Proactiveinvestors Australia Canadian Overseas Petroleum Limited https://www.proactiveinvestors.com.au Proactiveinvestors Australia Canadian Overseas Petroleum Limited RSS feed en Thu, 18 Jul 2019 23:50:39 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Admission to Trading ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190624070011_14120880/ Mon, 24 Jun 2019 16:00:11 +1000 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190624070011_14120880/ <![CDATA[RNS press release - Update on Placing ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190621070003_14119151/ Fri, 21 Jun 2019 16:00:03 +1000 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190621070003_14119151/ <![CDATA[RNS press release - Update on Placing ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190618142129_14115425/ Tue, 18 Jun 2019 23:21:29 +1000 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190618142129_14115425/ <![CDATA[RNS press release - Update on Placing ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190604070009_14097048/ Tue, 04 Jun 2019 16:00:09 +1000 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190604070009_14097048/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190528090533_14088934/ Tue, 28 May 2019 18:05:33 +1000 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190528090533_14088934/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190528090022_14088919/ Tue, 28 May 2019 18:00:22 +1000 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190528090022_14088919/ <![CDATA[RNS press release - Placing ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190528070010_14088080/ Tue, 28 May 2019 16:00:10 +1000 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190528070010_14088080/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190514110525_14073241/ Tue, 14 May 2019 20:05:25 +1000 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190514110525_14073241/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190514110018_14073235/ Tue, 14 May 2019 20:00:18 +1000 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190514110018_14073235/ <![CDATA[RNS press release - Q1 2019 Results ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190514070005_14072403/ Tue, 14 May 2019 16:00:05 +1000 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190514070005_14072403/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190429163618_14056048/ Tue, 30 Apr 2019 01:36:18 +1000 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190429163618_14056048/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190425164101_14052493/ Fri, 26 Apr 2019 01:41:01 +1000 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190425164101_14052493/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190425163603_14052477/ Fri, 26 Apr 2019 01:36:03 +1000 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190425163603_14052477/ <![CDATA[RNS press release - 2018 Year End Results and Q1 Update ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190329070002_14020378/ Fri, 29 Mar 2019 18:00:02 +1100 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190329070002_14020378/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190314164103_14002999/ Fri, 15 Mar 2019 03:41:03 +1100 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190314164103_14002999/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190314163524_14002985/ Fri, 15 Mar 2019 03:35:24 +1100 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190314163524_14002985/ <![CDATA[RNS press release - 2018 Year-end Update and Outlook for 2019 ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190128070006_13947938/ Mon, 28 Jan 2019 18:00:06 +1100 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190128070006_13947938/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190110110538_13930564/ Thu, 10 Jan 2019 22:05:38 +1100 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190110110538_13930564/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190110110028_13930557/ Thu, 10 Jan 2019 22:00:28 +1100 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20190110110028_13930557/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20181214164119_13904990/ Sat, 15 Dec 2018 03:41:19 +1100 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20181214164119_13904990/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20181214163535_13904976/ Sat, 15 Dec 2018 03:35:35 +1100 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20181214163535_13904976/ <![CDATA[RNS press release - Q3 2018 Results ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20181109070002_13860940/ Fri, 09 Nov 2018 18:00:02 +1100 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20181109070002_13860940/ <![CDATA[RNS press release - Listing on the Canadian Securities Exchange ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20181030101003_13847524/ Tue, 30 Oct 2018 21:10:03 +1100 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20181030101003_13847524/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20181016090556_13830269/ Tue, 16 Oct 2018 19:05:56 +1100 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20181016090556_13830269/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20181016090037_13830240/ Tue, 16 Oct 2018 19:00:37 +1100 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20181016090037_13830240/ <![CDATA[RNS press release - Update on Disagreement ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20181016070010_13829657/ Tue, 16 Oct 2018 17:00:10 +1100 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20181016070010_13829657/ <![CDATA[RNS press release - Placing Shares Issued to Directors and Employees ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20180918070010_13794017/ Tue, 18 Sep 2018 16:00:10 +1000 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20180918070010_13794017/ <![CDATA[RNS press release - £3M Common Share Offering Admitted to Trading ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20180831070005_13773807/ Fri, 31 Aug 2018 16:00:05 +1000 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20180831070005_13773807/ <![CDATA[RNS press release - Publication of Prospectus ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20180823125536_13766378/ Thu, 23 Aug 2018 21:55:36 +1000 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20180823125536_13766378/ <![CDATA[RNS press release - Replacement: £3 million Common Share Offering ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20180817105134_13759654/ Fri, 17 Aug 2018 19:51:34 +1000 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20180817105134_13759654/ <![CDATA[RNS press release - £3 million Common Share Offering ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20180817095906_13759527/ Fri, 17 Aug 2018 18:59:06 +1000 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20180817095906_13759527/ <![CDATA[RNS press release - Disagreement between ShoreCan and Essar Mauritius ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20180816070008_13757280/ Thu, 16 Aug 2018 16:00:08 +1000 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20180816070008_13757280/ <![CDATA[RNS press release - Q2 2018 Results ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20180815070003_13755635/ Wed, 15 Aug 2018 16:00:03 +1000 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20180815070003_13755635/ <![CDATA[RNS press release - COPL Receives Project Financing Term Sheet ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20180730070008_13735183/ Mon, 30 Jul 2018 16:00:08 +1000 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20180730070008_13735183/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20180523140017_13652591/ Wed, 23 May 2018 23:00:17 +1000 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20180523140017_13652591/ <![CDATA[RNS press release - Q1 2018 Results ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20180511070004_13637233/ Fri, 11 May 2018 16:00:04 +1000 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20180511070004_13637233/ <![CDATA[News - COPL highlights “significant progress” with Nigeria financing efforts ]]> https://www.proactiveinvestors.com.au/companies/news/196810/copl-highlights-significant-progress-with-nigeria-financing-efforts-196810.html Canadian Overseas Petroleum Ltd (LON:COPL, CVE:XOP) highlighted “significant progress” as it released an update for the first quarter ended March 31.

