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ShoreCan and Essar Mauritius Agree to Extend Agreements

Source: 10/26/2020, Location: Africa

Canadian Overseas Petroleum Limited, an international oil and gas exploration and development company focused on sub-Sahara Africa, is pleased to announce that its 50% owned joint venture company, Shoreline Canadian Overseas Petroleum Development Corporation Limited ("ShoreCan") and Essar Exploration & Production Limited (Mauritius) ("Essar Mauritius") have agreed to extend the completion date of the definitive agreements between the parties announced on August 4, 2020 to January 29, 2021.

On August 4th, 2020, the Company announced that the shareholders of the Company's Nigerian Affiliate had executed definitive agreements to resolve their disputes. Completion of these agreements is subject to the Nigerian National Petroleum Corporation ("NNPC") granting an extension of the exploration period under the OPL 226 PSC beyond 30th September 2020. The Nigerian Affiliate applied for this extension in early June 2020. COPL understands that COVID 19 restrictions pertaining to travel and "in person" meetings have created delays regarding the application within the NNPC and the Department of Petroleum Resources ("DPR").

Arthur Millholland, President and CEO, commented:
" ShoreCan and Essar Mauritius, the shareholders of COPL's Nigerian Affiliate, are engaged in the process to reach completion to the agreements announced on August 4th. Face to face, or in person, meetings are required. We understand the entry requirements for foreign nationals may ease in the near term thus allowing for in-country face to face meetings which are a normal part of the process. As I have previously commented, the COVID 19 situation has caused governments globally to impose travel restrictions through their respective borders, as well as imposing restrictions on in person meetings to protect their organs of government and their citizens. When the green light is received, we and our partners will act as soon practical to arrange and continue these discussions. Once the terms of the extension of the OPL 226 are in hand, the Company's Nigerian Affiliate will determine an operational schedule going forward and the timing for its execution. "

The Common Shares are listed under the symbol "XOP" on the CSE and under the symbol "COPL" on the London Stock Exchange.

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