viewCanadian Overseas Petroleum Limited

COPL continues to target Nigeria appraisal campaign

"We continue to focus on developing our attractive oil appraisal and development project in OPL 226, offshore Nigeria,” Millholland said

oil and gas operations
The campaign is slated for early 2018

Canadian Overseas Petroleum Limited (LON:COPL) continues to work towards an appraisal drilling programme at the OPL 226 project offshore Nigeria where work is slated for early 2018.

The company said in a third quarter update that it is working with investment banks to source funds for the proposed programme and it has held talks with potential contractors and suppliers for the anticipated programme.

READ: COPL investors look forward to a different kind of funding deal, eyeing new drilling offshore Nigeria

Funding would be at project level, not company equity.

Arthur Millholland, COPL chief executive, highlighted that the appraisal programme would potentially precede a full field development project.

"We continue to focus on developing our attractive oil appraisal and development project in OPL 226, offshore Nigeria,” Millholland said.

“The initial work program will be to drill an appraisal well to the NOA-1 oil discovery and place it on production through an Early Production Scheme. This would be followed by the drilling of up to three additional similar wells on the NOA Structure. “

READ: COPL making “encouraging progress” towards Nigeria funding deal

Millholland added: “Two investment banks have been engaged to assist our subsidiary ShoreCan with the financing required to commence drilling at OPL 226. 

“Unlike equity financings that are straightforward and fast, project financings are complex and  require a lot more paperwork and legal review.

“We hope to update the market and our shareholders at an early opportunity."

Quick facts: Canadian Overseas Petroleum Limited

Price: 0.365 GBX

Market: LSE
Market Cap: £35.25 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