Canadian Overseas Petroleum Limited (LON:COPL)

Canadian Overseas Petroleum Limited (LON:COPL)


Share Price
0.14 p
Change
0.01 (8.00 %)
Market Cap
£3.36 m
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Canadian Overseas Petroleum Limited

Canadian Overseas Petroleum Limited is a junior oil and gas company focused in Sub-Saharan African. The company is headquartered in Calgary, Canada. Our shares trade on the London Stock Exchange (“COPL”) and on the Canadian Securities Exchange (“XOP”).

Our team of highly skilled geologists and engineers have years of experience in the UK basin, West Africa, and a variety of regions...

EPIC: COPL
Market: LSE:COPL
TSX-V:XOP
52-week High/Low: 0.90p / 0.09p
Sector: Energy
Market Cap: £3.36 m
Website: www.canoverseas.com
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Big Picture – A Deep Dive Examination of Canadian Overseas Petroleum Limited


Canadian Overseas Petroleum Limited Snapshot

COPL’s primary strategy is growth by drill bit. Offshore West Africa offers extraordinary possibilities for rapid growth. Up until recently, this region had little exploration relative to mature basins. However, in the past 2 – 5 years there have been a number of major oil discoveries that have resulted in increased activities in the area. Coinciding with discoveries and new production, the industry infrastructure is growing both offshore and onshore to accommodate and promote additional companies as they drill for and develop oil and gas resources.

Our 17% working interest in Block LB-13 offers a unique catalyst for a junior oil and gas company. Seismic data shot on the block in 2010 and reprocessed by COPL reveals a number of significant oil and gas targets. Our partner and the block operator is ExxonMobil. West Africa also offers a number of potential joint ventures with other oil companies who have licenses in the region. We are excited to include this region in our corporate focus!

Our Property Strategy

COPL is focused on the regions of West Africa and other emerging oil and gas regions in the world.  West Africa is an attractive region because it has experienced signficant oil and gas discoveries in the past 5 years, yet still remains underexplored because of its vast size. The region has similar geological traits to the UK North Sea, yet holds the potential for significantly larger reserves. Our first property in West Africa is offshore Liberia in Block LB-13 in which we have a 17% equity interest. COPL’s management has many years of exploration success in the UK North Sea and seeks to lever its technical expertise in other oil and gas regions around the globe.

Exploration Properties

Liberia

We have two attractive exploration properties that we believe will propel our initial growth. One property is a 17% working interest in Block LB-13 in offshore Liberia that is situated in a favorable location that includes late Cretaceous turbidite channels and fan complexes and rich source rocks on the West African Transform Margin.  ExxonMobil Exploration and Production Liberia Limited is the operator and holds an 83% working interest.

Nigeria

Canadian Overseas Petroleum Limited (COPL) has also announced that its 50% owned affiliate, “ShoreCan” has completed the acquisition of 80% of the share capital of Essar Exploration and Production Limited (Nigeria) – (“Essar Nigeria”).  Essar Nigeria’s sole asset is a 100% interest and operatorship of OPL 226 that is located about 50 kilometres offshore in the central area of the Niger D OPL 226 has an area of 1530 km2 and is situated in water depths ranging from 40 to 80 meters.  It offers oil appraisal and development opportunities having near term oil production potential and significant exploration upside.

Historically, five wells have been drilled, with the first oil discovery on the Block made in 2001 in the fifth well (Noa-1) after earlier drilling encountered predominantly gas-bearing sands.  ShoreCan, in the last year, has completed additional seismic processing to the most recent 568 km2 3D seismic survey acquired by Essar Nigeria in 2012.  The advanced seismic processing techniques, applied to this data set by ShoreCan, were successfully completed to better differentiate oil-bearing sands from gas and water-bearing sands.

We continue to look to add to our exploration properties as a source of growth for our company.

Block LB-13 Liberia

In 2013, several transactions closed that allowed COPL to have a 17% equity interest in Block LB-13 offshore Liberia. ExxonMobil has the remaining 83% equity interest and is the block’s operator.

Block LB-13 covers an area of approximately 2,500 square kilometres. The drilling targets identified by COPL are Cretaceous turbidite sand stratigraphic traps. COPL has a license for 3D seismic shot on the block in 2010 that appear to have similarities to recent deep water oil discoveries made offshore Ghana and Sierra Leone. The Company commissioned an independent reserves evaluator to conduct a Gross Prospective Petroleum Resource Report for Block LB-13. The evaluator reviewed the available seismic and chose the top 13 prospects on the block to derive a statistical aggregate number of 2.6 billion barrels of Gross recoverable oil at the P50 (Best Estimate) probability level.

