COPL on Track to Secure Funds for OPL 226 Offshore Nigeria

Source: www.gulfoilandgas.com 9/27/2017, Location: Africa

Canadian Overseas Petroleum Limited (COPL), an international oil and gas exploration and development company focused on offshore West Africa, provides an operational update on its licences in offshore Nigeria and Liberia.

Further to the Company's Q2 results, dated 11 August, COPL continues to make encouraging progress towards securing funds for its highly attractive appraisal and development project at OPL 226, offshore Nigeria. The Company remains confident that it will meet the target to drill an appraisal well in late 2017 or early 2018, with a subsequent Early Production Scheme being put in place shortly after.

Additionally, COPL has plans to approach the Government of Liberia with regards to entering into a new Contract for Block LB-13, offshore Liberia. The current PSC for LB-13 with ExxonMobil and COPL terminates effective September 25, 2017. However, COPL's technical team sees opportunity in other areas of Block LB-13 and continues to perform geological and geophysical analysis in these areas.

Arthur Millholland, President & CEO, commented, "At present we remain focused on developing our highly attractive oil appraisal and development project in OPL 226, offshore Nigeria. The initial work program will be to drill an appraisal well at the NOA-1 oil discovery and bring it into production through an Early Production Scheme. The drilling of up to three additional similar wells on the NOA Structure would follow on from this. This phase of the project would precede a full field development.

"COFARCO SAS of Paris, France, and Zeus Capital of London, the two Investment Banks we are engaged with, specialize in project financing of African energy ventures and we have great confidence that they will secure the necessary funding. We look forward to updating the market upon completion of the financing phase of the process.

"We look forward to updating shareholders with the next steps that we take with regards to evaluating other leads mapped out on block LB-13 and other opportunities we see along the Liberian continental margin."

For more information about related Opportunities and Key Players visit West Africa Projects


Morocco >>  8/17/2022 - Predator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and Gas Company with operations in Trinidad, Morocco and Ireland. is pleased to announce t...
Cameroon >>  8/16/2022 - Tower Resources plc, the AIM listed oil and gas company with its focus on Africa , announces that it has made an annual award of share options under i...

Norway >>  8/16/2022 - Reference is made to the stock exchange announcement on 11 August 2022 made by PGS ASA (“PGS” or the “Company”) regarding the conversion of NOK 75,712...
Argentina >>  8/15/2022 - Echo Energy plc, the Latin American focused upstream oil and gas company, is pleased to announce the results of the Placing, further to the Company's ...

Bermuda >>  8/15/2022 - Valaris Limited has commenced a consent solicitation (“Consent Solicitation”) with respect to proposed amendments to the indenture (the “Indenture”) g...
Canada >>  8/15/2022 - Civeo Corporation, a leading provider of hospitality services to the natural resources sector, announced that it has agreed to repurchase approximatel...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.