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Canadian Overseas Petroleum's Nigeria financing 'coming together'

Published: 10:23 01 Aug 2018 EDT

Arthur Millholland, chief executive of Canadian Overseas Petroleum Limited (LON:COPL CVE:XOP), discusses with Proactive's Andrew Scott the progress being made towards financing the development of the OPL226 licence offshore Nigeria.

COPL’s  50% owned joint venture company Shorecan has agreed to a project financing and offtake agreement term sheet for between US$30mln to US$50mln with Mauritius Commercial Bank and commodities trading group Trafigura.

The facility would cover expenses after an initial production well has been drilled and tested by ShoreCan’s 80% owned affiliate Essar Nigeria.

Canadian Overseas Petroleum reaches financing deal on favorable terms to...

Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP) chief executive Arthur Millholland joined Proactive's Stephen Gunnion with the news that the company has signed financing needed to close the acquisition of Cuda Energy, an oil and gas producer currently in receivership. Millholland told...

on 07/22/2022