An independent resource report underlines the ‘significant potential of our fantastic Wyoming asset’, according to Arthur Millholland, chief executive of Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP).
Compiled by consultancy Ryder Scott, the document confirms the deep discovery has total original oil in place of 993.5mln barrels.
In doing so it also ratifies the company’s internal assessment of the potential of the discovery it shared with the market in January.
COPL pointed out that the estimates complied with Canada’s National Instrument 51-101 reporting standards and thus were naturally conservative.
Digging into the report, it highlights the potential for 118 horizontal wells across the acreage in Converse and Natrona counties, in the US state of Wyoming.
COPL said it now plans to sink three horizontal wells at three locations as part of the 2022-23 drilling campaign that kicks off in the fourth quarter.
CEO Millholland told investors: "This independent report validates what we announced at the start of the year and highlights the significant potential of our fantastic Wyoming asset.
“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 underway 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."