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Canadian Overseas Petroleum Says Liberia Well To Spud In 2016

Wed, 23rd Sep 2015 11:34

LONDON (Alliance News) - Canadian Overseas Petroleum Ltd on Wednesday said it has received a work programme from ExxonMobil Inc, the US oil and gas giant, for the deepwater Block LB-13 well in Liberia.

The plan is for the well to be drilled in late 2016 to early 2017 and the results will be used to calibrate a plan for further drilling on the block.

The well will be drilled for around USD120.0 million, Canadian Overseas said. It has a 17% carried interest in the project.

"This is a positive first step in proceeding with the drilling of the Mesurado-1 well, subject to overcoming the remaining logistical issues related to the need for participation from third party contractors," said Arthur Millholland, Canadian Overseas' president and chief executive.

Shares in the company were up 30% to 3.4 pence on Wednesday on the news, one of the best performers in the London market.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

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Canadian Overseas Petroleum Ltd - oil and gas exploration, production and development company, with operations focused in Wyoming, US - Signs agreements with current stakeholders and a new institutional investor for an increase in its 2024 bonds and 2025 bonds, with a total amount of USD13.6 million committed possibly increasing to USD14.8 million. The convertible financing is meant to sufficiently fund the company for production growth, while allowing management to "optimally conclude" their reserves-based lending and joint-venture negotiations, COPL says. A further undrawn element has been made available by the company's main bondholder to ensure COPL will be appropriately funded into 2024.

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Canadian Overseas Petroleum Says Liberia Well To Spud In 2016

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