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Canadian Overseas Petroleum outlines plans to raise £3.25mln

The proceeds will provide it with the working capital it needs as it executes on its business plan.

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The company is working on project-level finance in Nigeria

Canadian Overseas Petroleum Limited (LON:COPL, CVE:XOP) has unveiled plans to raise £3.25mln via a share placing at 0.5p.

The proceeds will provide it with the working capital it needs as it executes on its business plan.

It is currently looking for project-level finance for its drilling programme in Nigeria and has hired COFARCO of Paris France and Zeus Capital in London to find it.

COPL owns 50% of ShoreCan, which turn holds 80% Essar Exploration & Production whose major asset is OPL 226 offshore Nigeria.

Separately, the oil exploration group said it was near the end of re-interpreting the 2,500-square kilometre 3D seismic survey shot across its offshore licence in Liberia. It has done this incorporating data from December’s unsuccessful well, Mesurado-1.

The process should be complete late second-quarter, or early in the third, said chief executive Arthur Millholland.

Quick facts: Canadian Overseas Petroleum Limited

Price: 0.05 GBX

LSE:COPL
Market: LSE
Market Cap: £1.74 m
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Canadian Overseas Petroleum CEO details terms of its new £2mln equity funding

Canadian Overseas Petroleum Limited's (LON:COPL) (CSE:XOP) Arthur Millholland discusses with Proactive London's Andrew Scott some of the detail of its £2mln equity-based funding facility with Yorkville and Riverfort. He says the funding is significant for them as it can give confidence to...

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