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Home Business News

Canadian oil firm on fund drive for Nigerian oil block after Liberian exit

Onome Ohwovoriole by Onome Ohwovoriole
November 13, 2017
in Business News, Company News
Canadian oil firm on fund drive for Nigerian oil block after Liberian exit

Arthur Millholland, CEO, Canadian Overseas Petroleum

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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.

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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.

 

 


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Tags: Canadian Overseas Petroleum LimitedShoreline Energy International
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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