Investor Presentaiton
Senior Debt Re-Finance Update
In 2021 and 2022 COPL successfully acquired control of producing, long life oil reserves in Wyoming, USA for
less than $2/bbl of 2P Reserves*
COPL is working with a Specialist Oil & Gas Debt Advisor to secure a Reserve Based Loan supported by its
Wyoming, USA asset base. In discussion with national and regional US banks and other E&P lenders.
Cuda Acquisition was a key milestone to the debt process:
COPL now has majority ownership and no bankrupt partner
2P reserves increase by 47% to 38.2 million barrels*
COPL NPV10 increased by US$122 million from US$258 million to US$380 million *
Next Steps: COPL is targeting draw down of a Reserve Based Loan in Q4 - 2022
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Proven Developed Producing Model supports a 5 year term
Target borrowing base of $50 million to $60 million
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Proceeds used to refinance current senior debt and for infrastructure / facility capex
Scope for junior tranche for capex and drilling to augment borrowing facility
Update on Debt Process and Term Sheet Negotiations by end of Q3 - 2022
COPL
*
COPL December 31, 2021 NI-51-101 Reserves - www.canoverseas.com/www.sedar.com
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