Canadian Overseas Petroleum Ltd Mesurado-1 Well Commences Drilling Operations (9481P)
November 23 2016 - 4:46AM
UK Regulatory
TIDMCOPL
RNS Number : 9481P
Canadian Overseas Petroleum Ltd
23 November 2016
Mesurado-1 Well Commences Drilling Operations
___________________________________________________________________________________
Calgary, Canada, November 23, 2016 - 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, announces ExxonMobil Exploration
and Production Liberia Limited, an affiliate of ExxonMobil,
commenced drilling operations on the Mesurado-1 exploration well on
November 22, 2016 utilizing the Drillship Seadrill West Saturn. The
Mesurado-1 well is located about 50 miles offshore Liberia on Block
LB-13 in approximately 2500 meters of water. The well, targeting
oil in Late Cretacous sands is the first well operated by
ExxonMobil offshore Liberia.
The Company's 100% owned subsidiary, Canadian Overseas Petroleum
(Bermuda) Limited, holds a 17 percent interest in Block LB-13.
About the Company:
The Company is an international oil and gas exploration and
development company focused in offshore West Africa. The Company
holds a 17% working interest in Block LB-13, offshore Liberia, with
ExxonMobil the operator holding an 83% working interest, where the
drilling of a deep-water exploration well commenced in November
2016. The Company is also actively pursuing opportunities in
Nigeria in partnership with Shoreline Energy as part of its
strategy to generate stable cash flow from secure offshore assets.
The Company and Shoreline, through their jointly held affiliated
company, Shoreline Canadian Overseas Petroleum Development
Corporation ("ShoreCan") are currently seeking Government of
Nigeria approval for the acquisition of 80% of the share capital of
Essar Exploration and Production Limited (Nigeria) which holds an
attractive oil appraisal and development project in mid water
offshore Nigeria.
ShoreCan is building a portfolio of exploration and development
assets in sub-Saharan Africa. To date, ShoreCan has taken a
position in Nigeria. It continues to evaluate a variety of
additional assets in Nigeria, and Equatorial Guinea.
The Common Shares are listed under the symbol "XOP" on the TSXV
and under the symbol "COPL" on the London Stock Exchange.
For further information, please contact:
Mr. Arthur Millholland, President
& CEO
Canadian Overseas Petroleum
Limited
Tel: + 1 (403) 262 5441
Cathy Hume
CHF Investor Relations
Tel: +1 (416) 868 1079 ext.
231
Email: cathy@chfir.com
Harriet Jackson/Dominic Barretto
Yellow Jersey PR Limited
Tel: +44 (0) 75 4427 5882
Email: copl@yellowjerseypr.com
Broker: London Stock Exchange
Shore Capital Stockbrokers
Limited
Edward Mansfield
Phone: T: +44 20 7468 7906
This news release contains forward-looking statements. The use
of any of the words "initial, "scheduled", "can", "will", "prior
to", "estimate", "anticipate", "believe", "should", "forecast",
"future", "continue", "may", "expect", and similar expressions are
intended to identify forward-looking statements. The
forward-looking statements contained herein are based on certain
key expectations and assumptions made by the Company, including,
but not limited to, the ability to raise the necessary funding for
operations, delays or changes in plans with respect to exploration
or development projects or capital expenditures. Although the
Company believes that the expectations and assumptions on which the
forward-looking statements are based are reasonable, undue reliance
should not be placed on the forward-looking statements since the
Company can give no assurance that they will prove to be correct
since forward-looking statements address future events and
conditions, by their very nature they involve inherent risks and
uncertainties most of which are beyond the control of Canadian
Overseas Petroleum Ltd. For example, the uncertainty of reserve
estimates, the uncertainty of estimates and projections relating to
production, cost overruns, health and safety issues, political and
environmental risks, commodity price and exchange rate
fluctuations, changes in legislation affecting the oil and gas
industry could cause actual results to vary materially from those
expressed or implied by the forward-looking information.
Forward-looking statements contained in this news release are made
as of the date hereof and Canadian Overseas Petroleum undertakes no
obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new information,
future events or otherwise, unless so required by applicable
securities laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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