Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP, OTC:VELXF) (COPL) told investors it averaged a production rate of 1,250 barrels per day in the second quarter of 2023.
During the period operations saw intermittent interruptions as certain wells were paused, as the company installed a pipeline for an upcoming expansion to the project at the Barron Flats Shannon Unit (BFSU).
At the same time, the company advanced the BFSU project’s high-pressure gas gathering system upgrade which is now due to complete later this month.
COPL noted that production volumes are expected to raise to previous peaks, seen in late 2021/early 2022.
The company's chief executive Arthur Millholland highlighted “progress on all fronts” since the firm’s last update.
“We are pleased that our Gas Gathering System Upgrades are on schedule, and we were fortunate to have been able to acquire the necessary high-pressure production equipment we require here in Alberta which alleviated supply chain issues in the United States,” Millholland said.
“With the required upgrades to our field gas gathering system nearing completion, we are focusing our attention on a revised injection strategy to return the field to its designed depletion strategy which should result in a return to the previous production peak and an increasing production profile," he added.