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Canadian Overseas Petroleum Limited

Canadian Overseas Petroleum to raise £500,000

The new funds will help bridge the financial gap until the company can conclude its project financing plans, said chief executive Arthur Millholland

Canadian Overseas Petroleum Limited -
The company is looking to exploit the oil potential of Nigerian offshore licence OPL 226

Canadian Overseas Petroleum Limited (LON:COPL) said it will raise £500,000 via a stock placing at 0.1p a share.

The new funds will help bridge the financial gap until the company can conclude its project financing plans, said chief executive Arthur Millholland.

In May it said it had conditionally agreed a package worth up US$50mln that would help it exploit the oil potential OPL 226 offshore Nigeria.

COPL and its local partner wants to bring three to four wells into production by the end of next year at rates of 6-10,000 barrels of crude per day.

“Together with our joint venture partner we continue to be focused on concluding the placement of the OPL 226 performance bond by our Nigerian affiliate and progressing the operational plan for the commencement of operations. As previously indicated, once the Performance Bond is in place, we can commence operations in earnest," said CEO Millholland in an update on its progress towards its near-term goal.

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Market: LSE
Market Cap: £2.69 m
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Canadian Overseas Petroleum now poised for production in the Niger Delta

Arthur Millholland, chief executive of Canadian Overseas Petroleum Limited (LON:COPL) tells Proactive London how his team's sheer hard work and patience over the last two years in Nigeria has now brought his company to a point where substantial progress is imminent. Millholland, whose...

on 2/4/19

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