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Canadian Overseas Petroleum reveals 50% rise in production

It comes as the company submitted quarterly results for the three months ended March 31.

Canadian Overseas Petroleum Ltd - Canadian Overseas Petroleum reveals 50% rise in production

Canadian Overseas Petroleum Ltd (LSE:COPL, CSE:XOP, FRA:V9LA, OTC:VELXF) told investors that production is up around 50% currently, as it filed first-quarter results.

Production presently measures around 1,800 barrels per day gross, with volumes boosted after the start of gas injection activities at the Barron Flats pro

Results for the three months ended March 31 have been filed onto the SEDAR platform it noted.

“With the completion of the Q1 financials, the company can now work towards finalizing its prospectus, which is required in final form before readmission to trading on the LSE.

“Once a definitive timeline for readmission is available, the company will give a comprehensive update to the market on its operations."

COPL noted that in the first quarter production averaged 1,220 barrels of oil per day gross, or 706 barrels net.

The company’s shares were suspended from trading on the London Stock Exchange back in March.

Quick facts: Canadian Overseas Petroleum Ltd

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Price: 0.3375 GBX

Market Cap: £52.73 m

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