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 Africa, announces its results for the year ending December 31, 2017.
Highlights for the year ended 2017 are as follows:
• COPL and partner ExxonMobil on block LB-13, offshore Liberia, both elected not to enter
into a third exploration period and accordingly, surrendered their rights to the LB-13
license, resulting in the expiration of LB-13 production sharing contract on September 25,
2017.
• The Company completed two (2) financings in London that raised gross proceeds of
£3.28 million and £2.5 million respectively.
• The Company, it’s joint venture partner and its investment bankers are securing financing
for its appraisal/development project at OPL 226, offshore Nigeria, held through COPL’s
joint venture with Shoreline Energy.
• COPL and its joint venture partner are currently in discussions with potential contractors
and suppliers to drill an appraisal well in 2018.
• COPL has made excellent progress on itsfinancing process and logistics while awaiting the
last approvals from the Nigerian Government with regards to Phase 1 PSC extension and
asset transfer so that the Company can register the shares in the corporate registry in
Nigeria.
• Late last year, COPL, through its 50%-owned subsidiary ShoreCan, was awarded onshore
Block PT5-B in Mozambique’s 5th Licensing Round (the “Block”) to hold a 57% interest
in the consortium, and COPL is the operator. COPL believes the Block offers potential for
additional gas and light oil resources based on its review of the historic 2D seismic data
and its proximity to the adjacent to the producing Pande-Temane Gas and light oil
field complex.
Arthur Millholland, President & CEO, commented
“ The past 12 months, our focus was, and continues to be, on developing our highly prospective oil appraisal and development project at OPL 226, offshore Nigeria. We look forward to drilling 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 prolific NOA Structure. This phase of the project would precede a full field development. In the meantime, our team continues to review additional prospects in an effort to identify other exciting opportunities that fit our selective criteria. We envision building a mid-tier oil and gas company with the support of our partner Shoreline Energy, one of Nigeria`s largest conglomerates, our financing partners and our loyal shareholders.While we recognize that everything is taking much longer than we initially estimated, our preparedness, enthusiasm and persistence have not diminished one little bit.”
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