TIDMCOPL
RNS Number : 6878I
Canadian Overseas Petroleum Ltd
23 March 2018
Canadian Overseas Petroleum
Reports 2017 Year End Results
Calgary, Canada, March 22, 2018 - 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 Africa, announces its results for the year
ending December 31, 2017.
Highlights for the year ended 2017 are as follows:
-- COPL and partner ExxonMobil on block LB-13, offshore Liberia,
both elected not to enter into a third exploration period and
accordingly, surrendered their rights to the LB-13 license,
resulting in the expiration of LB-13 production sharing contract on
September 25, 2017.
-- The Company completed two (2) financings in London that
raised gross proceeds of GBP3.28 million and GBP2.5 million
respectively.
-- The Company, it's joint venture partner and its investment
bankers are securing financing for its appraisal/development
project at OPL 226, offshore Nigeria, held through COPL's joint
venture with Shoreline Energy.
-- COPL and its joint venture partner are currently in
discussions with potential contractors and suppliers to drill an
appraisal well in 2018.
-- COPL has made excellent progress on its financing process and
logistics while awaiting the last approvals from the Nigerian
Government with regards to Phase 1 PSC extension and asset transfer
so that the Company can register the shares in the corporate
registry in Nigeria.
-- Late last year, COPL, through its 50%-owned subsidiary
ShoreCan, was awarded onshore Block PT5-B in Mozambique's 5th
Licensing Round (the "Block") to hold a 57% interest in the
consortium, and COPL is the operator. COPL believes the Block
offers potential for additional gas and light oil resources based
on its review of the historic 2D seismic data and its proximity to
the adjacent to the producing Pande-Temane Gas and light oil field
complex .
Arthur Millholland, President & CEO, commented:
"The past 12 months, our focus was, and continues to be, on
developing our highly prospective oil appraisal and development
project at OPL 226, offshore Nigeria. We look forward to drilling
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 prolific NOA Structure. This phase of the project would precede
a full field development. In the meantime, our team continues to
review additional prospects in an effort to identify other exciting
opportunities that fit our selective criteria. We envision building
a mid-tier oil and gas company with the support of our partner
Shoreline Energy, one of Nigeria`s largest conglomerates, our
financing partners and our loyal shareholders.While we recognize
that everything is taking much longer than we initially estimated,
our preparedness, enthusiasm and persistence have not diminished
one little bit."
The results and associated annual regulatory filing documents,
including the Financial Statements and the Management's Discussion
and Analysis, can be viewed under the Company's name at
www.sedar.com or at the Company's website at
www.canoverseas.com.
About the Company:
The Company is actively pursuing opportunities in Nigeria and
sub-Saharan Africa in partnership with Shoreline Energy
International Limited ("Shoreline") as part of its strategy to
generate stable cash flow from secure offshore and onshore assets.
The Company and Shoreline, through their jointly held affiliated
company Shoreline Canadian Overseas Petroleum Development
Corporation ("ShoreCan"), have acquired 80% of the share capital,
and have taken over the management, of Essar Exploration and
Production Limited (Nigeria) ("Essar Nigeria"). ShoreCan has
applied to the concessionaire NNPC for formal consent for the
change in control of Essar Nigeria. Essar Nigeria 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 2018.
ShoreCan is continuing building a portfolio of exploration and
development assets in sub-Saharan Africa. To date, ShoreCan has
taken a position in Nigeria, and has been awarded an exploration
license onshore Mozambique in the 5(th) Licensing Round adjacent to
the producing Pande-Temane Gas and light oil field complex.
The Common Shares are listed under the symbol "XOP" on the TSX-V
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 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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