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Canadian Overseas Petroleum's Nigeria financing 'coming together'

Arthur Millholland, chief executive of Canadian Overseas Petroleum Limited (LON:COPL CVE:XOP), discusses with Proactive's Andrew Scott the progress being made towards financing the development of the OPL226 licence offshore Nigeria.

COPL’s  50% owned joint venture company Shorecan has agreed to a project financing and offtake agreement term sheet for between US$30mln to US$50mln with Mauritius Commercial Bank and commodities trading group Trafigura.

The facility would cover expenses after an initial production well has been drilled and tested by ShoreCan’s 80% owned affiliate Essar Nigeria.

Quick facts: Canadian Overseas Petroleum Limited

Price: 0.0625 GBX

LSE:COPL
Market: LSE
Market Cap: £2.18 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