Canadian Overseas Petroleum Ltd Operational Update (8620R)
September 27 2017 - 2:00AM
UK Regulatory
TIDMCOPL
RNS Number : 8620R
Canadian Overseas Petroleum Ltd
27 September 2017
Operational Update
___________________________________________________________________________________
Calgary, Canada, September 27, 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, provides an
operational update on its licences in offshore Nigeria and
Liberia.
Further to the Company's Q2 results, dated 11 August, COPL
continues to make encouraging progress towards securing funds for
its highly attractive appraisal and development project at OPL 226,
offshore Nigeria. The Company 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 being put in place
shortly after.
Additionally, COPL has plans to approach the Government of
Liberia with regards to entering into a new Contract for Block
LB-13, offshore Liberia. The current PSC for LB-13 with ExxonMobil
and COPL terminates effective September 25, 2017. However, COPL's
technical team sees opportunity in other areas of Block LB-13 and
continues to perform geological and geophysical analysis in these
areas.
Arthur Millholland, President & CEO, commented: "At present
we remain focused on developing our highly attractive oil appraisal
and development project in OPL 226, offshore Nigeria. The initial
work program will be to drill an appraisal well at the NOA-1 oil
discovery and bring it into production through an Early Production
Scheme. The drilling of up to three additional similar wells on the
NOA Structure would follow on from this. This phase of the project
would precede a full field development.
"COFARCO SAS of Paris, France, and Zeus Capital of London, the
two Investment Banks we are engaged with, specialize in project
financing of African energy ventures and we have great confidence
that they will secure the necessary funding. We look forward to
updating the market upon completion of the financing phase of the
process.
"We look forward to updating shareholders with the next steps
that we take with regards to evaluating other leads mapped out on
block LB-13 and other opportunities we see along the Liberian
continental margin."
About the Company:
The Company is an international oil and gas exploration and
development company focused in offshore West Africa.
The Company is 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. 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, Mozabique 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.
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
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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