Canadian Overseas Petroleum Ltd (LON:COPL) has raised £3mln of new capital to support the group’s ongoing efforts to advance its assets in West Africa.
It is issuing some 895mln new shares at 0.335p.
The explorer said the capital injection will cover around US$400,000 per month including a full technical team comprising geologists, a geophysicist, reservoir engineers, and a drilling engineer.
READ: COPL ‘very pleased’ with financing progress for Nigeria venture
"The proceeds from the placing will be directed towards on-going general expenses, which covers our qualified technical team and in-house counsel,” said Arthur Millholland, chief executive.
“In strengthening our balance sheet, we are able to continue to focus on securing a financing package for the highly prospective OPL 226 project offshore Nigeria.
“As previously announced we are in late stage discussions with an oil service group and we look forward to updating the market on this is due course."