Proactive Investors - Run By Investors For Investors

Talks over Nigeria exploration funding advancing well says COPL

Investment bankers Cofarco and Zeus Capital are in discussions with a number of oil traders, merchant banks and service providers
picture of drill ship
COPL wants to drill around the end of the year

Canadian Overseas Petroleum Limited (LON:COPL) says discussions over funding for an appraisal well on its OPL 226 licence offshore Nigeria are advancing well.

Investment bankers Cofarco and Zeus Capital are in discussions with a number of oil traders, merchant banks and service providers, COPL said.

The oil explorer raised £3.25mln in May to provide working capital while it puts together a finance package and remains confident it will drill an appraisal well on OPL 226 in late 2017 or early 2018 with an early production scheme to be in place shortly afterwards.

READ: Canadian Overseas Petroleum outlines plans to raise £3.25mln

COPL had a major disappointment in December when a keenly anticipated well off the coast of Liberia found nothing and it is still assessing the rest of block LB-13, in order to decide whether or not to proceed into a third exploration phase.

Arthur Millholland, COPL’s chief executive, said the initial work programme in Nigeria will be an appraisal well on the NOA-1 oil discovery and to 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. This phase of the project would precede a full field development.

WATCH: All eyes on Canadian Overseas Petroleum's offshore Nigeria asset

“The two Investment Banks engaged specialize in project financing of African energy ventures. We look forward to updating the market and our shareholders upon completion of the financing phase of the process."

COPL posted a net loss of net loss of US$930,000 in the three months to June and with an interim deficit of US$1.74mln.

View full COPL profile View Profile

Canadian Overseas Petroleum Limited Timeline

Related Articles

Offshore oil operations, North Sea
October 09 2017
Statoil sees between 25mln and 130mln barrels of oil in the new discovery which was unearthed in the side-track to the previously unsuccessful Verbier exploration well.
picture of oil facilities
August 14 2017
Echo has ‘two fantastic opportunities’ in Huayco and Rio Salado in Bolivia
Carnarvon Petroleum's Adrian Cook discussed newsflow from North West Shelf at Proactive's CEO Sessio
September 15 2017
Adrian Cook discussed the company's portfolio strategy at Proactive's CEO Sessions.

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use