Canadian Overseas Petrol... Share Discussion Threads

[luckyabbeygale] 17/8/2021 08:07

It's just how trading works. Sell at 0.55 and buy it back at 0.49p. Now we will see a decent bounce.

[johns288] 17/8/2021 08:07

What a absolute gift of a price......

[easwarareddy] 17/8/2021 08:07

Wtf down 50 percent from open.

[gregpeck7] 17/8/2021 08:07

Finish red?

[ride daice] 17/8/2021 08:05

Top up at 0.55. Happy days.

[roberts1975] 17/8/2021 08:05

Timberrrrr

[easwarareddy] 17/8/2021 08:04

Shake? Or pull back?

[edgein] 17/8/2021 08:02

Looks like we may do more volume than Canada today. :)

Regards,
Ed.

[zxie] 17/8/2021 08:01

Boooom up 200%

[edgein] 17/8/2021 07:58

Let the mayhem commence. :)

Regards,
Ed,

[edgein] 17/8/2021 07:50

Wow chaps, awesome. Reservoir performance well beyond expectations, response came on in mid May as expected and production has shot up 80% since in just a couple of months, up a further 22% since July! Moreover the average gas/propane injection rate is only 2/3 of what's planed so way more upside once they reach 10mmcfd injection rate. It'll be exciting to see how the reservoir performs shortly when they increase gas injection rates towards the end of the month. Art sure is on the ball when he says there's a strong outlook for the rest of the year.

Also very interesting that they're now started drilling at the BFU (rather than CC) to look at the Frontier and Dakota formations to see if they can discover a new field development under BFU. That would add additional reserves if successful. Its of little wonder then that Art's taking action over the remaining interests in BFU, not only for the field and production performance, but now its also a focus for Frontier and Dakota. There's the possibility it has the same potential as the CC formations, we'll find out in due course.

Also looking at additional acquisitions in Wyoming too, wow high growth curve underway it seems. More acquisitions like those of Atomic would be fantastic. This update is way better than the ops update I was hoping for this morning.

Regards,
Ed.

(Those that have sent PM's last night and this morning I'll answer soon, the reply button doesn't seem to be working at the moment)

[zxie] 17/8/2021 07:46

Boooom music

[luckyabbeygale] 17/8/2021 07:36

By the time COPL come out of auction spread bets will hopefully have to pay over 1p.

[zxie] 17/8/2021 07:28

Enjoy rise next few years

[zxie] 17/8/2021 07:27

The assets acquired through the acquisition of Atomic Oil and Gas LLC on March 16(th) are performing well beyond our initial expectations. Crude oil production has increased 80% from April 1(st) , and continues to increase weekly. In fact, crude oil production has increased 22% from the report of our Q1 results on July 26(th) . The increase in crude oil production is primarily due to the enhanced gas injection program which commenced on April 1(st) and is continuing. Oil production will continue to increase as the surface well site production facilities are enhanced to handle the increased oil production rates and associated higher working pressures. In addition, we have initiated operations to exploit the substantial upside identified by our team. We are confident that the assets acquired through the acquisition will continue to add significant value going forward and have increased our pro

[czar] 17/8/2021 07:20

"Current Oil Production increased 80%" that's good enough for a start, should trade around 0.7p but looks like more upgrades to come. COPL the best oil play for 2021 imho

[johns288] 17/8/2021 07:19

Roberts made yourself look even more stupid now havent you.....what a utter clown....only in AIM do you get the scum of society.

I bet my life your single and have no friends. Weirdo

[david gruen] 17/8/2021 07:17

17/08/2021 7:00am
UK Regulatory (RNS & others)

Canadian Overseas Petrol... (LSE:COPL)
Intraday Stock Chart

Tuesday 17 August 2021

RNS Number : 8192I

Canadian Overseas Petroleum Ltd

17 August 2021

Canadian Overseas Petroleum

Readmission to Trading and Operations Update

London, United Kingdom; Calgary, Canada: August 17, 2021 - Canadian Overseas Petroleum Limited ("COPL" or the "Company") (XOP: CSE) & (COPL: LSE), an international oil and gas exploration, production and development company with production and development operations focused in Converse County, Wyoming, USA, is pleased to announce its readmission to trading of its common shares on the Standard Segment of the London Stock Exchanges Main Market for listed securities, and to provide an operations update on today's readmission to trading.

