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Canadian Overseas Petroleum wants to farm into or buy interests

Last updated: 10:30 15 Nov 2013 EST, First published: 11:30 15 Nov 2013 EST

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Junior firm Canadian Overseas Petroleum (CVE:XOP) wants to grow its oil and gas business by farming into or acquiring interests in assets, it told investors in its third quarter results.

These would be exploration, unappraised and/or undeveloped assets, it said.

In the three months to September 30, the firm focused on working with its joint venture partners on technical analysis on the offshore interest in Liberia.

It also performed some geological analysis on its exploration project in New Zealand and evaluated other oil and gas prospects.

Notably, during the quarter, the company resolved its dispute with BG International, in that it signed a settlement deed and release, which confirmed the parties had reached final settlement and agreed to dismiss legal proceedings.

As a result the company has no further costs/losses to be recognised in respect of the dispute with BG, other than those already included in the general and administrative costs for the period.

At the end of September, the company’s cash and cash equivalents were $5.2 million.

The firm noted it did not have cash inflows and/or adequate financing to develop profitable operations and is " pursuing exploration projects that, if successful, will require substantial additional financing before they are able to generate positive cash flows".

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