TIDMCOPL
RNS Number : 3258A
Canadian Overseas Petroleum Ltd
23 May 2023
COPL Announces Gas Gathering System
Construction Progress
London, United Kingdom; Calgary, Canada: May 23, 2023 - Canadian
Overseas Petroleum Limited and its affiliates ("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 and Natrona
counties, Wyoming, USA, announces a project construction update for
the gas gathering system ("GGS") at its Barron Flats Shannon
(Miscible) oil production Unit ("BFSU").
GGS installation progress:
-- Right-of-way access for the installation of the GGS was
cleared and crews mobilized to site in late April.
-- All 8" pipe has been delivered to site and strung alongside the right of way.
-- Welding of pipe commenced on May 10(th) and is continuing,
with 2,352 ft of 8" pipe laid and welded to date.
-- Construction is scheduled to take two to three months and
Phase 1a is budgeted at up to $4.5 million, funded by proceeds of
COPL's recent convertible bond financing. The wellsite facility
upgrades in the scope of work include installing high-pressure
separators and high-pressure fire tubes for each separator.
-- The project consists of five miles of high-pressure steel
pipe routed through the core area of the field. Phase 1a will
connect seven batteries, servicing nine wells of the 34 producing
wells, which will be tied into the high-pressure system. The
current, low-pressure gas gathering system will continue to service
the remaining BFSU wells. The system is designed to optimally
capture additional wells with increased pressures as the field
miscible flood matures.
-- COPL has also initiated well conversion programs to convert
certain high productivity oil producing wells at BFSU to
flowing-pumping configurations, in tandem with the GGS
installation.
A map detailing the planned gas gathering system upgrades (Phase
1a and subsequent) can be found:
https://www.canoverseas.com/wp-content/uploads/2023/05/BFSU-Infrastrusture-Phases-04.06.2023_compressed.pdf
Arthur Millholland, President & CEO commented:
"The GGS Phase 1a project is designed to connect our top
producing wells in the Shannon (Miscible) flood and other wells
proximate to the main GGS trunkline, alleviating pressure related
issues, reducing flaring requirements and allowing our facilities
to return produced gas back to the BFSU gas plant. We are pleased
with the progress to date which is on time and on budget."
About the Company:
COPL is an international oil and gas exploration, development
and production company actively pursuing opportunities in the
United States with operations in Wyoming.
The Company operates the Cole Creek Unit 100% WI, Barron Flats
Shannon (Miscible) Unit 85% WI and holds Barron Flats Federal
(Deep) 85% WI in addition to non-unitized lands 100% WI.
The Company's Wyoming operations are one of the most
environmentally responsible with minimal gas flaring and methane
emissions combined with electricity sourced from a neighbouring
wind farm to power production facilities.
For further information, please contact:
Mr. Arthur Millholland, President & CEO
Mr. Ryan Gaffney, CFO
Canadian Overseas Petroleum Limited
Tel: + 1 (403) 262 5441
Cathy Hume
CHF Investor Relations
Tel: +1 (416) 868 1079 ext. 251
Email: cathy@chfir.com
Charles Goodwin
Yellow Jersey PR Limited
Tel: +44 (0) 77 4778 8221
Email: copl@yellowjerseypr.com
Peter Krens
Equity Capital Markets, Tennyson Securities
Tel: +44 (0) 20 7186 9033
Alex Wood & Keith Dowsing
Joint Broker
Alternative Resource Capital
AW: +44 (0) 7559 910872
KD: +44 (0) 7559 910873
Andrew Chubb / Neil Passmore
Advisors/Joint Brokers
Hannam & Partners
+44 (0) 20 7907 8500
The Common Shares are listed under the symbol "XOP" on the CSE
and under the symbol "COPL" on the London Stock Exchange.
This news release contains forward-looking statements. The use
of any of the words "initial, "scheduled", "can", "will", "prior
to", "estimate", "anticipate", "believe", "should", "forecast",
"future", "continue", "may", "expect", and similar expressions are
intended to identify forward-looking statements. The
forward-looking statements contained herein are based on certain
key expectations and assumptions made by the Company, including,
but not limited to, the ability to raise the necessary funding for
operations, delays or changes in plans with respect to exploration
or development projects or capital expenditures. Although the
Company believes that the expectations and assumptions on which the
forward-looking statements are based are reasonable, undue reliance
should not be placed on the forward-looking statements since the
Company can give no assurance that they will prove to be correct
since forward-looking statements address future events and
conditions, by their very nature they involve inherent risks and
uncertainties most of which are beyond the control of Canadian
Overseas Petroleum Ltd. For example, the uncertainty of reserve
estimates, the uncertainty of estimates and projections relating to
production, cost overruns, health and safety issues, political and
environmental risks, commodity price and exchange rate
fluctuations, changes in legislation affecting the oil and gas
industry could cause actual results to vary materially from those
expressed or implied by the forward-looking information.
Forward-looking statements contained in this news release are made
as of the date hereof and Canadian Overseas Petroleum undertakes no
obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new information,
future events or otherwise, unless so required by applicable
securities laws.
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