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Share Price: 0.0575

Bid: 0.00

Ask: 0.00

Change: 0.00 (0.00%)

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Prev. Close: 0.0575

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IN BRIEF: Canadian Overseas Petroleum applies for debtor protection

Tue, 12th Mar 2024 08:29

Canadian Overseas Petroleum Ltd - oil and gas exploration company with operations in US state of Wyoming - Shares suspended from trading in London and Toronto on Monday, after COPL applies for an initial order under the companies' creditors arrangement act in Canada. COPL had warned in February of its "precarious financial situation", and the application for debt protection follows expiration of a forbearance agreement with its senior lenders. The CCAA order provides for a stay in legal proceedings, approval of debtor-in-possession financing, and the appointment of KSV Restructuring Inc to act as monitor of the company. COPL says it will continue to operate and pay critical suppliers, but there is "little prospect for a return to shareholders or bond holders". COPL on Tuesday confirms the initial CAA order has been issued by the court in the province of Alberta. At the same time, senior lenders to subsidiary COPL America Inc agree to support a sale and investment solicitation process.

Last stock price in London: 0.055 pence

12-month change: down 99% from 5.75p

By Tom Waite, Alliance News editor

Comments and questions to newsroom@alliancenews.com

More News

23 Jan 2023 16:06

Canadian Overseas Petroleum notes successful oil completion at Cole Creek

(Alliance News) - Canadian Overseas Petroleum Ltd on Monday noted the first successful Frontier 1 oil completion at Cole Creek in the US state of Wyoming.

3 Jan 2023 17:17

TRADING UPDATES: MGC cuts costs; Ince gets Arden sale green light

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

21 Dec 2022 17:44

TRADING UPDATES: Homeserve takeover sanctioned; Ariana finds nickel

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

15 Nov 2022 15:42

Canadian Overseas Petroleum increases output due to acquired assets

(Alliance News) - Canadian Overseas Petroleum Ltd said on Tuesday it has increased its oil production output following the closure of acquisitions of assets from Cuda Energy.

4 Nov 2022 20:38

TRADING UPDATES: SigmaRoc files patent; Griffin restarts operations

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:

13 Oct 2022 17:55

CORRECT: Coral Products buys Ecodeck; Evgen Pharma recruits

(Correcting Harmony Energy Income Trust's use of funds.)

12 Oct 2022 21:46

TRADING UPDATES: Coral Products buys Ecodeck; Evgen Pharma recruits

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

12 Oct 2022 14:39

TRADING UPDATES: Angus Energy exceeds monthly production targets

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

14 Sep 2022 21:07

IN BRIEF: Canadian Overseas Petroleum notes delay in Barron hearing

Canadian Overseas Petroleum Ltd - Calgary, Canada-based oil and gas company operating in Nigeria and US state of Wyoming - Concerning Southwestern Production Corp's application to flare additional gas volumes at its Barron Flats Shannon unit, makes an application to the Wyoming Oil & Gas Conservation Commission.

12 Sep 2022 10:57

Canadian Overseas shares rise on positive oil and gas reserve report

(Alliance News) - Canadian Overseas Petrolem Ltd shares surged on Monday after the company reported a "material" increase to its oil and gas reserves.

25 Aug 2022 14:38

IN BRIEF: Canadian Overseas Petroleum CEO buys 1 million shares

Canadian Overseas Petroleum Ltd - Calgary, Canada-based oil and gas company operating in Nigeria and US state of Wyoming - Chief Executive Officer Arthur Millholland buys 1.0 million shares at CAD0.19, worth CAD185,500, about USD143,224, on Tuesday and Wednesday.

16 Aug 2022 16:24

TRADING UPDATES: Castings expects revenue growth on input price rise

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

5 Aug 2022 12:43

IN BRIEF: Canadian Overseas gets confirmation of Wyoming oil discovery

Canadian Overseas Petroleum Ltd - Calgary, Canada-based oil and gas company - Says resource report prepared by an independent energy consultancy has confirmed its deep oil discovery in the US state of Wyoming. Confirms 993.5 million barrels at the Wyoming discovery. "This independent report validates what we announced at the start of the year and highlights the significant potential of our fantastic Wyoming asset. Compiled to Canadian regulatory standards, the report gives a conservative view, and we expect to see further exploration upside in due course once our drilling program gets under way in the coming months," says Chief Executive Arthur Millholland.

22 Jul 2022 14:43

IN BRIEF: Canadian Overseas shares plummet on financing for Cuda

Canadian Overseas Petroleum Ltd - Calgary, Canada-based oil and gas company - Signs financing so its subsidiary COPL America Inc can buy the Wyoming assets of Cuda Energy LLC. Canadian Overseas will issue two series of convertible bonds with a total amount of USD25.2 million, half of which will mature in 2024, the other half in 2025, which the company refers to as 'the convertible'.

19 Jul 2022 20:01

TRADING UPDATES: Capital backs outlook; Northcoders trades well

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

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