StockMarketWire.com - Oil and gas company Canadian Overseas Petroleum hailed a ' significant' oil discovery at its Wyoming asset in the US.

Light crude oil was discovered in 'stratigraphic traps in the Upper Cretaceous Frontier Fm. 1 and 2 sands and the Lower Cretaceous Dakota Fm. sands,' the company said.

The company currently estimated the total reservoir volume of the discovery to be 1.5 billion to 1.9 billion barrels of oil in place, of which 1.275 billion to 1.64 billion barrels underlays the company's lands.

Production had already commenced from the Dakota Fm, the lowermost reservoir sand in the BFU 14-30VF discovery well at 100-to-120 barrels of oil per day.

The company also provided an update on the Barron flats Shannon Unit continue to perform beyond COPL's initial expectations with crude oil production running at around 2,000 bbl./d The increase in production since the asset was acquired is due to the enhanced gas injection program which commenced on April 1st 2021.


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