Canadian Overseas Petroleum Ltd Admission to Trading in London of Shares (7028T)
October 16 2017 - 5:37AM
UK Regulatory
TIDMCOPL
RNS Number : 7028T
Canadian Overseas Petroleum Ltd
16 October 2017
Canadian Overseas Petroleum Limited
Admission to Trading in London of Shares
Calgary, Canada, 16 October 2017 - Further to the announcement
dated 2 October 2017, Canadian Overseas Petroleum Limited (the
"Company") (TSXV: XOP) (LSE: COPL), announces the admission (the
"New Share Admission") to the standard listing segment of the
Official List maintained by the Financial Conduct Authority, and to
trading on the main market for listed securities of London Stock
Exchange plc (the "London Stock Exchange"), of 250,000,000 new
common shares of no par value in the capital of the Company (the
"New Shares"). Following the New Share Admission, the share capital
of the Company will be made up of 1,523,139,350 common shares (the
"Common Shares"). The New Share Admission is expected to become
effective at 8:00 a.m. (London time) today, 16 October 2017.
The New Shares (via Depositary Interests through CREST) will be
freely transferable on the main market of the London Stock
Exchange. However, there is a temporary restriction on the transfer
of such New Shares, in that such shares cannot be transferred
through CREST to the Company's Canadian share register for a period
of four (4) months and one (1) day from the date the shares are
issued.
In connection with the New Shares issued pursuant to a placing
announced on 2 October 2017 (the "Placing"), the Company paid a
commission to Shore Capital Stockbrokers Limited ("SCS") of 4.9% of
the gross proceeds and granted SCS 15,000,000 warrants to subscribe
for new Common Shares ("Broker Warrants"), with an exercise price
of one (1) penny (GBP0.01) per Broker Warrant for a period of 24
months ending at midnight on 16 October 2019.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities in the United
States, nor shall there be any sale of Common Shares or Broker
Warrants in any jurisdiction in which such offer, solicitation or
sale may be unlawful. The Common Shares, Broker Warrants or other
securities of the Company have not been and will not be registered
under the 1933 Act or any U.S. state securities laws and may not be
offered or sold in the United States absent registration under the
1933 Act or an applicable exemption from the registration
requirements of the 1933 Act and applicable U.S. state securities
laws.
About the Company:
The Company is an international oil and gas exploration and
development company focused in offshore West Africa.
The Company is actively pursuing opportunities in Nigeria in
partnership with Shoreline Energy International Limited
("Shoreline") 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's ("ShoreCan"), have acquired 80%
of the share capital, and have taken over the management, of Essar
Exploration and Production Limited (Nigeria) ("Essar"). Essar holds
an attractive oil appraisal and development project in shallow to
mid-water offshore Nigeria on its 100% holding in OPL 226. Drilling
of the first appraisal well is planned to commence in late 2017.
ShoreCan is currently waiting for final approval from the
Government of Nigeria for the acquisition.
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, Mozambique 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/Charles Goodwin
Yellow Jersey PR
Tel: +44 (0) 75 4427 5882
Email: copl@yellowjerseypr.com
Broker: London Stock Exchange
Shore Capital Stockbrokers
Limited
Edward Mansfield / Mark Percy
/ Connor Williams
Phone: T: +44 20 7408 4090
This information is provided by RNS
The company news service from the London Stock Exchange
END
ALSMFBMTMBJBBTR
(END) Dow Jones Newswires
October 16, 2017 06:37 ET (10:37 GMT)
Canadian Overseas Petrol... (LSE:COPL)
Historical Stock Chart
From Apr 2024 to May 2024
Canadian Overseas Petrol... (LSE:COPL)
Historical Stock Chart
From May 2023 to May 2024