COPL advances Wyoming drilling plan

Canadian Overseas Petroleum Ltd. (COPL) plans to drill one horizontal Frontier 1 well and two horizontal Frontier 2 wells as part of its 2022-23 drilling campaign in Converse and Natrona counties, Wyo.

COPL will evaluate three Frontier 1 sands through coring and open hole testing in the first horizontal well in the Barron Flats Federal Deep Unit targeting the Frontier 2 Formation during fourth quarter 2022. Following the completion of this well, the company will drill and complete a horizontal well in the Frontier 1 in the Barron Flats Federal Deep Unit. In addition, the COPL has identified suitable well bores at its Cole Creek Unit to recomplete in the Frontier 1 for production in fourth-quarter 2022. As such, the current resource estimates as outlined are likely to be revised or reclassified after this evaluation program.

The company plans to drill two Frontier 2 horizontal wells in its 2022-23 drilling campaign starting in this year’s fourth quarter. The first Frontier 2 horizontal well will be in the Barron Flats Federal Deep Unit offsetting its 2021 BFU Fed 14-30VF discovery well drilled in third-quarter 2021 which intersected Frontier 1, Frontier 2, and Lower Cretaceous Dakota formation sands (OGJ Online Jan. 10, 2022). The second Frontier 2 horizontal well will be drilled on an existing permitted location in the Cole Creek Unit targeting proven 1P and probable 2P undeveloped reserves.

A report from Ryder Scott estimates 0.99 billion bbl OOIP for Frontier 1, Frontier 2, and Dakota, which is less than the 1.275-1.64 billion bbl COPL original estimate based on results from the 14-30V discovery well.

Drilling will begin in fourth-quarter 2022.

COPL's current working interest on its operated leasehold block ranges from 55-85%.