Canadian Overseas Petroleum Ltd (LSE:COPL, CSE:XOP, FRA:V9LA, OTC:VELXF)'s (LON:COPL)(CSE:XOP) Arthur Millholland joins Proactive London's Katie Pilbeam to discuss how the acquired Atomic Oil and Gas assets are performing and provides an in-depth plan of the company's strategy.
Oil production from the assets is up some 80% measured at 2,200 barrels per day, up from 706 barrels at April 1 (the effective date of the transaction). Production volumes are expected to rise further.
Volumes have been supported by gas injection, with 1bn cubic feet (60% natural gas, 40% butane/propane) pumped in and the beginning of a well recompletion programme with two of twelve well operations to date. New drilling is underway to expand the Shannon asset and open up a potential new field development.
