Canadian Overseas Petroleum Ltd Third Quarter 2020 Results (5035F)
November 17 2020 - 2:00AM
UK Regulatory
TIDMCOPL
RNS Number : 5035F
Canadian Overseas Petroleum Ltd
17 November 2020
Canadian Overseas Petroleum
Reports Third Quarter 2020 Results
Calgary, Canada, London, United Kingdom; November 17, 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, announces its
results for Third Quarter ending September 30, 2020.
The results and associated quarterly regulatory filing
documents, including the Financial Statements and the Management's
Discussion and Analysis for Third Quarter ending September 30,
2020, can be viewed under the Company's name at www.sedar.com or at
the Company's website at www.canoverseas.com .
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) 7747788221
Email: copl@yellowjerseypr.com
The Common Shares are listed under the symbol "XOP" on the CSE
and under the symbol "COPL" on the London Stock Exchange.
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.
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