The oil and gas junior is working on a financing package for OPL 226 for its appraisal and development project offshore Nigeria, as well as the required necessary government consents.

READ: Canadian Overseas Petroleum can take heart from oil price rally

“Our management team, who are also shareholders, share the concern of the shareholders who contact us about the length of time it is taking to move forward on this project,” said Arthur Millholland, COPL chief executive.

He added: “Unfortunately, most if not all of the issues have been outside of our control, but together the company and our joint venture partner Shoreline Energy are focused on bringing this part of the project to a conclusion.”

Millholland highlighted that the group’s economics are “very attractive”, especially as crude oil prices remain above US$75 per barrel, which he said should allow COPL to conclude the financing and move quickly to the next or operational phase.

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Fri, 11 May 2018 07:45:00 +1000 https://www.proactiveinvestors.com.au/companies/news/196810/copl-highlights-significant-progress-with-nigeria-financing-efforts-196810.html
<![CDATA[News - Canadian Overseas Petroleum can take heart from oil price rally ]]> https://www.proactiveinvestors.com.au/companies/news/195886/canadian-overseas-petroleum-can-take-heart-from-oil-price-rally-195886.html Canadian Overseas Petroleum Limited (LON:COPL CVE:XOP) is awaiting an upcoming appraisal of an oil discovery, the Noa prospect, at its OPL 226 project area, located 50 kilometres offshore Nigeria in the central part of the Niger Delta. 

While the project has been taking longer than originally anticipated, mainly due to a lack of adequate financing, chief executive Arthur Millholland has said the company’s “preparedness, enthusiasm and persistence have not diminished one little bit."

READ: COPL looks forward to appraisal activity in Nigeria

An independent report, in March 2016, estimated that Noa had 237.1mln barrels of recoverable, contingent oil resources.

With oil prices currently floating around a 3-year high, the lure of the huge resources could draw in investors and partner companies that could kick the project into high gear. 

If the appraisal well is successful it could potentially be brought online as part of an early production scheme, along with three further wells that would precede a full development of the field. 

The project is controlled by Essar Exploration and Production Limited (Nigeria), a company in which ShoreCan, a joint venture between COPL and Shoreline Energy International Limited, holds an 80% stake. 

