Canadian Overseas Petroleum Ltd Conversion of Bond Payments (5889Y)
January 04 2024 - 1:00AM
UK Regulatory
TIDMCOPL
RNS Number : 5889Y
Canadian Overseas Petroleum Ltd
04 January 2024
Conversion of Bond Payments
London, United Kingdom; Calgary, Canada: January 4, 2024 -
Canadian Overseas Petroleum Limited and its affiliates ("COPL" or
the "Company") (XOP: CSE) & (COPL: LSE), an international oil
and gas exploration, production and development company with
operations focused in Converse and Natrona counties, Wyoming, USA,
announces the issuance of 305,598,679 common shares pursuant to the
share settlement option exercised by a Bondholder for settlement of
$1.1 million of Conversion Payment amounts (and related accrued
interest) due pursuant to previously converted 2027 Bonds and 2028
Bonds. The number of common shares issued for settlement of these
Conversion Payments is based on the lowest 5-day VWAP following
election of the share settlement option for the Conversion
Payments.
Following these issuances of common shares, the Company has a
total of 1,344,370,498 common shares issued and outstanding. There
are no common shares held in treasury and therefore the total
number of voting rights in the Company is 1,344,370,498. This
figure may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in, the share capital of the Company under the Financial
Conduct Authority's Disclosure Guidance and Transparency Rules.
Applications will be made for the Shares to be admitted to the
FCA's Official List and to trading on the London Stock Exchange's
main market for listed securities within the next twelve months, in
accordance with Listing Rule 14.3.4.
About the Company:
COPL is an international oil and gas exploration, development
and production company actively pursuing opportunities in the
United States with operations in Wyoming.
For further information, please contact:
Mr. Tom Richardson, Chairman
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
Andrew Chubb / Neil Passmore
Advisors/Joint Brokers
Hannam & Partners
+44 (0) 20 7907 8500
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
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.
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