viewCanadian Overseas Petroleum Limited

COPL chief targeting drilling in Liberia by year’s end

Canadian Overseas Petroleum Limited (LON:COPL, CVE:XOP) confirmed this week it had signed definitive agreements with UK investors for an £800,000 fund raise.

COPL previously, at the end of March, announced a C$6mln funding in Canada, and Arthur Millholland, chief executive, tells Proactive Investors the funds will be used “to build our business in West Africa”.

Proceeds from the share placing will support the group through the drilling of the hotly anticipated first well offshore Liberia with Exxon Mobil Corporation (NYSE:XOM), as well as covering overhead costs for the Nigerian oil appraisal and development project.

On the oil price, Millholland says the market is trying to find a place where it is going to settle, but adds that the potential projects the company is interested in are “more than economic at these prices”.

Quick facts: Canadian Overseas Petroleum Limited

Price: 0.125 GBX

Market: LSE
Market Cap: £4.35 m

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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

2 min read