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Canadian Overseas Petroleum Ltd: Reports Q2 2017 Results


Canadian Overseas Petroleum Ltd: Reports Q2 2017 Results

Canadian Overseas Petroleum Ltd: Reports Q2 2017 Results

CALGARY, AB--(Marketwired - Aug 11, 2017) - Canadian Overseas Petroleum Ltd (TSX VENTURE: XOP) (LSE: COPL)


Canadian Overseas Petroleum

Reports Q2 2017 Results

Calgary, Canada, August 10, 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, today announced its results for the second quarter ended June 30, 2017.

During the period, the Company successfully raised £3,280,000 from the marketed sale of common shares to investors primarily in the United Kingdom through the facilities of the London Stock Exchange. Senior Management and employees participated in the offering on a private placement basis. The offering was over-subscribed.

COPL's technical team continued to perform geological and geophysical analysis on the rest of block LB-13, offshore Liberia, in order to decide whether or not to proceed into the third exploration phase of the PSC at LB-13 as the second exploration phase expires on September 25, 2017.

Meanwhile, the Company continues to source funds for its appraisal/development project at OPL 226 offshore Nigeria, held through COPL's partnership with Shoreline Energy. The Company, through its Investment Bankers COFARCO SAS of Paris, France and Zeus Capital of London, United Kingdom, are in discussions with a select number of Oil Traders, Merchant Banks and service providers to source the required funds. Discussions are advancing well and the Company hopes to have the process completed by the end of the third quarter. COPL 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 in place shortly thereafter.

Arthur Millholland, President & CEO, commented:

"We remain focused 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. This would be followed by the drilling of up to three additional similar wells on the NOA Structure. This phase of the project would precede a full field development. The two Investment Banks engaged specialize in project financing of African energy ventures. We look forward to updating the market and our shareholders upon completion of the financing phase of the process."

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