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Canadian Overseas Petroleum raises C$200,000 as strategic investor talks continue

Chief executive Arthur Millholland is providing a C$200,000 loan which will be used for working capital as talks continue

Canadian Overseas Petroleum Limited - Canadian Overseas Petroleum raises C$200,000 as strategic investor talks continue

Canadian Overseas Petroleum Limited (LON:COPL, CSE:XOP) is to receive C$200,000 as a loan from its chief executive, Arthur Millholland, so that it can continue discussions with investors and service providers over plans for the OPL 226 asset.

This year the company wants to start drilling an appraisal well in OPL 226 in Nigeria.

The loan will cover working capital, providing room for the OPL 226 talks to continue. Presently, the company is in talks with strategic investors with a view to securing financing to cover the performance bond and other project finance talks.

READ: Canadian Overseas Petroleum third quarter results

"This loan, which reflects my confidence in the company, will generate the necessary funds so we can conclude the additional financing measures needed to commence appraisal drilling of OPL 226 within our targeted timeframe of 2020,” Millholland said.

“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."

COPL intends to drill the first OPL 226 appraisal well and establish test production through an early production system, and, thereafter it would plan to drill two or three additional similar wells. This campaign proceeds a full field developed.

The company’s estimates envisage production of 6,000 to 10,000 barrels of oil per day from each well.

Quick facts: Canadian Overseas Petroleum Limited

Price: 0.4175 GBX

Market: LSE
Market Cap: £14.54 m

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