ShoreCan & Essar Agree to Extend Agreements and Atomic Update

Source: www.gulfoilandgas.com 2/1/2021, Location: Africa

Canadian Overseas Petroleum Limited (“COPL”), an international oil and gas exploration and development company , is pleased to announce that its 50% owned joint venture company, Shoreline CanOverseas 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 April 30, 2021.

On August 4, 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 the 30th of September 2020. The Nigerian Affiliate applied for this extension in June 2020. COPL understands that COVID-19 restrictions pertaining to travel and “in person” meetings have continued to cause delays regarding the application within the NNPC and the Department of Petroleum Resources (“DPR”) due to increases in protection measures to protect the Nigerian people from the increasing effects of the pandemic.

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. As we indicated in October of last year, face to face or in person meetings are required. SubSaharan Africa is currently in the midst of battling new virulent mutant strains of the virus, as are other jurisdictions, without the public health care systems that we rely on. 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 restrictions are relaxed, 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. At present the Company is focused on completing the Atomic acquisition, and then executing a plan to increase the oil production and value of the Atomic assets. All of this will be a great benefit to our shareholders in 2021.”


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