Canadian Overseas Petroleum Ltd ShoreCan and Essar Mauritius to Extend Agreements (1289D)
October 26 2020 - 3:00AM
UK Regulatory
TIDMCOPL
RNS Number : 1289D
Canadian Overseas Petroleum Ltd
26 October 2020
Canadian Overseas Petroleum
ShoreCan and Essar Mauritius Agree to Extend Agreements
Calgary, Canada, London, United Kingdom; October 26, 2020 -
Canadian Overseas Petroleum Limited ("COPL" or the "Company") (XOP:
CSE) & (COPL: LSE), an international oil and gas exploration
and development company focused on sub-Sahara Africa, is pleased to
announce that its 50% owned joint venture company, Shoreline
Canadian Overseas Petroleum Development Corporation Limited
("ShoreCan") and Essar Exploration & Production Limited
(Mauritius) ("Essar Mauritius") have agreed to extend the
completion date of the definitive agreements between the parties
announced on August 4, 2020 to January 29, 2021.
On August 4(th,) 2020, the Company announced that the
shareholders of the Company's Nigerian Affiliate had executed
definitive agreements to resolve their disputes. Completion of
these agreements is subject to the Nigerian National Petroleum
Corporation ("NNPC") granting an extension of the exploration
period under the OPL 226 PSC beyond 30(th) September 2020. The
Nigerian Affiliate applied for this extension in early June 2020.
COPL understands that COVID 19 restrictions pertaining to travel
and "in person" meetings have created delays regarding the
application within the NNPC and the Department of Petroleum
Resources ("DPR").
Arthur Millholland, President and CEO, commented:
" ShoreCan and Essar Mauritius, the shareholders of COPL's
Nigerian Affiliate, are engaged in the process to reach completion
to the agreements announced on August 4(th) . Face to face, or in
person, meetings are required. We understand the entry requirements
for foreign nationals may ease in the near term thus allowing for
in-country face to face meetings which are a normal part of the
process. As I have previously commented, the COVID 19 situation has
caused governments globally to impose travel restrictions through
their respective borders, as well as imposing restrictions on in
person meetings to protect their organs of government and their
citizens. When the green light is received, we and our partners
will act as soon practical to arrange and continue these
discussions. Once the terms of the extension of the OPL 226 are in
hand, the Company's Nigerian Affiliate will determine an
operational schedule going forward and the timing for its
execution. "
The Common Shares are listed under the symbol "XOP" on the CSE
and under the symbol "COPL" on the London Stock Exchange.
About the Company:
The Company is actively pursuing opportunities in Nigeria and
sub-Saharan Africa in partnership with Shoreline Energy
International Limited ("Shoreline") as part of its strategy to
generate stable cash flow from secure offshore and onshore assets.
The Company and Shoreline, through their jointly held affiliated
company Shoreline Canadian Overseas Petroleum Development
Corporation ("ShoreCan"), currently hold 80% of the share capital
and have taken over the management of Essar Exploration and
Production Limited (Nigeria) ("Nigerian Affiliate" or the
"Affiliate"). On August 4, 2020 the Company announced that the
shareholders of the Nigerian Affiliate had executed definitive
agreements to resolve their disputes. Completion is ongoing, and
when completed ShoreCan's shareholding in the Affiliate will change
in accordance to the terms outlined in the Press Release. The
Affiliate holds an attractive oil appraisal and development project
in shallow to mid-water offshore Nigeria on its 100% holding in OPL
226. In other ventures, ShoreCan has been indicatively awarded an
exploration license onshore Mozambique in the 5th Licensing Round
adjacent to the producing Pande-Temane Gas and light oil field
complex.
For further information, please contact:
Mr. Arthur Millholland, President & CEO
Canadian Overseas Petroleum Limited
Tel: + 1 (403) 262 5441
Cathy Hume
CHF Investor Relations
Tel: +1 (416) 868 1079 ext. 231
Email: cathy@chfir.com
Charles Goodwin
Yellow Jersey PR Limited
Tel: +44 (0) 77 4778 8221
Email: copl@yellowjerseypr.com
This news release contains forward-looking statements. The use
of any of the words "initial, "scheduled", "can", "will", "prior
to", "estimate", "anticipate", "believe", "should", "forecast",
"future", "continue", "may", "expect", and similar expressions are
intended to identify forward-looking statements. The
forward-looking statements contained herein are based on certain
key expectations and assumptions made by the Company, including,
but not limited to, the ability to raise the necessary funding for
operations, delays or changes in plans with respect to exploration
or development projects or capital expenditures. Although the
Company believes that the expectations and assumptions on which the
forward-looking statements are based are reasonable, undue reliance
should not be placed on the forward-looking statements since the
Company can give no assurance that they will prove to be correct
since forward-looking statements address future events and
conditions, by their very nature they involve inherent risks and
uncertainties most of which are beyond the control of Canadian
Overseas Petroleum Ltd. For example, the uncertainty of reserve
estimates, the uncertainty of estimates and projections relating to
production, cost overruns, health and safety issues, political and
environmental risks, commodity price and exchange rate
fluctuations, changes in legislation affecting the oil and gas
industry could cause actual results to vary materially from those
expressed or implied by the forward-looking information.
Forward-looking statements contained in this news release are made
as of the date hereof and Canadian Overseas Petroleum undertakes no
obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new information,
future events or otherwise, unless so required by applicable
securities laws.
Neither the CSE nor its regulation services provider accepts
responsibility for the adequacy or accuracy of this release.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCEAFESALAEFAA
(END) Dow Jones Newswires
October 26, 2020 03:00 ET (07:00 GMT)
Canadian Overseas Petrol... (LSE:COPL)
Historical Stock Chart
From Apr 2024 to May 2024
Canadian Overseas Petrol... (LSE:COPL)
Historical Stock Chart
From May 2023 to May 2024