Continental Focus, International Reach

Canadian Overseas Petroleum Updates Liberia Work Program Delay

Tuesday, December 2, 2014

Canadian Overseas Petroleum Ltd. (COPL) and ExxonMobil, the operator of Liberia’s LB 13, are fully committed to completing their work program and obligations under the amended and restated PSC with NOCAL. NOCAL and ExxonMobil continue to meet regularly to discuss CSR activities and the fulfillment of the LB 13 work program.

As part of that interaction process, the government of Liberia has provided its assurances that it will act under the terms of the PSC to provide NOCAL and ExxonMobil sufficient time to complete its work program, extending the current exploration period if necessary. COPL will provide further information as future events may require.

The pair’s work program has been delayed due to the Ebola outbreak in several West African countries, including Liberia.

Arthur Millholland, President and CEO commented: “We are deeply concerned for the people of Liberia as they work to overcome Ebola with the help of the international community. LB-13 is a foundation asset for the company and we look forward to returning to Liberia soon to complete exciting work already begun. The delays we are experiencing should not be considered a reflection on the prospectivity of LB-13, nor the desire of those involved to complete the drilling of the exploration well required under this phase of the PSC.”


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