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Canadian Overseas Petroleum Limited (COPL), an international oil and gas exploration company, announced the issuance of 16,096,814 common shares, affecting its outstanding bond structure. 4,895,960 shares were issued due to the conversion of $0.2 million each from 2027 and 2028 bonds. Currently, the 2027 bonds outstanding principal is $15.8 million with 79 bonds, while 2028 bonds stand at $17.2 million with 86 bonds. Furthermore, 10,561,412 shares will be issued on April 26, 2023, for $0.7 million in conversion payments. COPL will apply for the shares to be listed on the FCA's Official List and the London Stock Exchange, resulting in a total of 412,513,804 shares issued and outstanding. This news indicates ongoing financing activities aimed at supporting the company's operations in Wyoming.
Canadian Overseas Petroleum Limited provided an operational update alongside the appointment of Thomas Richardson as a Non-Executive Director. Construction for a $4.5 million upgrade of the Barron Flats Shannon Unit gas gathering system will begin on April 29, enhancing oil production by addressing past constraints. The company is also converting existing wells to pumping-flowing operations to mitigate paraffin-related production interruptions. In Q1 2023, the average crude oil production was 1,200 Bbls/d, with current production around 1,000 Bbls/d. The firm is engaged in joint venture discussions regarding Frontier oil resources. The goal is to boost production and reduce operational costs, particularly by increasing miscible gas injection from 3.5 MMCF/d to 8.5 MMCF/d.