COPL focussing on offshore Nigeria asset

Canadian Overseas Petroleum Limited (LON:COPL) in its first quarter statement told investors it has engaged two investment banks for a potential funding for the group’s plans in Nigeria.

Paris based COFARCO SAS and London’s Zeus Capital have been tasked to raise funds for drilling on the OPL 226 asset, offshore Nigeria.

Arthur Millholland, COPL managing director, said: “we remain focused on developing an attractive oil appraisal in OPL 226, offshore Nigeria, which is a highly prospective area in our opinion.

“The two Investment Banks we have engaged are experienced in financing African energy ventures.

“We look forward to updating the market on the progress made at OPL 226 in the second and third quarters.”

The company, meanwhile, noted that work is ongoing to evaluate the findings of the unsuccessful Mesurado-1 exploration well, drilled offshore Liberia in late 2016.

“Whilst we were disappointed with the initial drill results from the Mesurado-1 well, we have been continuing to re-interpret our 2,500 sq. kilometer LB-13 3D seismic data set by incorporating the drilling results into a new seismic interpretation,” Millholland added.

“This involves a reappraisal of the seismic attributes previously interpreted to be possibly associated with hydrocarbons.

“Specifically the Company is evaluating whether the false hydrocarbon seismic response at Mesurado-1 is a local or a regional phenomenon.

“This evaluation is not one which can be accomplished in a short time, but should be completed late Q2 to early Q3 2017.”

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