Canadian Overseas Petroleum Ltd Update on Placing (6526C)
June 18 2019 - 8:21AM
UK Regulatory
TIDMCOPL
RNS Number : 6526C
Canadian Overseas Petroleum Ltd
18 June 2019
Canadian Overseas Petroleum
Update on Placing
London, United Kingdom and Calgary, Canada, June 18, 2019 -
Canadian Overseas Petroleum Limited (the "Company") (XOP:CSE)
(LSE:COPL), an international oil and gas exploration and
development company, is pleased to announce that, further to the
announcement on 4th June 2019 with regard to the common shares
offering to raise gross proceeds of GBP497,000 (the "Placing"),
pursuant to which the Company will issue a second tranche of
67,800,000 new common shares representing gross proceeds of
GBP67,800 (the "Second Tranche Shares") at a price of 0.1 pence per
Second Tranche Share, the prospectus prepared in relation to the
Second Tranche Shares has been approved by the UK's Financial
Conduct Authority and has been published today. It will be
available on the Company's website (http://www.canoverseas.com/)
later today.
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 the Second Tranche Shares in
any jurisdiction in which such offer, solicitation or sale may be
unlawful. The common shares 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 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) ("Nigerian Affiliate" or the
"Affiliate"). The Company's Nigerian Affiliate has applied to the
concessionaire NNPC for formal consent to the change in control of
the Nigerian Affiliate. The Affiliate 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 2019. 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 indicatively 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 CSE
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) 203 004 9512
Email: copl@yellowjerseypr.com
Broker: London Stock Exchange
Shard Capital Partners LLP
Damon Heath
Phone: T: +44 20 7186 9952
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 CSE nor its Regulation Services Provider (as that
term is defined in the policies of the CSE) accepts responsibility
for the adequacy or accuracy of this release.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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