)

Well your maths is correct. Everything else is nonsense.

Yep, looks like oil is going to stay around $80 for the next year.

https://www.marketwatch.com/investing/future/cl.1

Yep, definitely a good time to be doubling ones production output over the next few months.

Cash flow positive soon?

Is it not simply the case that JBER are acting under instructions from some of the selling bondholders.

The bondholders are happy to sell large volumes if the price is, x amount.

Then the pi's start buying again at a lower, y amount.

IMO it is the bonds that have screwed us. Was that the only alternative to going bust. I don't know. What happened to the RBL... Our finance director is very silent. The bonds have trashed the sp and also heavily diluted shareholder value.

And, the JV approached COPL specifically for EOR of Cole Creek. It' been a while though.

BUT on 13th July Exxon Buys Denbury for $4.9 billion. Denbury being leaders in EOR and carbon capture.

11 days later on 24th July .....COPL and an established energy company ("JVCo") have entered into an LOI for the negotiation of definitive agreement(s) for a Joint Venture (the "JV") to develop and exploit its oil reserves and resources at its Cole Creek project.

Clearly takes time to gather the jigsaw pieces together...BUT they are being.

Yep.

Is this the new beginning? Upwards from here.

Highly unlikely a takeover at this stage IMO.

The JV will want to test test the water with all their surplus CO2 to assess how well our fields respond to EOR

and Carbon capture.

If it transpires that they think that it will result in being able to extract 50% + of at least well over 1 billion barrels of Oip

then we may see some takeover action. Looking at 2024 for that.

If we can get to cash flow positive by the end of the year, get some cash from the JV, sort out the RBL, pay off the most onerous bondholders to stop the dilution...We'll be flying.!

SP ...50p by Xmas anybody?

I expect July production figures(out soon) will be fairly modest. There was a lot going on re: the upgrades.

They were complete end of July. So....what will August figures be? Up yes, no doubt, but not exponential.

I am expecting a gradually production increase over the next few months. 2500bobd by the year end is my guess.

Cash positive....!!!

JV, RBL to follow.

Things are looking up. !

People realising we can't do without oil and gas for the foreseeable. Therefore carbon capture has got to be a major part of the mix.