16/03/2021 6:20pm
UK Regulatory (RNS & others)
TIDMCOPL
RNS Number : 4124S
Canadian Overseas Petroleum Ltd
16 March 2021
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION
This announcement contains inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 and is in accordance with the Company's obligations under Article 17 of that Regulation. Upon the publication of this announcement, the inside information is considered to be in the public domain.
16 March 2021
Canadian Overseas Petroleum Limited
Proposed Transaction and Conditional Suspension of Listing
Calgary, Canada & London, United Kingdom, March 16, 2021 - Canadian Overseas Petroleum Limited ("COPL" or the "Company") (XOP: CSE) & (COPL: LSE), an international oil and gas exploration and development company, is pleased to announce that, following previous announcements by the Company on December 16, 2020 and more recently on March 9, 2021 regarding the proposed acquisition (the "Proposed Acquisition") of Atomic Oil and Gas LLC ("Target"), it has now agreed all final terms in relation to the Proposed Acquisition and it is anticipated that the Proposed Acquisition will complete after the market closes today.
As previously announced, the Proposed Transaction amounts to a reverse takeover under the Listing Rules. The Company is currently finalising various detailed financial due diligence on the Target and it has requested the Financial Conduct Authority ("FCA") to suspend its listing conditional upon the Proposed Transaction becoming wholly unconditional. Listing of the Company's common shares will remain suspended until such time as the Company either publishes a prospectus relating to the Proposed Transaction or submits a restoration request for approval by the FCA.
The Company will continue to update the market as and when appropriate.
About the Company:
COPL is an international oil and gas exploration, development and production company actively pursuing opportunities in the United States through the acquisition of Atomic Oil and Gas LLC with operations in Converse County Wyoming, and in sub-Saharan Africa through its ShoreCan joint venture company in Nigeria, and independently in other countries.
For further information, please contact:
Mr. Arthur Millholland, President & CEO
Mr. Ryan Gaffney, CFO
Canadian Overseas Petroleum Limited
Tel: + 1 (403) 262 5441
Cathy Hume
CHF Investor Relations
Tel: +1 (416) 868 1079 ext. 251
Email: cathy@chfir.com
Charles Goodwin
Yellow Jersey PR Limited
Tel: +44 (0) 77 4778 8221
Email: copl@yellowjerseypr.com
Peter Krens
Equity Capital Markets, Tennyson Securities
Tel: +44 (0) 20 7186 9033