10th Jan 2022 12:13
Canadian Overseas Petroleum Ltd - oil and gas explorer focused on US state of Wyoming - Makes a significant oil discovery at its leasehold in Converse and Natrona Counties, Wyoming. Canadian Overseas estimates the total oil reservoir to have 1.5 billion to 1.9 billion barrels of oil in place, with its own lease covering 1.3 billion to 1.6 billion barrels of that. Canadian Overseas will start exploiting the discovery this year, and it has already applied for permits covering four horizontal wells. Each well is expected to initially produce 1,000 to 3,000 barrels per day. Production has already begun at one discovery well at 100 to 120 barrels per day.
Meanwhile, at the company's Barron Flats Shannon field, also in Wyoming, production is running at 2,000 barrels a day, performing beyond its initial expectations after a gas injection programme that began in April last year.
Current stock price: 26.50 pence, up 30% on Monday
12-month change: up 8.2%
By Tom Waite; [email protected]
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