Canadian Overseas Petroleum Ltd Q3 2018 Results (8458G)
November 09 2018 - 2:00AM
UK Regulatory
TIDMCOPL
RNS Number : 8458G
Canadian Overseas Petroleum Ltd
09 November 2018
Canadian Overseas Petroleum
Files Q3 2018 Results
Calgary, Canada, November 8, 2018 - Canadian Overseas Petroleum
Limited ("COPL" or the "Company") (XOP: CSE) & (COPL: LSE), an
international oil and gas exploration and development company
focused on offshore Africa, announces the filing of the third
quarter results ending September 30, 2018.
During the third quarter of 2018, the Company had been working
towards advancing its financing activities together with its joint
venture partner Shoreline Energy and its investment bankers.
Subsequently, towards the end of the quarter, ShoreCan entered into
discussions with a second large oil service provider, with
activities in West Coast Africa.
Arthur Millholland, President & CEO, commented:
"We are delighted to have been approached by another large oil
service provider, which is very familiar with the region. Not only
are they offering the provision of services, but also financing.
This level of interest reaffirms our long-term view that OPL226 is
an attractive opportunity with significant upside potential.
"As for the Essar dispute, widely discussed by our shareholders,
we continue to stand firm that it has no merit as the 60-day
actionable period has lapsed. ShoreCan and its 80%-owned Essar
Nigeria partner are successfully advancing its financing and
operational activities in Nigeria."
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 actively pursuing opportunities in Nigeria and
sub-Saharan Africa in partnership with Shoreline Energy
International Limited ("Shoreline") as part of its strategy to
generate stable cash flow from secure offshore and onshore assets.
The Company and Shoreline, through their jointly-held affiliated
company Shoreline Canadian Overseas Petroleum Development
Corporation ("ShoreCan"), have acquired 80% of the share capital,
and have taken over the management of Essar Exploration and
Production Limited (Nigeria) ("Essar Nigeria"). ShoreCan has
applied to the concessionaire NNPC for formal consent for the
change in control of Essar Nigeria. Essar Nigeria 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 2018.
ShoreCan continues building a portfolio of exploration and
development assets in sub-Saharan Africa. To date, ShoreCan has
taken a position in Nigeria and the Company and Shoreline have been
awarded the PT-5b exploration license onshore Mozambique in the
5(th) Licensing Round adjacent to the producing Pande Temane Gas
and light oil field complex.
The Common Shares are listed under the symbol "XOP" on the CSE
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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