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Pin to quick picksCOPL Regulatory News (COPL)

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Proposed Transaction and Conditional Suspension

16 Mar 2021 10:15

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

Email: peter.krens@tennysonsecurities.co.uk 

 

The Common Shares are listed under the symbol "XOP" on the CSE and under the symbol "COPL" on the London Stock Exchange.

 

This news release contains forward-looking statements. The use of any of the words "initial, "scheduled", "can", "will", "prior to", "estimate", "anticipate", "believe", "should", "forecast", "future", "continue", "may", "expect", and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained herein are based on certain key expectations and assumptions made by the Company, including, but not limited to, the satisfaction of all conditions precedent to the acquisition of Atomic, the ability to raise the necessary funding for continued operations, delays or changes in plans with respect to exploration or development projects or capital expenditures. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements since the Company can give no assurance that they will prove to be correct since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties most of which are beyond the control of Canadian Overseas Petroleum Ltd. For example, the uncertainty of reserve estimates, the uncertainty of estimates and projections relating to production, cost overruns, health and safety issues, political and environmental risks, commodity price and exchange rate fluctuations, changes in legislation affecting the oil and gas industry could cause actual results to vary materially from those expressed or implied by the forward-looking information. Forward-looking statements contained in this news release are made as of the date hereof and Canadian Overseas Petroleum undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

 

Neither the CSE nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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ACQGPUCGWUPGGUQ
Date   Source Headline
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11th Mar 20247:00 amRNSCCAA Application and Suspension of Trading
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18th Jan 20247:00 amRNSInterim CEO and Changes to Board of Directors
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2nd Jan 20247:00 amPRNIssue of Equity
27th Dec 20237:00 amPRNCOPL Announces CEO Resignation
20th Dec 202312:37 pmRNSNotice of Default from Affiliate’s Senior Lender
18th Dec 20237:00 amRNSHolding(s) in Company
18th Dec 20237:00 amRNSTermination of JV Discussions
13th Dec 20237:00 amRNSConversion of Bonds & Share Issuances
28th Nov 20237:00 amRNSConversion of Bonds & Share Issuances
15th Nov 20237:00 amRNSQ3-2023 Operational and Financial Results
8th Nov 20237:00 amRNSConversion of Bonds & Share Issuances
7th Nov 20237:00 amRNSBoard Changes
26th Oct 20237:00 amRNSShare Issuance
13th Oct 20237:00 amRNSClosing of Financing
6th Oct 20237:57 amRNSEquity Financing and Further Financial Agreements
2nd Oct 20237:25 amRNSCovenant Waivers and Financing Update
20th Sep 20237:00 amRNSConversion of Bond Payments
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6th Sep 20237:24 amRNS$3.5m Equity Financing & Board Changes
15th Aug 20237:00 amRNSQ2 Results & Gas Gathering System Completion
1st Aug 20237:00 amRNSConvertible Bond Share Issuances
24th Jul 20237:00 amRNSCOPL Announces Cole Creek JV Letter of Intent
18th Jul 20237:00 amRNSConversion of Bonds & Share Issuances
10th Jul 20237:00 amRNSConversion of Bonds & Share Issuances
6th Jul 20237:00 amRNSOperations Update
5th Jul 20237:00 amRNSConversion of Bonds & Share Issuances
30th Jun 20237:00 amRNSConversion of Bonds & Share Issuances
28th Jun 202312:20 pmRNSHolding(s) in Company
26th Jun 20237:00 amRNSConversion of Bond Payments
21st Jun 20231:08 pmRNSHolding(s) in Company
20th Jun 20237:00 amRNSBoard Changes & Cost Reduction Milestone

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