The ShoreCan venture, officially known as Shoreline Canadian Overseas Petroleum Limited, was established by the two companies as part of a strategy to generate stable cash flow from secure offshore and onshore assets in the sub-Saharan Africa region, well known for its natural resource opportunities.

Shoreline Energy is a Lagos-based energy and infrastructure company and is one of Nigeria’s largest conglomerates with a portfolio comprising 16 operating companies and over 3,000 employees, covering sectors from energy and infrastructure to telecoms and investments. 

Domestic support

Given the participation of a Nigerian company in the project, Millholland says the project continues to enjoy considerable domestic support. 

With Nigeria occasionally proving to be a difficult jurisdiction for oil explorers, having indigenous expertise will likely prove advantageous for COPL. 

Promising award in Mozambique

In December 2017, the group expanded its reach in Africa after ShoreCan, as part of a bidding consortium, was awarded the Block PT5-B asset by the government of Mozambique. 

ShoreCan holds a 57% interest in the consortium, alongside Bluegreen Holdings Ltd with a 23% holding, Mozambique-based investment firm Indico Dourado with 10%, and the Mozambique state-owned Empresa Nacional de Hidrocarbonetos, also with 10% 

The asset spans some 4,356 square kilometres of the country’s coastal plain and surrounds the margins of the Pande Gas field, part of the Pande-Temane gas field which contains 2.6 trillion cubic feet of gas. 

The company said it believes the block offers potential for additional gas and light oil resources based on historic 2D seismic data and its proximity to Pande-Temane.  

Following the award, the company along with its consortium partners was invited to negotiate the terms of a production sharing contract during the first quarter of 2018.  

In a similar fashion to Nigeria, Mozambique is sometimes a difficult operating environment. 

However, much like its partnership with Shoreline in the Niger Delta, COPL has domestic input both from Shoreline’s sub-Saharan operating focus and its fellow Mozambique-based consortium members. 

It is anticipated that ShoreCan will be asked to capture around 1,600 kilometres of new 2D seismic data from the project.

COPL’s market cap is £7.62mln at 0.45p.

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Thu, 26 Apr 2018 12:32:00 +1000 https://www.proactiveinvestors.com.au/companies/news/195886/canadian-overseas-petroleum-can-take-heart-from-oil-price-rally-195886.html
<![CDATA[RNS press release - 2017 Year End Results ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20180323070005_13578430/ Fri, 23 Mar 2018 18:00:05 +1100 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20180323070005_13578430/ <![CDATA[News - COPL looks forward to appraisal activity in Nigeria ]]> https://www.proactiveinvestors.com.au/companies/news/193687/copl-looks-forward-to-appraisal-activity-in-nigeria-193687.html Canadian Overseas Petroleum Limited (LON:COPL) boss Arthur Millholland told investors that the company is looking forward to an upcoming appraisal of the NOA oil discovery within the OPL 226 area offshore Nigeria.

"The past 12 months, our focus was, and continues to be, on developing our highly prospective oil appraisal and development project at OPL 226,” he said.

READ: COPL lands new Mozambique project, updates on Nigeria progress

An appraisal well is planned for NOA and, if successful, could be brought online as part of an early production scheme, Millholland highlighted. Three further wells could be sunk as part of the early production scheme, which would precede a full development of the field.

“In the meantime, our team continues to review additional prospects in an effort to identify other exciting opportunities that fit our selective criteria,” the COPL chief executive said.

“We envision building a mid-tier oil and gas company with the support of our partner Shoreline Energy, one of Nigeria`s largest conglomerates, our financing partners and our loyal shareholders.”

He added: “While we recognise that everything is taking much longer than we initially estimated, our preparedness, enthusiasm and persistence have not diminished one little bit."

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Fri, 23 Mar 2018 07:56:00 +1100 https://www.proactiveinvestors.com.au/companies/news/193687/copl-looks-forward-to-appraisal-activity-in-nigeria-193687.html
<![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20180117164055_13500193/ Thu, 18 Jan 2018 03:40:55 +1100 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20180117164055_13500193/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20180117163527_13500190/ Thu, 18 Jan 2018 03:35:27 +1100 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20180117163527_13500190/ <![CDATA[RNS press release - Mozambique license awarded and Nigeria update ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20171215070004_13466575/ Fri, 15 Dec 2017 18:00:04 +1100 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20171215070004_13466575/ <![CDATA[News - COPL lands new Mozambique project, updates on Nigeria progress ]]> https://www.proactiveinvestors.com.au/companies/news/188867/copl-lands-new-mozambique-project-updates-on-nigeria-progress-188867.html Canadian Overseas Petroleum Limited (LON:COPL, CVE:XOP), via its 50% owned ShoreCan joint venture, has been awarded a new asset from authorities in Mozambique.

