Calgary, Alberta (FSCwire) – Canadian Overseas Petroleum Limited ("COPL" or the "Company") (XOP: TSX-V) & (COPL: LSE), an international oil and gas exploration and development company focused on offshore West Africa, announces that its Board of Directors approved the granting of 60,035,000 Share Options of the Company effective November 27, 2017. The Share Options were granted under the Company's Share Option Plan at an exercise price of $0.015 per share to the Company's directors, officers, employees and consultants.
About the Company:
The Company is an international oil and gas exploration and development company focused in offshore West Africa. The Company is actively pursuing opportunities in Nigeria in partnership with Shoreline Energy International Limited ("Shoreline") as part of its strategy to generate stable cash flow from secure offshore assets. The Company and Shoreline, through their jointly held affiliated company Shoreline Canadian Overseas Petroleum Development Corporation ("ShoreCan"), have acquired 80% of the share capital, and have taken over the management, of Essar Exploration and Production Limited (Nigeria) ("Essar Nigeria"). Essar Nigeria holds an attractive oil appraisal and development project in shallow to mid-water offshore Nigeria on its 100% holding in OPL 226. Drilling of the first appraisal well is planned to commence in early 2018. ShoreCan is currently waiting for final approval from the Government of Nigeria for the acquisition.
ShoreCan is building a portfolio of exploration and development assets in sub-Saharan Africa. To date, ShoreCan has taken a position in Nigeria. It continues to evaluate a variety of additional assets in Nigeria, and Mozambique.
The Common Shares are listed under the symbol "XOP" on the TSXV and under the symbol "COPL" on the London Stock Exchange.
For further information, please contact:
Mr. Arthur Millholland, President & CEO
Canadian Overseas Petroleum Limited
Tel: + 1 (403) 262 5441
CHF Investor Relations
Tel: +1 (416) 868 1079 ext. 231
Harriet Jackson/Charles Goodwin
Yellow Jersey PR Limited
Tel: +44 (0) 75 4427 5882
Broker: London Stock Exchange
Shore Capital Stockbrokers Limited
Click on, or paste the following link into your web browser, to view the announcement in full.
This information is provided by RNS
The company news service from the London Stock Exchange
To view this press release as a PDF file, click onto the following link:
Source: Canadian Overseas Petroleum Limited (TSX Venture:XOP, LSE:COPL)
Maximum News Dissemination by FSCwire. http://www.fscwire.com
Copyright © 2017 Filing Services Canada Inc.