Canadian Overseas Petroleum Ltd Reports Q2 2017 Results (7211N)
August 11 2017 - 2:00AM
UK Regulatory
TIDMCOPL
RNS Number : 7211N
Canadian Overseas Petroleum Ltd
11 August 2017
Canadian Overseas Petroleum
Reports Q2 2017 Results
Calgary, Canada, August 10, 2017 - 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, today announced its results for
the second quarter ended June 30, 2017.
During the period, the Company successfully raised GBP3,280,000
from the marketed sale of common shares to investors primarily in
the United Kingdom through the facilities of the London Stock
Exchange. Senior Management and employees participated in the
offering on a private placement basis. The offering was
over-subscribed.
COPL's technical team continued to perform geological and
geophysical analysis on the rest of block LB-13, offshore Liberia,
in order to decide whether or not to proceed into the third
exploration phase of the PSC at LB-13 as the second exploration
phase expires on September 25, 2017.
Meanwhile, the Company continues to source funds for its
appraisal/development project at OPL 226 offshore Nigeria, held
through COPL's partnership with Shoreline Energy. The Company,
through its Investment Bankers COFARCO SAS of Paris, France and
Zeus Capital of London, United Kingdom, are in discussions with a
select number of Oil Traders, Merchant Banks and service providers
to source the required funds. Discussions are advancing well and
the Company hopes to have the process completed by the end of the
third quarter. COPL remains confident that it will meet the target
to drill an appraisal well in late 2017 or early 2018 with a
subsequent Early Production Scheme in place shortly thereafter.
Arthur Millholland, President & CEO, commented:
"We remain focused on developing our attractive oil appraisal
and development project in OPL 226, offshore Nigeria. The initial
work program will be to drill an appraisal well to the NOA-1 oil
discovery and place it on production through an Early Production
Scheme. This would be followed by the drilling of up to three
additional similar wells on the NOA Structure. This phase of the
project would precede a full field development. The two Investment
Banks engaged specialize in project financing of African energy
ventures. We look forward to updating the market and our
shareholders upon completion of the financing phase of the
process."
The results and associated interim filing documents, including
the Financial Statements and the Management's Discussion and
Analysis, can be viewed under the Company's name at www.sedar.com
or at the Company's website at www.canoverseas.com.
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. 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"), has acquired 80% of the share capital, and has taken
over the management, of Essar Exploration and Production Limited
(Nigeria) ("Essar"). Essar holds an attractive oil appraisal and
development project in shallow to mid-water offshore Nigeria on its
100% holding in OPL 226. Drilling of the first appraisal well is
planned to commence in late 2017 or early 2018. ShoreCan is
currently waiting for final approval from the Government of Nigeria
for the acquisition.
ShoreCan is building a portfolio of exploration and development
assets in sub-Saharan Africa. To date, ShoreCan has taken a
position in Nigeria. It continues to evaluate a variety of
additional assets in Nigeria and Sub Saharan Africa.
The Common Shares are listed under the symbol "XOP" on the TSXV
and under the symbol "COPL" on the London Stock Exchange.
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
Harriet Jackson/Charles Goodwin
Yellow Jersey PR Limited
Tel: +44 (0) 75 4427 5882
Email: copl@yellowjerseypr.com
Broker: London Stock Exchange
Shore Capital Stockbrokers
Limited
Edward Mansfield
Phone: T: +44 20 7468 7906
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
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