ShoreCan is to take control of Block PT5-B, spanning some 4,356 square kilometres on the Mozambique coastal plain. It surrounds the margins of the Pande Gas Field, which is one part of the Pande-Temane gas field which has 2.6 trillion cubic feet.

READ: COPL continues to target Nigeria appraisal campaign

It is believed that ShoreCan’s new block is prospective for light oil and gas in the productive zones at Pande, Temane and Inhassoro as well as deeper horizons.

Following the award, the company has been invited to negotiate the terms of a production sharing contract during the first quarter of 2018. It is anticipated that ShoreCan will be asked to capture around 1,600 kilometres of new 2D seismic.

"The development in Mozambique through our ShoreCan partnership is an exciting new opportunity for COPL. While exploratory, the on-shore block is situated in a hydrocarbon-rich area, located close to two large producing gas fields and an oil field,” said Arthur Millholland, COPL chief executive.

“COPL will update further in due course once the terms of the production sharing contract are agreed.”

Progress in Nigeria

In Nigeria, meanwhile, Essar Nigeria (80% owned by ShoreCan) is in the final stages of securing ministerial approval for the Essar acquisition and has applied for an extension to the first phase of a production sharing contract.

COPL said it has made ‘further progress’ towards raising funds for the OPL 226 project, though it noted that the process has taken longer than anticipated.

In late afternoon trading, COPL shares were 7.4% lower at 0.62p.

 -- Adds share price --

Drilling at OPL 226 will be ‘somewhat delayed’ whilst funding is awaited and whilst the Essar regulatory processes are complete.

“Essar is in the final stage of being granted an extension to the related PSC. Given the indigenous participation in the project there is considerable domestic support and COPL continues to do everything it can as a partner to finalise the extension and project financing,” Millholland added.

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Fri, 15 Dec 2017 07:59:00 +1100 https://www.proactiveinvestors.com.au/companies/news/188867/copl-lands-new-mozambique-project-updates-on-nigeria-progress-188867.html
<![CDATA[RNS press release - Share Options Grant ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20171127070006_13444018/ Mon, 27 Nov 2017 18:00:06 +1100 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20171127070006_13444018/ <![CDATA[RNS press release - Q3 2017 Results ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20171113070004_13428535/ Mon, 13 Nov 2017 18:00:04 +1100 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20171113070004_13428535/ <![CDATA[News - COPL continues to target Nigeria appraisal campaign ]]> https://www.proactiveinvestors.com.au/companies/news/187146/copl-continues-to-target-nigeria-appraisal-campaign-187146.html Canadian Overseas Petroleum Limited (LON:COPL) continues to work towards an appraisal drilling programme at the OPL 226 project offshore Nigeria where work is slated for early 2018.

The company said in a third quarter update that it is working with investment banks to source funds for the proposed programme and it has held talks with potential contractors and suppliers for the anticipated programme.

READ: COPL investors look forward to a different kind of funding deal, eyeing new drilling offshore Nigeria

Funding would be at project level, not company equity.

Arthur Millholland, COPL chief executive, highlighted that the appraisal programme would potentially precede a full field development project.

"We continue to focus on developing our attractive oil appraisal and development project in OPL 226, offshore Nigeria,” Millholland said.

“The initial work program will be to drill an appraisal well to the NOA-1 oil discovery and place it on production through an Early Production Scheme. This would be followed by the drilling of up to three additional similar wells on the NOA Structure. “

READ: COPL making “encouraging progress” towards Nigeria funding deal

Millholland added: “Two investment banks have been engaged to assist our subsidiary ShoreCan with the financing required to commence drilling at OPL 226. 

“Unlike equity financings that are straightforward and fast, project financings are complex and  require a lot more paperwork and legal review.

