Canadian Overseas Petroleum Ltd Admission to Trading (7918T)
July 22 2020 - 8:07AM
UK Regulatory
TIDMCOPL
RNS Number : 7918T
Canadian Overseas Petroleum Ltd
22 July 2020
Canadian Overseas Petroleum Limited
Admission to Trading
Calgary, Canada; London, United Kingdom: July 22, 2020 -
Canadian Overseas Petroleum Limited ("COPL" or the "Company") (XOP:
CSE) & (COPL: LSE), an international oil and gas exploration
and development company focused on sub-Sahara Africa, is pleased to
announce that further to the announcement on the July 20, 2020:
-- 433,333,334 new common shares in the capital of the Company
have been issued at a placing at 0.3 pence per share to raise gross
proceeds of GBP1,300,000; and,
-- 184,096,896 new common shares in the capital of the Company
have been issued to historic creditors of the Company at 0.3 Pence
per share to settle historic debts owed by the Company to those
creditors, as per the terms of the Company's prospectus dated June
26, 2020.
Admission of 617,430,230 new common shares 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 the London Stock Exchange plc is expected to become
effective at 8:00am (London time), Thursday July 23, 2020.
Following admission of these shares, the Company will have a total
of 4,817,503,698 common shares of nil par value issued and
outstanding.
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"), currently hold 80% of the share capital
and have taken over the management of Essar Exploration and
Production Limited (Nigeria) ("Nigerian Affiliate" or the
"Affiliate"). On June 4, 2020 the Company announced that the
shareholders of the Nigerian Affiliate had reached an agreement in
principle to resolve their disputes. Completion of the agreement is
ongoing and when completed ShoreCan's shareholding in the Affiliate
will change in accordance to the terms outlined in the Press
Release. The Affiliate holds an attractive oil appraisal and
development project in shallow to mid-water offshore Nigeria on its
100% holding in OPL 226. In other ventures, ShoreCan has been
indicatively awarded an exploration license onshore Mozambique in
the 5th Licensing Round adjacent to the producing Pande-Temane Gas
and light oil field complex.
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
Charles Goodwin
Yellow Jersey PR Limited
Tel: +44 (0) 20 3004 9512
Email: copl@yellowjerseypr.com
Damon Heath
Shard Capital Partners LLP
Tel: +44 (0) 20 7186 9952
The Common Shares are listed under the symbol "XOP" on the CSE
and under the symbol "COPL" on the London Stock Exchange.
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
continued 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 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.
END
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