COPL said talks are underway with three large groups that can provide both oil services and finance.
The company is looking to arrange project finance of US$100mln and equity of a further US$20mln.
These are the triggers for a project financing and offtake agreement term sheet for between US$30mln to US$50mln agreed with Mauritius Commercial Bank and commodities trading group Trafigura.
Subject to finance, appraisal drilling on OPL 226 is scheduled for mid-year, said COPL, with the intention to bring four wells onstream at a forecast rate of 6-10,000 barrels per day by the end of 2020.
Arthur Millholland, COPL’s chief executive, said: “With the potential for significant near-term production at OPL 226, we are focused on ensuring this comes on stream as soon as possible, with the first production well scheduled to commence drilling by mid-2019, assuming all steps of the process are in order.”
COPL’s 50% owned subsidiary ShoreCan is entitled to 80% of the vehicle that holds the OPL 226 licence.
Elsewhere, talks are ongoing with the Mozambique government over terms for a production sharing contract governing onshore Block PT5-B on the Mozambique coastal plain.