Canadian Overseas Petroleum Limited (COPL), an international oil and gas exploration and development company focused on offshore Africa, has announced the filing of the first quarter results ending 31 March 2018
During the Q1 2018, the company continued to work with its investment bankers and its joint venture partner Shoreline Energy to source funds for its development project at OPL 226, offshore Nigeria.
In Mozambique, the company, as operator of a consortium, awarded the onshore Block PT-5b in the 5th Licensing Round has been advised by the government of Mozambique that the final agreement governing the license will be negotiated after negotiations are completed on the blocks awarded to major oil companies in the offshore areas.
COPL is actively pursuing opportunities in Nigeria and sub-Saharan Africa’s oil and gas exploration activities in partnership with Shoreline Energy International Limited, a move that is in line with the company’s strategy to generate stable cash flow from secure offshore and onshore assets.
Further discussions for Africa’s oil and gas development projects are expected to be commenced in August, but the timing of such could be subject to change.
Commenting on the filing of the first quarter results in offshore Africa’s oil and gas fields, Arthur Millholland, president and CEO of COPL, said, “Since our last report, we have made significant progress on securing a financing package for OPL 226 appraisal/development project offshore Nigeria, and the necessary government consents. Our management team, who are also shareholders, share the concern of the shareholders who contact us about the length of time it is taking to move forward on this project.”
“With Brent crude oil prices hovering in excess US$75 per barrel, the economics of our interests in OPL 226 are very attractive and should allow us to conclude this part of the process and move quickly to the next or operational phase,” Millholland further added.
Source: OilReview Africa