Canadian Overseas Petroleum Limited is a junior oil and gas company focused in Sub-Saharan African. The company is headquartered in Calgary, Canada and the shares trade on the London Stock Exchange (AIM:COPL) and on the TSX Venture Exchange(TSXV: XOP).
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25 May 2017 – Common Share Offering
Mr. Arthur Millholland, President and CEO commented: “The Company is focused on securing project financing for its oil appraisal and development project offshore Nigeria in OPL 226 held through its 50% owned subsidiary ShoreCan’s 80% shareholding in Essar Exploration and Production Limited Nigeria. COPL provides management and technical services to ShoreCan and Essar Nigeria. The net proceeds of the Placing will provide the Company with additional working capital as we look to execute on our business plan.”
“Whilst we were disappointed with the initial drill results from the Liberian Mesurado-1 well drilled in December, we are nearing the end of our re-interpretation of the 2,500 sq. kilometre LB-13 3D seismic data set through the incorporation of the drilling results into an updated seismic interpretation. This involves a reappraisal of the seismic attributes previously interpreted to be possibly associated with hydrocarbons. Specifically, the Company is evaluating whether the false hydrocarbon seismic response at Mesurado-1 is a local or a regional phenomenon. This evaluation is not one which can be accomplished in a short time, but should be completed late Q2 to early Q3 2017. Once this is completed the next steps regarding LB-13 will be determined.”
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