Press

COPL On Track To Secure Funds For Offshore Nigeria Oil Project


Canadian Overseas Petroleum Limited (COPL) (XOP: TSX-V) & (COPL: LSE), an international oil and gas exploration and development company focused on offshore West Africa, provides an operational update on its licences in offshore Nigeria and Liberia.
 
Further to the Company's Q2 results, dated 11 August, COPL continues to make encouraging progress towards securing funds for its highly attractive appraisal and development project at OPL 226, offshore Nigeria. The Company 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 being put in place shortly after.
 
Additionally, COPL has plans to approach the Government of Liberia with regards to entering into a new Contract for Block LB-13, offshore Liberia. The current PSC for LB-13 with ExxonMobil and COPL terminates effective September 25, 2017. However, COPL's technical team sees opportunity in other areas of Block LB-13 and continues to perform geological and geophysical analysis in these areas.
 
Arthur Millholland, President & CEO, commented: "At present we remain focused on developing our highly attractive oil appraisal and development project in OPL 226, offshore Nigeria. The initial work program will be to drill an appraisal well at the NOA-1 oil discovery and bring it into production through an Early Production Scheme. The drilling of up to three additional similar wells on the NOA Structure would follow on from this. This phase of the project would precede a full field development.
 
"COFARCO SAS of Paris, France, and Zeus Capital of London, the two Investment Banks we are engaged with, specialize in project financing of African energy ventures and we have great confidence that they will secure the necessary funding. We look forward to updating the market upon completion of the financing phase of the process.
 
"We look forward to updating shareholders with the next steps that we take with regards to evaluating other leads mapped out on block LB-13 and other opportunities we see along the Liberian continental margin.



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