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COPL says Atomic assets are performing significantly ahead of expectations

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Canadian Overseas Petroleum Ltd (LSE:COPL, CSE:XOP, FRA:V9LA, OTC:VELXF) told investors that the acquired Atomic Oil and Gas assets are performing significantly ahead of expectations.

Oil production from the assets is up some 80% measured at 2,200 barrels per day, up from 706 barrels at April 1 (the effective date of the transaction). Production volumes are expected to rise further.

Volumes have been supported by gas injection, with 1bn cubic feet (60% natural gas, 40% butane/propane) pumped in and the beginning of a well recompletion programme with two of twelve well operations to date. New drilling is underway to expand the Shannon asset and open up a potential new field development.

“The assets acquired through the acquisition of Atomic Oil and Gas LLC on March 16 are performing well beyond our initial expectations,” said chief executive Arthur Millholland. “Oil production will continue to increase as the surface well site production facilities are enhanced to handle the increased oil production rates and associated higher working pressures.”

“We are confident that the assets acquired through the acquisition will continue to add significant value going forward and have increased our production forecasts accordingly.”

 ”With the oil price and our assets performing ahead of expectation, the company is in a very good position for both the short and medium term.”

Millholland added that the company is continuing to review other potential value enhancing acquisitions in Wyoming as it builds a material exploration and production company

COPL shares resume trading on the London Stock Exchange today, following its customary suspension during the reverse takeover of Atomic.

Story by ProactiveInvestors


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