Board of Directors

Our Board of Directors plays an active role in developing our corporate strategy and ensures that management has the necessary tools to successfully execute it. Our first and foremost duty is to our shareholders and to act in their best interests in all that we do. Currently our Board has 6 directors, 4of whom are independent. All are experienced directors who possess breadth and depth in the corporate world, and who currently hold or have held senior management positions for diverse, global companies.

Harald Ludwig
Chairman
Independent Director

Since 1985 Mr. Ludwig has served as President of Macluan Capital Corporation, a diversified private equity and investment firm.  He served on the boards of various private and public companies, including Lions Gate Entertainment Corporation, West Fraser Timber Company, one of North America’s largest forest products companies, and Seaspan Corporation, a NYSE listed company.  He is a founding partner or private equity investor in a number of North American and international private equity firms, hedge funds, mezzanine lenders, growth capital providers, distressed investment firms and real estate investment vehicles.  He also serves as an adviser to Tennenbaum Capital Partners LLC, a private investment firm.

Massimo Carello
Independent Director

Dr. Carello has over 30 years of international senior management and director level experience, including serving as Chairman and Chief Executive Officer of Fiat UK from 1990 to 2001. He is currently a Director of Orsu Metals Corporation and Canaccord Capital Inc. He currently lives in London, England, and is a Knight Commander of the Royal Order of Francis I of the Two Sicilies.

Viscount William Astor
Independent Director

Viscount Astor is a British businessman and politician who has sat as an elected hereditary peer in the House of Lords since 1972.  After working for Citibank in New York, he joined the Westminster Press in 1973 and worked in Yorkshire for the Bardford Telegraph and Argus newspaper.  He then started a number of venture capital companies and in 1984 founded Cliveden Hotels Ltd, which was subsequently floated on the LSE in 1997. He is currently a director at Networkers plc and SocialGo plc, both of which trade on the AIM in London.  He also serves as a director for several private companies in the United Kingdom.

John Cowan
Independent Director

Mr. Cowan, a petroleum geologist, was been involved in the Canadian oil and gas industry for 38 years. In this period he has founded two Canadian junior exploration and production companies. Currently Mr. Cowan is a director of Dundee Energy Ltd, a TSX listed Canadian oil and gas company, and a founding shareholder of Xtivity Inc. a closely held Web Architected, Maintenance Inventory Optimization firm with a Fortune 100 client base.

Arthur Millholland
President and CEO

Mr. Millholland has been President and CEO of Canadian Overseas Petroleum since August 2009, and has been a professional geologist for 30 years. He has worked in a variety of regions including the UK North Sea, Canada, the Gulf of Mexico, the United States, South America, and West and North Africa. He is a member of the Association of Professional Engineers Geologists and Geophysicists, and the American Association of Petroleum Geologists.

Symbol TSX.V: XOP, LSE: COPL

Shares Outstanding 617,139,350
 

Warrants 254,850,267

Options 61,005,000

Fully Dilluted 932,994,617

Contact Us

Head Office

3200, 715 – 5th Avenue SW
Calgary, Alberta
Canada T2P 2X6
Phone: 403.262.5441
Fax: 403.263.3251

UK Public Relations
Yellow Jersey Pr
30 Stamford Street
London SE1 9LQ
Charles Goodwin/Harriet Jackson
+44 (0)203 735 8825
[email protected]

North American Investor Relations
Cathy Hume – CEO
CHF Investor Relations
Toronto, ON
80 Richmond Street, Suite 303
Toronto, ON, M5H 2A4
Phone: 416.868.1079 ext.231
[email protected]

Auditors
Deloitte LLP
Calgary, Canada

Independent Reserves Evaluators
Sproule International Ltd.
Calgary, Canada

DeGolyer & MacNaughton
Texas, United States

Transfer Agent and Registrar
Computershare Trust Company
Calgary, Canada

Legal Counsel
McCarthy Tetrault
Calgary, Canada & London, UK

North American Investor Relations
CHF Investor Relations
Cathy Hume
Email: [email protected]
Phone: 416.868.1079 ext.231

UK Public Relations
Yellow Jersey PR Limited
Charles Goodwin/Harriet Jackson
Email: [email protected]

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