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COPL's chief says acquisition of Essar's OPL 226 block in Nigeria is rare opportunity

Arthur Millholland, president and chief executive at Canadian Overseas Petroleum Limited (LON:COPL, CVE:XOP) talks to Proactive Investors about the acquisition of 80% of the share capital of Essar Exploration and Production Limited in Nigeria, which gives COPL 100% interest and operatorship of OPL 226, a block 50 kilometres offshore in the central area of the Niger Delta.

" This is an opportunity that does not come along very often" he notes.

"We have been working on this transaction for 2-1/2 years and (...) this allows us to get access to high-quality light crude oil reserves in shallow to medium waters that we can get on to production fairly quickly" he says. "It gives our shareholders a very good buffer" he adds.

Quick facts: Canadian Overseas Petroleum Limited

Price: 0.105 GBX

LSE:COPL
Market: LSE
Market Cap: £3.66 m
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Morning Report: Canadian Overseas Petroleum's Millholland to provide...

Headlines from the Proactive UK newsroom. Canadian Overseas Petroleum Limited (LON:COPL) is to receive C$200,000 as a loan from its chief executive, Arthur Millholland, so that it can continue discussions with investors and service providers over plans for the OPL 226 asset. The loan will...

2 days, 8 hours ago

2 min read