993-million-barrel oil discovery in Converse and Natrona County

Canadian Overseas Petroleum Limited (COPL) and its affiliates received a Resource Report by independent energy consultancy Ryder Scott verifying its deep oil discovery on its affiliate COPL America Inc.’s lands in Converse and Natrona counties, Wyoming.

COPL is an international oil and gas exploration, production and development company with production and development operations focused in Converse and Natrona counties, Wyoming, United States.

COPL first announced the oil discovery located in Wyoming in January. Ryder Scott, independent energy consultancy, confirmed the finding in a report released on July 29.

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The confirmation supplemented that the deep discovery totals 993.5 million barrels of Original Oil in Place.

The report "supports the company's conclusion that the Frontier 2 and Dakota discoveries are large stratigraphic oil accumulations encompassing the reserves at the Company's operated 100% WI Cole Creek field."

The report outlines 118 horizontal well locations to exploit the identified Frontier 2 and Dakota Reserves and Resources. CPOL plans to drill one Frontier 1 well and two horizontal wells as part of its 2022-23 drilling campaign commencing in Q4 2022 offsetting the 14-30V discovery well drilled in Q3 2021, according to World Oil.

"The report is compliant to Canadian regulatory requirements pursuant to National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (NI 51-101) which stress conservatism to the evaluation. The geologic interpretations, reservoir determinations and risk assessments are Ryder Scott’s, and as such independent of the Company," World Oil said.

“This independent Report validates what we announced at the start of the year and highlights the significant potential of our fantastic Wyoming asset,” said Arthur Millholland, President & CEO. “Compiled to Canadian regulatory standards, the Report gives a conservative view, and we expect to see further exploration upside in due course once our drilling program gets under way in the coming months. Following on from the recent financing and completion of the Cuda Energy acquisition, this Report is another step forward as we transform into an oil producer of scale.”

Current stock price: 17.99 pence

12-month change: down 55%

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