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COPL looks forward to appraisal activity in Nigeria

Published: 18:56 23 Mar 2018 AEDT

Offshore oil rig
COPL could drill four wells for an early production scheme

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."

All eyes on Canadian Overseas Petroleum's offshore Nigeria asset

Arthur Millholland, chief executive of Canadian Overseas Petroleum Limited (LON:COPL) tells Proactive they've engaged two investment banks for a potential funding of the group’s plans in Nigeria. Paris based COFARCO SAS and London’s Zeus Capital have been tasked to raise funds for...

on 9/5/17