Canadian Overseas Petroleum Ltd Liberia Well Reaches Final Total Depth (1699S)
19 December 2016 - 6:05PM
UK Regulatory
TIDMCOPL
RNS Number : 1699S
Canadian Overseas Petroleum Ltd
19 December 2016
Mesurado-1 Well Reaches Final Total Depth
___________________________________________________________________________________
Calgary, Canada, December 19, 2016 - 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 West Africa, announces the Mesurado-1 well
operated by ExxonMobil Exploration and Production Liberia Limited
(the "Operator"), an affiliate of ExxonMobil, reached final total
depth on December 17. Drilling operations commenced on the
Mesurado-1 exploration well on November 21, 2016 utilizing the
Drillship Seadrill West Saturn. The Mesurado-1 well is located
about 50 miles offshore Liberia on Block LB-13, in approximately
2500 meters of water, which the Company's 100% owned subsidiary,
Canadian Overseas Petroleum (Bermuda) Limited, holds a 17 percent
interest.
The well, targeting oil in a sequence of Late Cretaceous
Santonian aged sands, intersected 145 meters (475 feet) of net sand
of which 118 meters (387 feet) was deemed to be reservoir quality.
No hydrocarbons were indicated by the logging while drilling
operations performed across the targeted intervals. As such the
Operator has advised the Company that no further logging operations
will be conducted and the well will be plugged and abandoned.
"We are naturally disappointed by the lack of hydrocarbons in
the targeted reservoir sands in the Mersurado-1 well" commented
Arthur Millholland CEO. "The targeted Santonian sand sequence and
thickness intersected was in accordance with our seismic
interpretation. The lack of hydrocarbons at this location where our
seismic data presented attributes indicative of hydrocarbons will
cause us to do additional work on the 3D seismic over the Block,
and reevaluate the other leads we have mapped on LB-13."
In addition, Mr Millholland commented "The Company holds an
attractive oil appraisal and development project offshore Nigeria
on OPL 226. Appriasal drilling operations are planned to commence
in late 2017. These operations will continue to add value to the
company."
About the Company:
The Company is an international oil and gas exploration and
development company focused in offshore West Africa. The Company
holds a 17% working interest in Block LB-13, offshore Liberia, with
ExxonMobil the operator holding an 83% working interest. The
Company is also actively pursuing opportunities in Nigeria in
partnership with Shoreline Energy as part of its strategy to
generate stable cash flow from secure offshore assets. The Company
and Shoreline, through their jointly held affiliated company,
Shoreline Canadian Overseas Petroleum Development Corporation
("ShoreCan") has acquired 80% of the share capital of Essar
Exploration and Production Limited (Nigeria) which holds an
attractive oil appraisal and development project in shallow to mid
water offshore Nigeria on it's 100% holding in OPL 226. Drilling of
the first appraisal well is planned to commence in late 2017.
ShoreCan is currently waiting for final approval from the
Government of Nigeria for the acquisition.
ShoreCan is building a portfolio of exploration and development
assets in sub-Saharan Africa. To date, ShoreCan has taken a
position in Nigeria. It continues to evaluate a variety of
additional assets in Nigeria, and Equatorial Guinea.
The Common Shares are listed under the symbol "XOP" on the TSXV
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/Dominic Barretto
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 7408 4090
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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