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Canadian Overseas Petroleum cuts debt by $1.8mln

Last updated: 02:01 04 Dec 2013 AEDT, First published: 03:01 04 Dec 2013 AEDT

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Oil explorer Canadian Overseas Petroleum (CVE:XOP) issued 7.4mln shares at $0.245 each as part of a previously announced equity for debt arrangement.

Under the agreement, the company’s debt will be reduced by $1.8mln.

The Liberia-focused explorer and producer said it wanted to pay down debt via the issue of shares in order to preserve its cash for operations.  

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