Canadian Overseas Petroleum Ltd 2016 Year End Results (8171A)
29 March 2017 - 5:01PM
UK Regulatory
TIDMCOPL
RNS Number : 8171A
Canadian Overseas Petroleum Ltd
29 March 2017
Canadian Overseas Petroleum
Reports 2016 Year End Results
Calgary, Canada, March 29, 2017 - 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 its results for the year
ending December 31, 2016.
The Company remains committed, along with its Liberia operating
partner, ExxonMobil, to interpreting the data collected from the
drill at LB-13, in December 2016. Meanwhile, through COPL's
partnership with Shoreline Energy, the Company continues to source
funds for the first drill at OPL 226, offshore Nigeria. COPL
remains confident that it will meet the target drilling of an
appraisal well in late 2017.
Arthur Millholland, President & CEO, commented:
"Whilst we were disappointed with the initial drill results from
the Mesurado-1 well, we have been re-evaluting alternative leads as
we believe there remains upside potential.
In addition to this, we remain focused on developing an
attractive oil appraisal in OPL 226, offshore Nigeria, which is a
highly prospective area in our opinion. We look forward to updating
the market on the progress made at OPL 226 over the summer
months."
The results and associated annual regulatory filing documents,
including the Financial Statements and the Management's Discussion
and Analysis, can be viewed under the Company's name at
www.sedar.com or at the Company's website at
www.canoverseas.com.
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/Charles Goodwin
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 7468 7906
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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