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Canadian Overseas Petroleum in talks with large oil service provider

"This level of interest reaffirms our long-term view that OPL226 is an attractive opportunity with significant upside potential”

oil and gas operations
It is working to secure financing

Canadian Overseas Petroleum Limited (LON:COPL) told investors that it has entered into talks with a  second large oil service provider, with activities in West Coast Africa.

The company, as it filed third-quarter results, noted that it is continuing efforts towards advancing its financing activities together with its joint venture partner Shoreline Energy and its investment bankers.

READ: COPL raises £3mln in share placing

"We are delighted to have been approached by another large oil service provider, which is very familiar with the region,” said Arthur Millholland, COPL chief executive.

“Not only are they offering the provision of services, but also financing. This level of interest reaffirms our long-term view that OPL226 is an attractive opportunity with significant upside potential.”

Millholland added: "As for the Essar dispute, widely discussed by our shareholders, we continue to stand firm that it has no merit as the 60-day actionable period has lapsed. ShoreCan and its 80%-owned Essar Nigeria partner are successfully advancing its financing and operational activities in Nigeria."

Quick facts: Canadian Overseas Petroleum Limited

Price: 0.082 GBX

Market: LSE
Market Cap: £2.45 m

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All eyes on Canadian Overseas Petroleum's offshore Nigeria asset

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on 9/5/17

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