Operating Highlights

-- Atomic Oil and Gas assets performing significantly ahead of expectation
o Current Oil Production increased 80% from 1,220bbl/d (gross), 706 bbl./d (net) at April 1(st) to 2,200 bbl./d (gross),1,302 (net)

o Total Gas Injected from April 1: c. 1 Bcf (60% Natural Gas, 40% Butane/Propane) at an average rate of 6,550 Mcf/d

o Commencement of a recompletion program at Cole Creek with the successful recompletion of two of twelve marginal producing oil wells

o Commencement of drilling operations of an exploratory well to expand the Shannon Unit and to open a potential new field development

-- Strong outlook for year end
o Oil production is expected to continue to increase due to strong gas injection response

-- Reviewing other value enhancing asset acquisitions in Wyoming
Arthur Millholland, President & CEO, commented:

"The assets acquired through the acquisition of Atomic Oil and Gas LLC on March 16(th) are performing well beyond our initial expectations. Crude oil production has increased 80% from April 1(st) , and continues to increase weekly. In fact, crude oil production has increased 22% from the report of our Q1 results on July 26(th) . The increase in crude oil production is primarily due to the enhanced gas injection program which commenced on April 1(st) and is continuing. Oil production will continue to increase as the surface well site production facilities are enhanced to handle the increased oil production rates and associated higher working pressures. In addition, we have initiated operations to exploit the substantial upside identified by our team. We are confident that the assets acquired through the acquisition will continue to add significant value going forward and have increased our production forecasts accordingly."

"With the oil price and our assets performing ahead of expectation, the company is in a very good position for both the short and medium term. We continue to review other value enhancing potential acquisitions in Wyoming as we look to build a material exploration and production company."

Wyoming Operations

The Company is Operator of 47,991 gross contiguous acres of leasehold in Converse and Natrona Counties in the State of Wyoming. Within the leasehold there are two (2) production Units: the Barron Flats Shannon Miscible Unit (57.7% WI) and the Cole Creek Unit (66.67% WI) and one unitized exploration area - the Barron Flats Federal Unit (Deep) (55.56% WI).

Barron Flats Shannon Miscible Unit

Commencing on April 1(st) the Company implemented a plan to increase gas injection at the Barron Flats Shannon Unit miscible flood project from 2,800 Mcf/d to 10,000 Mcf/d with the then planned peak injected volumes to be achieved in the 4(th) Quarter. Due to much better-than-expected injectivity response in mid-April, injection volumes were increased ahead of forecast peaking at 10,000 Mcf/d in the second week of June. Increased gas injection volumes commenced on the eastern portion of the field in April, balancing to the western area of the field through the period. Current injection rates are approximately 6,000 Mcf/d due to reduced butane/propane supply from the Company's supplier due a scheduled midstream plant turnaround. Gas injection rates will increase back to 10,000 Mcf/d at the end of the month when butane/propane supply becomes available. Approximately 1 Bcf of gas (60% Natural Gas, 40% Butane/Propane) has been injected from April 1 at an average daily rate of 6,550 Mcf/d.

Oil production response to the increased gas injection volumes commenced in earnest in the third week of May rising from 1,200 bbl./d on April 1(st) to 1,290 bbl./d (gross). Oil production response from that point has been more dramatic, rising 63% to the current 2,107 bbl./d (gross).

Oil production will continue to increase as crude oil production response on the west side of the field is being observed and as enhanced surface production facilities are installed on newly flowing wells in the eastern area to handle increased oil production volumes and accompanying higher flowing pressures.

