Is a Canadian company “exploiting” oil finds in the United States a good thing?
Canadian Overseas Petroleum Limited ("COPL" or the "Company") (CSE:XOP)(LSE:COPL), an international oil and gas exploration, production and development company with operations focused in Wyoming, USA, announces a significant conventional light oil discovery at its Wyoming asset.
We estimate the Frontier element of the discovery to cover an area of approximately 51 square miles with the capacity of up to three horizontal wells per square mile each initially producing 1,000 - 3,000 barrels per day.
"This is a significant oil discovery and the size of the upside at our Wyoming asset was a surprise to us all. Conventional light oil discoveries of this magnitude have been rare in continental North America for years if not decades. We control the majority of this discovery as it is coincident with our large contiguous lease block. We will start exploiting the discovery this year."
January 10, 2022
https://markets.businessinsider.com/news/stocks/canadian-overseas-petroleum-ltd—copl-confirms-significant-oil-discovery-1031089666
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Canadian Overseas Petroleum Limited is an oil and gas company, headquartered in Calgary, Canada
https://www.canoverseas.com/