Canadian Overseas Petroleum (COPL.L) Is Up 2.13%: Wyoming Assets Continue To Exceed Expectations

During the last trading session, Canadian Overseas Petroleum shares rose by 2.13% and were trading at 0.3830 GBP. Share price indicators have been steadily rising throughout this week. As of September 10, the share price was 0.3400 GBP. The next day, the shares rose to 0.3488 GBP. On August 15, the shares reached 0.3878 GBP. Canadian Overseas Petroleum has informed investors that its recently acquired assets in Wyoming continue to show good results, significantly exceeding initial expectations.

Gross oil production as of August 31 amounted to 2,720 barrels of oil per day, which is 1,604 barrels net per COPL and represents an increase of about 123% compared to the figures at the field in April. This is about 24% more than the figures measured just two weeks ago, COPL noted. The increase in productivity was the result of an ongoing expanded gas injection program that began on April 1 (which was also the effective date of COPL’s acquisition of assets in Wyoming). Oil production will continue to grow as production capacity at surface well sites expands to cope with increased oil production rates and associated higher operating pressures.

Related:  Tullow Oil (TLW.L) Shares Are Down 0.4%: A Good Buying Opportunuty?

 

Lora Nilsson

Finance and Business reporterAfter graduating high school. Lora decided to travel and blog as a part-timer. Today she enjoys what she loves and works remotely as our finance and business reporter