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.