Canadian Overseas Petroleum raises £700,000 as it focusses on Nigeria opportunity
It comes after the share price surged earlier in June, following a settlement deal in the Nigerian joint venture.
Company
Canadian Overseas Petroleum Limited
LON:COPL
Canadian Overseas Petroleum Limited is an oil and gas company, headquartered in Calgary, Canada. The company creates value through the acquisition, exploration, development and production of oil and natural gas reserves and holds interests in petroleum assets in the United States of America.
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Canadian Overseas rockets higher on settlement with Essar over offshore Nigeria prospect
Arthur Millholland, COPL’s president and chief executive, said: "This is a great outcome for the company in these uncertain times"
Canadian Overseas Petroleum authorised to issue shares to creditors
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“We now have the ability to press on with discussions with relevant stakeholders and accelerate efforts to deliver the clear potential of OPL 226 by the end of 2020," said chief executive Arthur Millholland
Canadian Overseas Petroleum comments on “merely opportunistic” legal action against Nigeria joint venture
“Time will tell how this plays out in Nigeria as it involves Shoreline, a prominent and well respected indigenous Nigerian shareholder," said COPL boss Arthur Millholland
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Canadian Overseas Petroleum releases third quarter results
In the summer COPL raised £500,000 as the junior oiler continued to advance preparations for new drilling.
Canadian Overseas Petroleum to raise £500,000
The new funds will help bridge the financial gap until the company can conclude its project financing plans, said chief executive Arthur Millholland
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"This placing will help ensure the company is able to realise the significant potential with OPL 226,” said Arthur Millholland, COPL chief executive
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“The company expects the performance bond to be in place to the satisfaction of the regulatory authorities in the coming weeks, at which point activities on OPL 226 can be commenced in earnest”
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Canadian Overseas Petroleum looks to mid-year for Nigeria finance
COPL said talks are underway with three large groups that can provide both oil services and finance
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Canadian Overseas Petroleum focused on finance for Nigeria licence
This party is offering financing alongside services for the OPL226 development project and is reported to have strong familiarity with the region.
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"This level of interest reaffirms our long-term view that OPL226 is an attractive opportunity with significant upside potential”
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“We continue to press ahead with our OPL226 project and we will provide further updates in due course"
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COPL raises £3mln in share placing
“In strengthening our balance sheet, we are able to continue to focus on securing a financing package for the highly prospective OPL 226 project offshore Nigeria"
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COPL ‘very pleased’ with financing progress for Nigeria venture
Securing a 'significantly larger' financing package for Nigeria appraisal and development programmes remains the main priority for COPL.
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COPL agrees offtake deal for Nigerian licence
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COPL highlights “significant progress” with Nigeria financing efforts
Chief executive Arthur Millholland highlighted that the group’s economics are “very attractive” especially as crude oil prices remain above US$75 per barrel
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If the appraisal well is successful it could potentially be brought online as part of an early production scheme
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COPL looks forward to appraisal activity in Nigeria
“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”
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COPL continues to target Nigeria appraisal campaign
"We continue to focus on developing our attractive oil appraisal and development project in OPL 226, offshore Nigeria,” Millholland said
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COPL investors look forward to a different kind of funding deal, eyeing new drilling offshore Nigeria
"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"
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"This placing will strengthen our balance sheet while we concurrently work towards finalising the project financing, operations programme and plan for our OPL 226 project offshore Nigeria"
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