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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.

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