News Release31 Aug 2020 20:37
Canadian Overseas Petroleum Limited
Extension of Filing Date for Q2 Interim Financial Statements and MD&A
Calgary, Canada; London, United Kingdom: August 31, 2020 – Canadian Overseas Petroleum Limited
(the “Company” or “COPL”) (XOP:CSE) & (COPL:LSE), an international oil and gas exploration and
development company focused on sub-Saharan Africa, announces today that, further to its
announcement of August 17, 2020, due to restricted working conditions surrounding COVID-19, it
has extended the date for the filing of its unaudited condensed interim consolidated financial
statements (the “Interim FS”) and related management discussion and analysis (the “MD&A” and
collectively with the Interim FS, the “Interim Filings”) for the three and six month periods ended June
30, 2020, and now intends to complete the Interim Filings on or before September 14, 2020.
Pursuant to National Instrument 51-102 – Continuous Disclosure Obligations, the Company was
required to complete the Interim Filings by August 14, 2020. Relying on ASC Blanket Order 51-519
(and similar exemptions provided for by the Canadian Securities Administrators in other provinces
and territories of Canada) affording the Company an additional 45 days from the August 14, 2020
deadline, the Company is required to complete the Interim Filings on or before September 28, 2020.
There have been no material business developments since the announcement of August 17, 2020.
About the Company:
The Company is actively pursuing opportunities in Nigeria and sub-Saharan Africa in partnership with
Shoreline Energy International Limited ("Shoreline") as part of its strategy to generate stable cash
flow from secure offshore and onshore assets. The Company and Shoreline, through their jointly held
affiliated company Shoreline Canadian Overseas Petroleum Development Corporation ("ShoreCan"),
currently hold 80% of the share capital and have taken over the management of Essar Exploration
and Production Limited (Nigeria) ("Nigerian Affiliate" or the "Affiliate"). On August 4, 2020 the
Company announced that the shareholders of the Nigerian Affiliate had executed definitive
agreements to resolve their disputes. Completion is ongoing, and when completed ShoreCan’s
shareholding in the Affiliate will change in accordance to the terms outlined in the Press Release. The
Affiliate holds an attractive oil appraisal and development project in shallow to mid-water offshore
Nigeria on its 100% holding in OPL 226. In other ventures, ShoreCan has been indicatively awarded
an exploration license onshore Mozambique in the 5th Licensing Round adjacent to the producing
Pande-Temane Gas and light oil field complex.