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Canadian Overseas Petroleum Ltd - Calgary, Canada-based oil and gas company operating in Nigeria and US state of Wyoming - Concerning Southwestern Production Corp's application to flare additional gas volumes at its Barron Flats Shannon unit, makes an application to the Wyoming Oil & Gas Conservation Commission.
Hearing was scheduled for Tuesday, but Southwestern has requested a continuance to the scheduled hearing docket in October in response to an objection to the application filed before the scheduled hearing in September.
‘While the delay in the hearing is unfortunate, the company's application is based on extensive and sound engineering which we look forward to presenting to the WOGCC in October. Flaring gas is something we do not do lightly as we own the enriched gas flared as it was purchased for the miscible flood. In addition, we are seeing positive responses to our wax treatment program in the field and I look forward to updating the market with results once we see some stability,’ said Chief Executive Officer Arthur Millholand.
Current stock price: 15.40 pence, down 6.7% on Wednesday
12-month change: down 59%
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