RE: just28 May 2019 09:18
Drilling is expected to start in late 2019, subject to regulatory approval, and will be followed by a second phase of wells. A ‘performance bond’ is already in place to allow the company to begin the programme.
"This placing will help ensure the company is able to realise the significant potential with OPL 226,” said Arthur Millholland, COPL chief executive.
“As it is limited to only 20% of our current market capitalisation, we expect to announce additional financing measures in the coming weeks. Concurrently we are focused on concluding the placement of the OPL 226 Performance Bond by our Nigerian affiliate and progressing the acceptance of the jack-up drilling rig currently under a non-binding letter of intent.”