Q2 2018 Results
Calgary, Alberta (FSCwire) - Canadian Overseas Petroleum Limited ("COPL" or the "Company") (XOP: TSX-V) & (COPL: LSE), an international oil and gas exploration and development company focused on offshore Africa, announces the filing of the second quarter results ending June 30, 2018.
During the second quarter of 2018, the Company continued to work with its investment bankers and its joint venture partner Shoreline Energy to source funds for its appraisal/development project at OPL 226, offshore Nigeria.
Arthur Millholland, President & CEO, commented:
"A major component to our financing activities is the credit facility of up to US$50 million into our subsidiary ShoreCan from The Mauritius Commercial Bank Limited and Trafigura, agreed to and released on July 30, 2018. As shareholders can see, the financing package we are working on is significantly larger than we initially set out to complete − thus requires more participants while at the same time expanding and accelerating our development well planning. Submission of this expanded program on OPL 226 to the Concessionaire NNPC is expected to occur in the near term. Concurrently, we are working on the credit facility's conditions which include a binding agreement and also are engaged in late stage discussions with an offshore oil services group for the provision of the required offshore services for a deferred fee. We are very pleased with how things are progressing."
For further information, please contact:
Mr. Arthur Millholland, President & CEO Canadian Overseas Petroleum Limited Tel: + 1 (403) 262 5441 Cathy Hume CHF Investor Relations Tel: +1 (416) 868 1079 ext. 231 Email: cathy@chfir.com Harriet Jackson/Charles Goodwin Yellow Jersey PR Limited Tel: +44 (0) 75 4427 5882 Email: copl@yellowjerseypr.com Broker: London Stock Exchange Shore Capital Stockbrokers Limited Edward Mansfield |
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public://news_release_pdf/canadianoverseas08152018.pdf
To view the original release, please click here
Source: Canadian Overseas Petroleum Limited (TSX Venture:XOP, LSE:COPL)
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