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COPL's chief says acquisition of Essar's OPL 226 block in Nigeria is rare opportunity

Arthur Millholland, president and chief executive at Canadian Overseas Petroleum Limited (LON:COPL, CVE:XOP) talks to Proactive Investors about the acquisition of 80% of the share capital of Essar Exploration and Production Limited in Nigeria, which gives COPL 100% interest and operatorship of OPL 226, a block 50 kilometres offshore in the central area of the Niger Delta.

" This is an opportunity that does not come along very often" he notes.

"We have been working on this transaction for 2-1/2 years and (...) this allows us to get access to high-quality light crude oil reserves in shallow to medium waters that we can get on to production fairly quickly" he says. "It gives our shareholders a very good buffer" he adds.

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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