Canadian O'Seas Petr - Operations Update
Canadian Overseas Petroleum
COPL is confident that it will receive confirmation of its exploration licence extension during Q4 2020. No notice of termination has been received by COPL's Nigerian Affiliate, which under the terms of the PSC would need to be issued sixty days before the 30th
COPL understands that COVID-19 restrictions are creating delays within the NNPC. Once COPL's Nigerian Affiliate has received formal confirmation of PSC extension and its terms, the Affiliate will set out its forward operation schedule. The Company will continue to keep the market up to date with its progress.
"We understand that the length of time that has passed since the process for the extension of the OPL 226 PSC started has caused concern among some shareholders and market participants. The COVID-19 situation has caused most governments globally to react to protect their organs of government as well as their citizens through restrictions on meetings or gatherings to air travel. This is true for
The Common Shares are listed under the symbol "XOP" on the CSE and under the symbol "COPL" on the London Stock Exchange.
About the Company:
The Company is actively pursuing opportunities in
For further information, please contact:
Canadian Overseas Petroleum Limited
Tel: + 1 (403) 262 5441
CHF Investor Relations
Tel: +1 (416) 868 1079 ext. 231
Yellow Jersey PR Limited
Tel: +44 (0) 77 4778 8221
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 CSE nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.
Quick facts: Canadian Overseas Petroleum Limited
Market Cap: £7.54 m
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