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COPL’s technical team has earned the respect of partner Exxon Mobil

Canadian Overseas Petroleum Limited (LON:COPL, CVE:XOP), as the name suggests, is based in Canada but focused on exploring in emerging regions, particularly those that hitherto have been lightly explored. Chief executive officer Arthur Milholland explains why the primary focus is currently on Liberia, where it is possession of “state-of-the-art” seismic data.
The Ebola outbreak in the area gave it plenty of time to exhaustively examine that data, and it is now very confident in the prospectivity of the area it is targeting, along with its partner, oil titan Exxon Mobil.
“We feel quite confident there’s hydrocarbon there,” Milholland told Proactive Investors. The first well will answer a number of remaining questions, such as the quality of the reservoir.
COPL believes that it is a low risk, high impact prospect, not least because Exxon has agreed to stump up the first US$120mln on drilling. If it is a success, it will “ring Exxon’s bell”, which, given the disparity in the sizes of the companies, means it will COPL’s bell a whole lot louder.

Quick facts: Canadian Overseas Petroleum Limited

Price: 0.1044 GBX

LSE:COPL
Market: LSE
Market Cap: £3.64 m
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Canadian Overseas Petroleum now poised for production in the Niger Delta

Arthur Millholland, chief executive of Canadian Overseas Petroleum Limited (LON:COPL) tells Proactive London how his team's sheer hard work and patience over the last two years in Nigeria has now brought his company to a point where substantial progress is imminent. Millholland, whose...

on 2/4/19

2 min read