viewCanadian Overseas Petroleum Limited

COPL refinanced after share price soars, posts quarterly results

COPL has refinanced itself through two placings to raise £1.2mln

Canadian Overseas Petroleum Limited -

Canadian Overseas Petroleum Limited (LON:COPL) has reported a loss of US$301,00 in the three months to March 31, 2020, and ended the period with cash resources of US$0.05mln.

Since May, however, COPL's share price has risen nine-fold as the junior oiler reached a settlement in principle with partner Essar in their dispute over the OPL 226 licence offshore Nigeria, with the company now carried on an appraisal well.

COPL has also refinanced itself through two placings to raise £1.2mln in addition to a US$2mln equity funding facility.



Quick facts: Canadian Overseas Petroleum Limited

Price: 0.235 GBX

Market: LSE
Market Cap: £8.19 m

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on 1/5/20

2 min read