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:
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Mr. Arthur Millholland, President & CEO Canadian Overseas Petroleum Limited Tel: + 1 (403) 262 5441 Cathy Hume CHF Investor Relations Tel: +1 (416) 868 1079 ext. 231 Email: cathy@chfir.com Harriet Jackson/Charles Goodwin Yellow Jersey PR Limited Tel: +44 (0) 75 4427 5882 Email: copl@yellowjerseypr.com Broker: London Stock Exchange Shore Capital Stockbrokers Limited Edward Mansfield |
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Source: Canadian Overseas Petroleum Limited (TSX Venture:XOP, LSE:COPL)
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