Canadian Overseas Petroleum Ltd Q3 2017 Results (2468W)
13 November 2017 - 6:00PM
UK Regulatory
TIDMCOPL
RNS Number : 2468W
Canadian Overseas Petroleum Ltd
13 November 2017
Canadian Overseas Petroleum
Files Q3 2017 Results
Calgary, Canada, November 10, 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, today announced the filing of the
third quarter ended September 30, 2017.
During the period, COPL and its partner in block LB-13, offshore
Liberia, both have elected not to enter into third exploration
period and accordingly, surrendered their rights to the LB-13
license, resulting in the expiration of LB-13 production sharing
contract on September 25, 2017. Accordingly, the Company recognized
an impairment of its exploration and evaluation assets of $15.6
million that related to Liberia project.
Subsequent to the end of Q3, the Company raised GBP2.5 million
of additional equity in London England to strengthen COPL's balance
sheet.
Meanwhile, the Company continued to work with its investment
bankers to source funds for its appraisal/development project at
OPL 226, offshore Nigeria, held through COPL's partnership with
Shoreline Energy. In addition, the Company held numerous
discussions with potential contractors and suppliers to drill an
appraisal well in early 2018.
Arthur Millholland, President & CEO, commented:
"We continue to focus on developing our attractive oil appraisal
and development project in OPL 226, offshore Nigeria. The initial
work program will be to drill an appraisal well to the NOA-1 oil
discovery and place it on production through an Early Production
Scheme. This would be followed by the drilling of up to three
additional similar wells on the NOA Structure. This phase of the
project would precede a full field development. Two investment
banks have been engaged to assist our subsidiary ShoreCan with the
financing required to commence drilling at OPL 226. Unlike equity
financings that are straightforward and fast, project financings
are complex and require a lot more paperwork and legal review. We
hope to update the market and our shareholders at an early
opportunity."
The results and associated interim 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 is
actively pursuing opportunities in Nigeria in partnership with
Shoreline Energy International Limited ("Shoreline") 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"), have acquired 80% of the share capital,
and have taken over the management, of Essar Exploration and
Production Limited (Nigeria) ("Essar Nigeria"). Essar Nigeria holds
an attractive oil appraisal and development project in shallow to
mid-water offshore Nigeria on its 100% holding in OPL 226. Drilling
of the first appraisal well is planned to commence in early 2018.
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 Mozambique.
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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