Cole Creek Unit

The Company commenced a recompletion program at the Cole Creek Unit targeting low productivity wells in the Frontier Formation. Two (2) low productivity wells were recompleted at Cole Creek in July by re-fracing the Frontier Sand reservoirs. The combined production rates have increased from 19 bbl./d to the current 56 bbl./d. Oil production from these wells continues to increase slowly as they continue with post frac clean up through pumping. Ten (10) additional wells have been identified for reworking with the first of these re-fraced this past week. Two (2) additional wells will be re-fraced in September. Total current Cole Creek production is 93 bbl./d (gross), 81 bbl./d (net), up 31% from April 1(st) . The success of the initial two wells of the recompletion campaign has demonstrated that this technique is a cost-effective way to increase production and materially increase Unit operating margins.

The results of the reworking campaign will be utilized to evaluate and design a future horizontal well depletion strategy for the Frontier reservoir at Cole Creek as a precursor to a miscible flood enhanced recovery scheme similar to the operating Barron Flats Shannon miscible flood.

Barron Flats Federal Unit (Deep)

The Company has commenced drilling operations at the BFU Fed 14-30VF well location, a 9,212' exploration well with the primary objective to extend the Barron Flats Shannon Miscible Unit to the Southwest and to evaluate oil potential of the Frontier and Dakota Formations. The location is adjacent to and southwest of the Barron Flats Shannon Miscible Unit. Intersection of the Shannon reservoir at this location will expand and increase the oil reserves attributed to the Barron Flats Shannon Miscible Unit. In addition, the BFU 14-30VF location is offsetting an abandoned well, one (1) mile to the west, drilled in the 1950s which has well developed apparent oil-bearing Frontier and Dakota sands. The Frontier Formation is the primary objective in the exploration portion of this well, potentially opening a new oil field development project close to the Company's existing oil production facilities.

Nigeria Operations

The Company's 50% owned joint venture company, Shoreline CanOverseas Petroleum Development Corporation Limited ("ShoreCan") and Essar Exploration & Production Limited (Mauritius) ("Essar Mauritius") have agreed to extend the completion date of the definitive agreements between the parties announced on August 4(th) , 2020 to October 29(th) , 2021.

On August 4(th) , 2020, the Company announced that the shareholders of the Company's Nigerian Affiliate had executed definitive agreements to resolve their disputes. Completion of these agreements is subject to the Nigerian National Petroleum Corporation ("NNPC") granting an extension of the exploration period under the OPL 226 PSC beyond the September 30(th) , 2020. The Nigerian Affiliate applied for this extension in June 2020. COPL understands that COVID-19 restrictions pertaining to travel and "in person" meetings continue to cause delays regarding the application within the NNPC and the Department of Petroleum Resources ("DPR") due to increases in protection measures to protect the Nigerian people from the increasing effects of the pandemic.

In conjunction with the operations update, readers are reminded to review the Company's Final Prospectus ("Prospectus") dated August 11(th) , 2021 and the Q1 results filed on July 26(th) , 2021. The Prospectus and the Q1 results and associated annual regulatory filing documents, including the Financial Statements, Management's Discussion and Analysis, for the quarter ending March 31(st) , 2021, can be viewed under the Company's name at www.sedar.com or at the Company's website at www.canoverseas.com .

[scottwhetton] 17/8/2021 07:15

Yes lucky awsome update , things could get very interesting over the next wk pal

[dandadandan] 17/8/2021 07:15

A great RNS update.
Get ready for trading fireworks.

DDDD.

[luckyabbeygale] 17/8/2021 07:10

Wow I not expect such a fantastic update along with the restoration of trading.

[luckyabbeygale] 17/8/2021 07:08

Fantastic update. Most likely the best I have ever seen for a company I hold shares in.

[roberts1975] 17/8/2021 00:13

People will only learn the hard way Greed will get you to the poor house fasterI have no doubt this will open higherBut there are alot of shares people hold and they want that profitMms will take it up allow you to buy at sky high prices then rug pulled and down it sinks then its NT to sell and people start selling at any old price, 8am buyers then start selling at losses wouldnt be surprised large holders of 3% will also be slicing millions.