Canadian Overseas Petroleum's Nigeria financing 'coming together'
Arthur Millholland, chief executive of Canadian Overseas Petroleum Limited (LON:COPL CVE:XOP), discusses with Proactive’s Andrew Scott the progress being made towards financing the development of the OPL226 licence offshore Nigeria.
COPL’s 50% owned joint venture company Shorecan has agreed to a project financing and offtake agreement term sheet for between US$30mln to US$50mln with Mauritius Commercial Bank and commodities trading group Trafigura.
The facility would cover expenses after an initial production well has been drilled and tested by ShoreCan’s 80% owned affiliate Essar Nigeria.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/stocktube/10009/canadian-overseas-petroleum-s-nigeria-financing-coming-together--10009.html
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