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Canadian Overseas Petroleum says it continues to focus on growing its business

The strategy continues to look at new and existing assets for growth

Canadian Overseas Petroleum Limited - Canadian Overseas Petroleum says it continues to focus on growing its business

Canadian Overseas Petroleum Limited (LON:COPL) (CSE:XOP) noted that its short-term operations are focused on funding, progressing existing interests in Nigeria and Mozambique, and the evaluation of new opportunities available in Africa.

The company said it is continuing its strategy to grow the business offshore, aimed at farm-ins or acquisition into exploration, undeveloped or producing assets.

READ: COPL raises £1.3mln in placing

“In the second quarter of 2020, management progressed options to finance the Company’s continuing operation,” COPL said in  statement alongside its second-quarter results.

“The company continued to identify, evaluate and pursue exploration and development opportunities in African countries and elsewhere.”

COPL ended June, 2020, with around £60,000 of cash and equivalents, and in July raised gross proceeds of around £2.5mln through two equity placings. It also in July issued some US$1.3mln worth of shares in lieu of due cash payments.

It reported a US$900,000 loss for the second quarter.

Quick facts: Canadian Overseas Petroleum Limited

Price: 0.2164 GBX

Market: LSE
Market Cap: £7.54 m

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