Proactive Investors - Run By Investors For Investors

COPL updates on Nigeria partner disagreement

“We continue to press ahead with our OPL226 project and we will provide further updates in due course"
oil and gas operations
COPL owns 50% of the Shorecan vehicle which in turn owns 80% of Essar Nigeria

Canadian Overseas Petroleum Limited (LON:COPL, CVE:XOP) has updated investors on the dispute between partners in its Nigerian venture.

As previously reported, Essar Mauritius is in disagreement with the ShoreCan vehicle, 50% owned by COPL, which owns 80% of the Essar Nigeria business (which in turn holds 100% of the OPL 226 asset, in shallow waters offshore Nigeria).

READ: COPL raises £3mln in share placing

“The parties have exchanged correspondence setting out their respective positions but no formal proceedings have been issued in respect of the dispute and no other action has been taken by either party,” COPL told investors.

“The correspondence to date has only reinforced the company's view that ShoreCan has several valid defences and counterclaims to any action that might be brought by Essar Mauritius in the event that the current disagreement escalates.”

COPL added that the ShoreCan vehicle continues to pursue the completion of financing initiatives for the project, meanwhile, operations continue for the Essar Nigeria business.

Arthur Millholland, COPL chief executive, said: “We are frustrated with the claims being brought forward by Essar Mauritius, but ShoreCan remains of the view that the allegations brought forward by Essar Mauritius are without foundation or merit.

“We continue to press ahead with our OPL226 project and we will provide further updates in due course."

View full COPL profile View Profile

Canadian Overseas Petroleum Limited Timeline

August 17 2018

Related Articles

oil wells
November 22 2018
Highlands has been undertaking fracking operations at its East Denver acreage recently
gas pipes
October 22 2018
GDC is working with Altaaqa and other equipment suppliers to fast track six generators
onshore oil field
September 20 2018
Eland, along with its project partner, produced almost 1mln barrels of oil from the OML 40 licence in the first six months of the year, a significant year-on-year rise
Copyright ©, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use