Canadian Overseas Petroleum (COPL) , is currently raising funds for further development of its oil block OPL 226, located offshore in the Niger Delta region of Nigeria. The company has also exited a Liberian joint venture it had with Exxon Mobil. This was disclosed by President of the firm, Arthur Millholand in a press release to the London Stock Exchange (LSE) today. COPL had earlier raised £2.5 million through a share sale earlier this year, and plans to drill an appraisal well in in 2018.
“We continue to focus 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,”
Shoreline Canadian Overseas, ShoreCan, an affiliate of the Canadian Overseas Petroleum Limited, COPL, had in October 2016 acquired a controlling interest in the block, following its take over of a majority stake in Essar Exploration and Production Limited.
Canadian Overseas Petroleum Limited is a publicly traded oil and gas company listed on the TSX Venture Exchange (TSX-V) under the symbol “XOP” and the London Stock Exchange (LSE) under the symbol “COPL”. COPL is an international oil and gas exploration and development company focused on sub-Saharan offshore Africa.
The Company formed a joint venture company with Shoreline Energy International Limited, and both partners hold a 50% interest in Shoreline Canoverseas Petroleum Development Corporation Limited (“ShoreCan”), which was incorporated on October 24, 2014. ShoreCan is focused on acquiring upstream oil and gas exploration, development and producing assets in subSaharan and West African countries.
News continues after this ad