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.
