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Canadian Overseas Petroleum Limited

Canadian Ovrs Pet Ld - Corporate & Operational Update

RNS Number : 0453N
Canadian Overseas Petroleum Ltd
23 July 2014
 



 

 

Canadian Overseas Petroleum

 

Corporate & Operational Update

 

 

 

Calgary, Canada, July 23, 2014 - Canadian Overseas Petroleum Limited ("COPL" or "the Company") (TSX-V: XOP & LSE: COPL), the offshore West Africa focused oil exploration and development company, is pleased to provide a corporate and operational update.

 

Highlights

 

As part of COPL's strategy in West Africa the company is providing an update on some of its activities as it expands its regional footprint:

 

Liberia

 

·     COPL and its partner continue to advance the LB-13 project with recent technical work adding substantially to the geologic model of the block

 

·     New prospects have been mapped and identified by the partnership

 

·     Drilling on Block LB-13 has been delayed due to the recent Ebola virus outbreak in the region resulting in a reduced presence of expatriates in country

 

West Africa Transform Margin (WATM)

 

·     COPL has submitted a bid, as the operator of a consortium for a block in the WATM

 

·     Partners in the consortium include a prominent producing independent African energy company

 

·     COPL expects to be able to provide a further update on this process in Q3 2014

 

Nigeria

 

·     The Option on OPL 2010 has expired and the Company continues to evaluate the block

 

·     The Company is evaluating and negotiating on several other assets in Nigeria

 

·     COPL is in concurrent discussions to acquire two offshore blocks each with appraised oil discoveries with contingent resources based on historic drilling results

 

·     Opportunities play to management's asset development experience

 

·     COPL invited to participate in G&G study/evaluation for a deep water offshore block

 

 

Arthur Millholland, Chief Executive Officer, commented:

 

"The Company continues to be motivated by the opportunity that exists in West Africa for exploration and development of the WATM as regional companies look to partner with experienced management teams.

 

The COPL team has been part of the evaluation of deep water prospects and the development of midwater production schemes over the last 30 years. It is this combination of experience and access to undeveloped assets that are creating these opportunities.

 

We continue to make significant progress with the technical evaluation of Liberia. Whilst the possible delay in the commencement of drilling is regrettable, the safety of the partnership's staff is paramount and we are confident that staff numbers in country will return to normal levels in the near future."

About the Company

COPL is an international oil and gas exploration and development company focused in the offshore West Africa. The Company holds a 17% working interest in Block LB-13, offshore Liberia, with ExxonMobil the operator holding an 83% working interest. COPL is actively pursuing opportunities in Nigeria as part of its strategy to generate stable cash flow from secure offshore assets.

For Further Information Please Contact:

 

COPL

 

Mr. Arthur Millholland, President and CEO

Phone: +1 403 262 5441

 

 

Investor and Public Relations

Bell Pottinger

Mark Antelme or Henry Lerwill

North America Toll Free: +1 866 834 8330

Phone: +44 (0) 207 861

 

Joint Brokers

GMP Securities Europe

Phone: +44 (0)20 7647 2800

 

finnCap

Phone: +44 (0)20 7220 0500

 

 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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