StockMarketWire.com - Canadian Overseas Petroleum Limited said it continued to source funds for its appraisal/development project at OPL 226 offshore Nigeria, held through its partnership with Shoreline Energy.

The company said that through its investment bankers COFARCO SAS of Paris, and Zeus Capital of London, discussions were being held with a select number of oil traders, merchant banks and service providers to source the required funds.

It said discussions were advancing well and the company hoped to have the process completed by the end of the third quarter.

COPL said it remained confident that it would meet the target to drill an appraisal well in late 2017 or early 2018 with a subsequent early production scheme in place shortly thereafter. It said that during the second quarter ended 30 June it successfully raised £3,280,000 from the marketed sale of common shares to investors primarily in the UK.

Senior Management and employees participated in the offering on a private placement basis.

The offering was over-subscribed. COPL's said its technical team continued to perform geological and geophysical analysis on the rest of block LB-13, offshore Liberia, in order to decide whether or not to proceed into the third exploration phase of the PSC at LB-13 as the second exploration phase expired on 25 September.

President and chief executive Arthur Millholland said: "We remain focused on developing our attractive oil appraisal and development project in OPL 226, offshore Nigeria.

"The initial work program will be to drill an appraisal well to the NOA-1 oil discovery and place it on production through an Early Production Scheme.

"This would be followed by the drilling of up to three additional similar wells on the NOA Structure.

"This phase of the project would precede a full field development. The two Investment Banks engaged specialize in project financing of African energy ventures.

"We look forward to updating the market and our shareholders upon completion of the financing phase of the process."




At 9:05am: [LON:COPL] Canadian Overseas Petroleum Limited Com Shs Npv share price was -0.05p at 0.6p



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