leadf
logo-loader
viewCanadian 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.

Quick facts: Canadian Overseas Petroleum Limited

Price: 0.175 GBX

LSE:COPL
Market: LSE
Market Cap: £8.53 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Canadian Overseas Petroleum Limited named herein, including the promotion by the Company of Canadian Overseas Petroleum Limited in any Content...

FOR OUR FULL DISCLAIMER CLICK HERE

Canadian Overseas Petroleum announce extension of settlement with Essar deadline

Canadian Overseas Petroleum Limited's (LON:COPL) Arthur Millholland catches up with Proactive London. He explains the context behind the extension deadline for the settlement date for the agreement between its 50%-owned joint venture Shorecan and Essar Mauritius. This agreement involves...

on 28/10/20

2 min read