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LONDON (Alliance News) - Canadian Overseas Petroleum Ltd on Thursday said its joint venture with Canada's Shoreline Energy has agreed an acquisition in Nigeria.
Shoreline Canadian Overseas Petroleum Development Corp, a 50:50 joint venture formed to pursue potential upstream oil and gas acquisitions in sub-Saharan Africa, will buy an 80% equity and titled interest in an oil and gas development project in the country offering near-term oil production.
The pair said it is seeking government approval in Nigeria for the deal and expects the acquisition to close soon.
"This is a very high quality asset that is attractive at the current oil price environment which will add significant value to our shareholders," said Canadian Overseas President and Chief Executive Arthur Millholland.
Shares in Canadian Overseas were untraded in London Thursday, having last traded at 2.44 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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