We were delighted to welcome Arthur Millholland, President and CEO at COPL to our London South East October Natural Resources webinar held on Tuesday 4.10.2022.
Those familiar with London and Toronto-listed oil producer Canadian Overseas Petroleum (COPL) know they have producing oil assets in Wyoming and have recently bought further P1 and P2 reserves from their bankrupt partner Cuda at advantageous terms.
Arthur Millholland joined us from London to talk us through the assets and their potential, and he encourages everyone to read the latest presentation as it answers most investor questions.
Whilst answering questions he confirmed that he was pleased with output and expected the overall flow to continue to increase from 1600 bpd, ‘although they are working on wells constantly to do the concentrate treatments so output goes up and down, the field isn’t stable yet’.
* Arthur is in discussions with another player about funding development although it’s too soon to say who yet.
* Arthur also reiterated he has ‘nothing planned’ in terms of placings.
* Permits are not an issue as we have a number in hand and others progressing. ‘What we need is 15,000 feet of nine inch casing’.
We are in discussions with the banks right now for the RBL deal to refinance our debt. ‘We have an excellent asset base and we are targeting getting a term sheet this month so we can draw by the end of the year.’
*The Wyoming winter won’t affect the drilling programme at all. ‘We have a drilling rig which is fully winterised and is easy to operate in winter.’
* We are targeting January to have the rig on site, we believe we will find casing by then (at double the cost) and the delay has been caused by the war in Ukraine believe it or not’.
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