TIDMCOPL
RNS Number : 7891S
Canadian Overseas Petroleum Ltd
19 March 2021
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF THAT JURISDICTION
This announcement contains inside information as stipulated
under the Market Abuse Regulation (EU) No. 596/2014 and is in
accordance with the Company's obligations under Article 17 of that
Regulation. Upon the publication of this announcement, the inside
information is considered to be in the public domain.
19 March 2021
Canadian Overseas Petroleum Limited
Cancellation of Listing
Calgary, Canada & London, United Kingdom, March 19, 2021 -
Canadian Overseas Petroleum Limited ("COPL" or the "Company") (XOP:
CSE) & (COPL: LSE), an international oil and gas exploration
and development company, focused on sub-Saharan Africa and North
America.
As previously announced, on March 18, 2021, the Company has now
completed the acquisition of Atomic Oil and Gas LLC and its related
parties (the "Atomic Acquisition"). On March 17, 2021, in
anticipation of completing the Atomic Acquisition, the Company
announced that it had applied for, and as a result of, the Atomic
Acquisition becoming unconditional, been granted by the Financial
Conduct Authority (the "FCA"), a suspension of the listing of the
Company's common shares with effect from 7:30 am on March 17, 2021
(the "Suspension"). As previously announced the Suspension was
sought as the Atomic Acquisition amounted to a reverse takeover
under the Listing Rules and the Suspension would prevent further
trading in the Company's common shares.
At the time the Suspension was announced, the Company advised
the market as to its intention to make a further application to the
FCA under the Listing Rules for the cancellation of the Company's
listing of its common shares (the "Cancellation Application"),
ahead of a proposed listing application of the enlarged COPL group
following the Atomic Acquisition. The Company will today formally
make the Cancellation Application to the FCA and the cancellation
is expected to take effect on 21 April 2021, being 20 business days
from the time when the Cancellation Application was made to the FCA
and the date of this announcement.
The Company wishes to expressly confirm that the Cancellation
Request will not affect the listing of the Company's securities on
the Canadian Stock Exchange, which will remain listed on the
Canadian Stock Exchange. Furthermore, all holders of common shares
as at the date of this announcement will remain on the Company's
register of members.
The Company will continue to update the market as and when
appropriate.
About the Company:
COPL is an international oil and gas exploration, development
and production company actively pursuing opportunities in the
United States through the acquisition of Atomic Oil and Gas LLC
with operations in Converse County Wyoming, and in sub-Saharan
Africa through its ShoreCan joint venture company in Nigeria, and
independently in other countries.
For further information, please contact:
Mr. Arthur Millholland, President & CEO
Mr. Ryan Gaffney, CFO
Canadian Overseas Petroleum Limited
Tel: + 1 (403) 262 5441
Cathy Hume
CHF Investor Relations
Tel: +1 (416) 868 1079 ext. 251
Email: cathy@chfir.com
Charles Goodwin
Yellow Jersey PR Limited
Tel: +44 (0) 77 4778 8221
Email: copl@yellowjerseypr.com
Peter Krens
Equity Capital Markets, Tennyson Securities
Tel: +44 (0) 20 7186 9033
Email: peter.krens@tennysonsecurities.co.uk
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 satisfaction of all conditions precedent to
the acquisition of Atomic, 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.
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END
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March 19, 2021 03:00 ET (07:00 GMT)
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