COPL Announces Q3-2023
Operational and Financial Results
LONDON, UK and CALGARY, AB / ACCESSWIRE / November 15, 2023 / Canadian Overseas Petroleum Limited and its affiliates ("COPL" or the "Company") (CSE:XOP)(LSE:COPL), an international oil and gas exploration, production and development company with operations focused in Converse and Natrona counties, Wyoming, USA, announces the publication of its Financial Statements and Management Discussion and Analysis for the three and nine months ended September 30, 2023 and provides an operations update.
Third Quarter 2023 Operational Highlights:
Current Trading Update:
Third Quarter 2023 Financial Highlights:
The Financial Statements and the Management's Discussion and Analysis as at and for the quarter ending September 30, 2023, can be viewed under the Company's profile at www.sedarplus.ca or at the Company's website at www.canoverseas.com. The Company encourages interested parties to read the Management's Discussion and Analysis along with the Financial Statements and accompanying notes.
John Cowan, CEO and Director commented:
"The third quarter represents a period of important transition in all aspects of COPL. In the third quarter, G&A was reduced as an ongoing process in accordance the Company's previously announced commitments, with significant and required field infrastructure upgrades completed. Oil production remained stabilized, and importantly, the permitted gas flaring program has ceased."
"Since the third quarter in 2023, COPL was able to use working capital to increase NGL injection at the BFSU at double the rate compared to recent periods. This miscible flooded field requires injection of NGLs to enhance oil production and field recovery factors as capital restraints in earlier periods restricted the rates of NGL injection. A technical review of the oil response to increase NGL injection will be monitored closely this quarter, and it will form the basis for future production guidance and 2024 plans."
"The negotiations regarding a possible joint venture announced by the Company in July 2023 are ongoing and the parties are working to agree all outstanding matters."
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. Tom Richardson, Chairman
Mr. John Cowan, 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
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 Canadian Securities Exchange and under the symbol "COPL" on the London Stock Exchange.
All $ figures are United States Dollars unless otherwise noted.
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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SOURCE: Canadian Overseas Petroleum Ltd