TIDMCOPL
RNS Number : 9981G
Canadian Overseas Petroleum Ltd
12 August 2016
Canadian Overseas Petroleum Limited
Reports Second Quarter 2016 Results and Stock Options Grant
______________________________________________________________________________________
Calgary, Canada, August 12, 2016 - Canadian Overseas Petroleum
Limited ("COPL" or the "Company") (XOP: TSX-V) & (COPL: LSE),
an international oil and gas exploration and development company
focused on offshore West Africa, announces its second quarter
results for the three and six months ended June 30, 2016.
In the second quarter of 2016, the Company continued to
identify, evaluate and pursue exploration and development
opportunities in Nigeria, Equatorial Guinea and other West African
countries. The Company is focused on offshore opportunities that
its seasoned technical team has strength in evaluating and
developing.
Arthur Millholland, President & CEO, commented:
"The Company's strategy is to grow our international oil and gas
business offshore sub-Saharan Africa and elsewhere in the world by
farming into, and/or acquiring interests in, exploration,
unappraised and/or undeveloped assets as well as in producing
assets using the expertise and experience of our senior management
team.
COPL's short-term operations will focus on working with
ExxonMobil to progress the activities on the future drill locations
in Liberia and working towards successfully concluding a variety of
new opportunities available to the Company in sub-Saharan
Africa."
The Interim Financial Statements and Management's Discussion and
Analysis for the second quarter can be viewed on the Company's
website at www.canoverseas.com or on SEDAR at www.sedar.com under
the COPL listing.
The Company also wishes to announce its Board of Directors also
approved the granting of 4,400,000 Share Options of the Company
effective August 11, 2016. The Share Options were granted under the
Company's Share Option plan at a price of $0.115 per share.
About the Company:
The Company is an international oil and gas exploration and
development company focused in offshore West Africa. The Company
holds a 17% working interest in Block LB-13, offshore Liberia, with
ExxonMobil the operator holding an 83% working interest, where it
expects to participate in the drilling of a deep-water exploration
well in late 2016. The Company is also actively pursuing
opportunities in Nigeria in partnership with Shoreline Energy as
part of its strategy to generate stable cash flow from secure
offshore assets. The Company and Shoreline, through their jointly
held affiliated company, Shoreline Canadian Overseas Petroleum
Development Corporation ("ShoreCan") are currently seeking
Government of Nigeria approval for the acquisition of 80% of a
Nigerian corporation holding an attractive oil appraisal and
development project in mid water offshore Nigeria.
ShoreCan is building a portfolio of exploration and development
assets in sub-Saharan Africa. To date, ShoreCan has taken a
position in Nigeria, and Namibia. It continues to evaluate a
variety of assets in Nigeria, and Equatorial Guinea.
The Common Shares are listed under the symbol "XOP" on the TSXV
and under the symbol "COPL" on the London Stock Exchange.
The corporate presentation featured at the AGM can be found on
the Company website: www.canoverseas.com. Also check out our
Twitter feed: @COPLinvestor.
For further information, please contact:
Mr. Arthur Millholland,
President & CEO
Canadian Overseas Petroleum
Limited
Tel: + 1 (403) 262 5441
Cathy Hume
CHF Investor Relations
Tel: +1 (416) 868 1079
ext. 231
Email: cathy@chfir.com
Dominic Barretto/Harriet
Jackson
Yellow Jersey PR Limited
Tel: +44 (0) 75 4427 5882
/ +44 (0) 20 3735 8827
This news release contains forward-looking statements. The use
of any of the words "initial, "scheduled", "can", "will", "prior
to", "estimate", "anticipate", "believe", "should", "forecast",
"future", "continue", "may", "expect", and similar expressions are
intended to identify forward-looking statements. The
forward-looking statements contained herein are based on certain
key expectations and assumptions made by the Company, including,
but not limited to, the ability to raise the necessary funding for
operations, delays or changes in plans with respect to exploration
or development projects or capital expenditures. Although the
Company believes that the expectations and assumptions on which the
forward-looking statements are based are reasonable, undue reliance
should not be placed on the forward-looking statements since the
Company can give no assurance that they will prove to be correct
since forward-looking statements address future events and
conditions, by their very nature they involve inherent risks and
uncertainties most of which are beyond the control of Canadian
Overseas Petroleum Ltd. For example, the uncertainty of reserve
estimates, the uncertainty of estimates and projections relating to
production, cost overruns, health and safety issues, political and
environmental risks, commodity price and exchange rate
fluctuations, changes in legislation affecting the oil and gas
industry could cause actual results to vary materially from those
expressed or implied by the forward-looking information.
Forward-looking statements contained in this news release are made
as of the date hereof and Canadian Overseas Petroleum undertakes no
obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new information,
future events or otherwise, unless so required by applicable
securities laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DGGDIISBBGLB
(END) Dow Jones Newswires
August 12, 2016 02:00 ET (06:00 GMT)
Canadian Overseas Petrol... (LSE:COPL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Canadian Overseas Petrol... (LSE:COPL)
Historical Stock Chart
From Apr 2023 to Apr 2024
