SMALL-CAP WINNERS & LOSERS: Canadian Overseas soars on oil discovery [Wyoming]
The oil and gas explorer says it has made a significant oil discovery at its Wyoming asset.
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.
Company will start exploiting the US discovery this year, and it has already applied for permits covering four horizontal wells.
10th Jan 2022
https://www.lse.co.uk/news/small-cap-winners-and-losers-canadian-overseas-soars-on-oil-discovery-jpp3ytagp1luidy.html
Canadian Overseas Petroleum Ltd - COPL Confirms Significant Oil Discovery
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.
COPL currently estimates the total reservoir volume of the discovery to be 1.5 billion to 1.9 billion Bbl. of Oil in Place ("OIP"), of which 1.275 billion to 1.64 billion Bbl. of OIP underlays COPL lands
January 10, 2022
https://finance.yahoo.com/news/canadian-overseas-petroleum-ltd-copl-070000571.html
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
Link led to browser warning:
Canadian Overseas Petroleum Limited is an oil and gas company, headquartered in Calgary, Canada
https://www.canoverseas.com/
Light Oil
Light oils (kerosine and gas oil) are clean burning and do not produce smoke in properly maintained appliances. Heavier oils require atomizing and heating equipment to burn properly, and can produce black smoke by faulty operation.
https://www.sciencedirect.com/topics/engineering/light-oil
Light crude oil is liquid petroleum that has a low density and flows freely at room temperature. It has a low viscosity, low specific gravity and high API gravity due to the presence of a high proportion of light hydrocarbon fractions. It generally has a low wax content.
Light crude oil receives a higher price than heavy crude oil on commodity markets because it produces a higher percentage of gasoline and diesel fuel when converted into products by an oil refinery.
https://en.wikipedia.org/wiki/Light_crude_oil