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COPL ‘very pleased’ with financing progress for Nigeria venture

Published: 02:23 15 Aug 2018 EDT

oil and gas operations
Details of an expanded work programme will be submitted to authorities in 'the near term'

Canadian Overseas Petroleum Limited (LON:COPL) chief executive Arthur Millholland told investors that the company is “very pleased” with its progress towards securing a vital financing package.

The company, in its second-quarter update, noted its primary efforts are focused on funding the group’s Nigeria joint venture for a campaign of appraisal and development work in OPL 226.

Highlighting progress, Mulholland said: "A major component to our financing activities is the credit facility of up to US$50 million into our subsidiary ShoreCan from The Mauritius Commercial Bank Limited and Trafigura, agreed to and released on July 30, 2018.

WATCH: Canadian Overseas Petroleum's Nigeria financing 'coming together'

“As shareholders can see, the financing package we are working on is significantly larger than we initially set out to complete − thus requires more participants while at the same time expanding and accelerating our development well planning.

“Submission of this expanded program on OPL 226 to the Concessionaire NNPC is expected to occur in the near term.

“Concurrently, we are working on the credit facility's conditions which include a binding agreement and also are engaged in late-stage discussions with an offshore oil services group for the provision of the required offshore services for a deferred fee.”

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