Canadian Overseas Petroleum Limited (LON:COPL) (CSE:XOP) noted that its short-term operations are focused on funding, progressing existing interests in Nigeria and Mozambique, and the evaluation of new opportunities available in Africa.
The company said it is continuing its strategy to grow the business offshore, aimed at farm-ins or acquisition into exploration, undeveloped or producing assets.
“In the second quarter of 2020, management progressed options to finance the Company’s continuing operation,” COPL said in statement alongside its second-quarter results.
“The company continued to identify, evaluate and pursue exploration and development opportunities in African countries and elsewhere.”
COPL ended June, 2020, with around £60,000 of cash and equivalents, and in July raised gross proceeds of around £2.5mln through two equity placings. It also in July issued some US$1.3mln worth of shares in lieu of due cash payments.
It reported a US$900,000 loss for the second quarter.