“We hope to update the market and our shareholders at an early opportunity."

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Mon, 13 Nov 2017 09:01:00 +1100 https://www.proactiveinvestors.com.au/companies/news/187146/copl-continues-to-target-nigeria-appraisal-campaign-187146.html
<![CDATA[RNS press release - Admission to Trading in London of Shares ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20171016113728_13397817/ Mon, 16 Oct 2017 21:37:28 +1100 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20171016113728_13397817/ <![CDATA[RNS press release - £2.5 million Common Share Offering ]]> https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20171002070005_13381575/ Mon, 02 Oct 2017 17:00:05 +1100 https://www.proactiveinvestors.com.au/companies/rns/8295/LSE20171002070005_13381575/ <![CDATA[News - COPL investors look forward to a different kind of funding deal, eyeing new drilling offshore Nigeria ]]> https://www.proactiveinvestors.com.au/companies/news/184915/copl-investors-look-forward-to-a-different-kind-of-funding-deal-eyeing-new-drilling-offshore-nigeria-184915.html Investors continue to look forward to a different kind of funding news from Canadian Overseas Petroleum Limited (LON:COPL, CVE:XOP) as it works to take its Nigerian asset to production.

COPL on Monday announced a £2.5mln share placing to cover ongoing general and administrative expenses.

READ: COPL launches £2.5mln fundraise, project-level funding efforts continue

At the same time, the company highlighted that it is continuing work aimed at bringing in funds at project level for its Nigerian venture.

The company said it has achieved ‘encouraging progress’ in the project funding efforts, adding that it remained confident that it will meet the target to drill an appraisal well with an early production scheme following shortly after.

Arthur Millholland, COPL chief executive, said in a statement: "This placing will strengthen our balance sheet while we concurrently work towards finalising the project financing, operations program and plan for our OPL 226 project offshore Nigeria."

Drilling slated for late 2017 or early 2018

COPL’s Nigerian venture is aiming to start a drill programme for the OPL 226 asset, offshore Nigeria, in either late 2017 or early 2018.

The block lies 30 miles offshore in 150ft of water in the Central Nigerian delta, where five wells were sunk historically, three hitting oil and gas  and two hitting gas.

Last month, it was highlighted that the proposed drilling campaign could comprise of two or three wells, as an initial appraisal and development programme ahead of a larger future development.

READ: Canadian Overseas Petroleum boss upbeat on offshore Nigerian opportunity

An early production system could see OPL 226 flowing some 6,000 to 10,000 barrels of oil per day.

It was estimated that a well could cost around US$19mln, but, lower costs may also be possible depending on commercial dynamics.

Plainly there’s plenty for investors to look forward to, but, first they’ll have to see some project funding.

October share placing

COPL is issuing some 250 mln new shares, priced at 1p per share. in afternoon trading, the shares were changing hands at 1.15p each, down 0.35p on Friday's close.

Cash raised in the equity funding is earmarked to cover ongoing general and administrative expenses which mainly comprise covering the head count of geologists, a geophysicist, reservoir engineers, a drilling engineer as well as in-house counsel.

The company noted that its expenses amount to approximately US$410,000 per month, as it works to progress its assets in West Africa.

COPL noted that it also has financial commitments related to its planned activity at its Nigerian joint venture, where new appraisal drilling is planned for late 2017 or early 2018.

The company highlighted that it has engaged intermediaries, COFARCO SAS of Paris and London’s Zeus Capital, to arrange project-level funding for the upcoming work programmes.

The company said it has achieved  ‘encouraging progress’ in the project funding efforts, adding that it remained confident that it will meet the target to drill an appraisal well with an early production scheme following shortly after.

Arthur Millholland, COPL chief executive, said in a statement: "This placing will strengthen our balance sheet while we concurrently work towards finalising the project financing, operations program and plan for our OPL 226 project offshore Nigeria."

 -- Adds share price --

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Mon, 02 Oct 2017 12:13:00 +1100 https://www.proactiveinvestors.com.au/companies/news/184915/copl-investors-look-forward-to-a-different-kind-of-funding-deal-eyeing-new-drilling-offshore-nigeria-184915.html