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COPL focussing on offshore Nigeria asset

As post-well evaluation continues for the Liberia asset, COPL is now focussing on OPL 226 offshore Nigeria where it is hoping to drill an appraisal well.

Oil workers on a well
Investment banks have been tasked with source new funds

Canadian Overseas Petroleum Limited (LON:COPL) in its first quarter statement told investors it has engaged two investment banks for a potential funding for the group’s plans in Nigeria.

Paris based COFARCO SAS and London’s Zeus Capital have been tasked to raise funds for drilling on the OPL 226 asset, offshore Nigeria.

Arthur Millholland, COPL managing director, said “we remain focused on developing an attractive oil appraisal in OPL 226, offshore Nigeria, which is a highly prospective area in our opinion.

“The two Investment Banks we have engaged are experienced in financing African energy ventures."

WATCH: All eyes on Canadian Overseas Petroleum's offshore Nigeria asset

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He added: “We look forward to updating the market on the progress made at OPL 226 in the second and third quarters."

The company, meanwhile, noted that work is ongoing to evaluate the findings of the unsuccessful Mesurado-1 exploration well, drilled offshore Liberia in late 2016.

"Whilst we were disappointed with the initial drill results from the Mesurado-1 well, we have been continuing to re-interpret our 2,500 sq. kilometer LB-13 3D seismic data set by incorporating the drilling results into a new seismic interpretation,” Millholland added.

“This involves a reappraisal of the seismic attributes previously interpreted to be possibly associated with hydrocarbons.

“Specifically the Company is evaluating whether the false hydrocarbon seismic response at Mesurado-1 is a local or a regional phenomenon.

“This evaluation is not one which can be accomplished in a short time, but should be completed late Q2 to early Q3 2017.”

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Quick facts: Canadian Overseas Petroleum Limited

Price: 0.2625 GBX

LSE:COPL
Market: LSE
Market Cap: £25.35 m
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Canadian Overseas Petroleum's Nigeria financing 'coming together'

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...

on 08/01/2018

2 min read