LONDON--Canadian Overseas Petroleum Ltd. (XOP.V) said Wednesday that the Mesurado-1 exploration well located in Liberia is planned to spud in late 2016 to early 2017.

The oil exploration company said the well is currently estimated to be drilled for a total cost of $120 million. The exact timing of the well will be dependent on rig availability and on timing of contractor's capability to operate in the country.

Canadian Overseas holds a 17% working interest in Block LB-13, offshore Liberia, with ExxonMobil Liberia, the operator, holding the remaining 83% working interest.

London listed shares of Canadian Overseas at 1132 GMT trading 14.3% higher at 3 pence.

Write to Tapan Panchal at tapan.panchal@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

September 23, 2015 07:50 ET (11:50 GMT)

Copyright (c) 2015 Dow Jones & Company, Inc.
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