ExxonMobil, COPLB Oil Deal Is Completed
Canadian Overseas Petroleum Limited [COPL] today [Apr.5]
announced the closing and completion of the previously announced announced transactions between the company’s wholly owned Bermuda subsidiary Canadian Overseas Petroleum Bermuda Limited [COPLB], first with Peppercoast Petroleum plc, and second with ExxonMobil Exploration and Production Liberia Limited.
COPL now has a 20 percent working interest in Block LB-13, with ExxonMobil the operator, having an 80 percent working interest.
The closing of the transaction follows the ratification of the Production Sharing Contract by the Liberian Legislature, consisting of the Senate and the House of Representatives, which ratified the Contract without making any amendments.
Arthur Millholland, president and CEO of COPL commented, “We are very pleased to be announcing the Closing of this transaction for the Block LB-13 PSC.
“This is a significant step in realising the great opportunity for our shareholders and the citizens of Liberia. We look forward to working with ExxonMobil to move the project forward as we plan the exploration activities offshore Liberia.”
COPL is an oil and gas exploration company focused on oil prospects in the offshore West African continental margin and shale oil prospects onshore New Zealand.
