Canadian Overseas Petroleum’s Nigeria financing ‘coming together’

 

Arthur Millholland, chief executive of Canadian Overseas Petroleum Limited (LON:COPL CVE:XOP), discusses with Proactive’s Andrew Scott the progress being made towards financing the development of the OPL226 licence offshore Nigeria.

COPL’s  50% owned joint venture company Shorecan has agreed to a project financing and offtake agreement term sheet for between US$30mln to US$50mln with Mauritius Commercial Bank and commodities trading group Trafigura.

The facility would cover expenses after an initial production well has been drilled and tested by ShoreCan’s 80% owned affiliate Essar Nigeria.


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