TIDMCOPL
RNS Number : 0435B
Canadian Overseas Petroleum Ltd
18 September 2018
Not for dissemination in the United States. Any failure to
comply with this restriction may constitute a violation of U.S.
Securities laws.
Canadian Overseas Petroleum Limited Announces Expected Admission
to Trading in London of Placing Shares Issued to Directors,
Employees and Advisors
Calgary, Canada, September, 18, 2018 - Canadian Overseas
Petroleum Limited ("COPL" or the "Company") (TSX-V: XOP) (LSE:
COPL), has made an application for the admission (the "New Shares
Admission") to the standard listing segment of the Official List
and to trading on the London Stock Exchange's main market for
listed securities, of 68,090,113 common shares of no par value in
the capital of the Company (the "New Shares"). New Shares Admission
is expected to become effective at 8:00 am (London time) on
September 19, 2018, with respect to 59,134,890 New Shares and on
September 20, 2018 with respect to the remaining New Shares.
The New Shares comprise (i) the previously announced placing to
directors and employees of the Company totalling 41,310,913 New
Shares priced at GBP0.00335 per share for proceeds to the Company
of approximately GBP138,000 and (ii) 26,779,200 New Shares issued
in respect of services provided to the Company in connection with
the Common Share Offering completed on August 31, 2018.
All New Shares issued will be subject to a four month trading
hold period through the facilities of the TSX-V, pursuant to
applicable securities laws and the policies of the TSX-V.
Arthur Millholland, President & CEO, commented: "The
GBP138,000 raised from directors and employees is a clear
indication of their ongoing support for the Company and its future
prospects.
"The Company made significant progress in July, when it received
and agreed a project financing term sheet for OPL226, the Nigerian
development Project. We look forward to updating the market with
further progress in due course."
Under the UK Prospectus Rule 1.2.3(R)(1), the Company is not
required to publish a prospectus in relation to the New Shares
Admission.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities in the United
States, nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale may be
unlawful. The New Shares have not been and will not be registered
under the 1933 Act or any U.S. state securities laws and may not be
offered or sold in the United States absent registration under the
1933 Act or an applicable exemption from the registration
requirements of the 1933 Act and applicable U.S. state securities
laws.
About the Company:
The Company is actively pursuing opportunities in Nigeria and
sub-Saharan Africa in partnership with Shoreline Energy
International Limited ("Shoreline") as part of its strategy to
generate stable cash flow from secure offshore and onshore 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"). ShoreCan has
applied to the concessionaire NNPC for formal consent for the
change in control of Essar Nigeria. Essar Nigeria holds an
attractive oil appraisal and development project in shallow to
midwater offshore Nigeria on its 100% holding in OPL 226. Drilling
of the first appraisal well is planned to commence in 2018.
ShoreCan continues building a portfolio of exploration and
development assets in sub-Saharan Africa. To date, ShoreCan has
taken a position in Nigeria and the Company and Shoreline have been
awarded the PT-5b exploration license onshore Mozambique in the 5th
Licensing Round adjacent to the producing Pande-Temane Gas and
light oil field complex.
The common shares of the Company are listed under the symbol
"XOP" on the TSX-V 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 forwardlooking
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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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