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  • Writer's pictureMark Watson-Mitchell

COPL – system upgrading completion within days and a return to previous production peaks

The needed upgrades to the field gas gathering system for Canadian Overseas Petroleum (LON:COPL) are nearing completion.


President and CEO Arthur Millholland stated that the group is now progressing on all fronts and, after the temporary shutdown of certain induction and production wells, is quickly returning to its previous production peaks, while also looking to increase its producing profile.


The group is an international oil and gas exploration, development, and production company actively pursuing opportunities in the US with operations in the Converse and Natrona counties in Wyoming.


It is operating three Units: the Cole Creek, where it has a 100% working interest; the Barron Flats Shannon (Miscible), with a working interest of 85%; and the Barron Flats Federal (Deep) (85%).


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.


The construction of the Barron Flats Shannon Unit’s $4.5m high-pressure gas gathering pipeline system upgrade is on target for completion in July.


Following a recent Site Visit analysts at Joint Broker Hannam & Partners consider that after its various challenges have been faced and resolved, the group’s shares have a risked NAV of 16p per share.


In reaction to the increased downtime due to shutdowns, the £11m capitalised company has seen its shares fall steeply from a 17p High in early January this year, to trade now at around the 2.0p level.


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