Petroleum Africa
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Thursday, September 15, 2016
Canadian Overseas Petroleum Ltd.’s (COPL) 50% owned affiliate, Shoreline Canadian Overseas Petroleum Limited (ShoreCan), completed the acquisition of 80% of the share capital of Essar Exploration and Production Limited (Nigeria) (Essar Nigeria). The acquisition gave ShoreCan a stake in OPL 226, Essar Nigeria’s sole asset.
Under the terms of the PSC with the government of Nigeria for OPL 226, Essar Nigeria is required to seek consent for the transaction from the Nigerian Ministry of Petroleum.
Application has been made and the parties to the transaction are awaiting its approval. Under the terms of the acquisition, ShoreCan will take over management and have a majority of directors on the board of the Essar Nigeria immediately.
An extension to the first phase of the PSC to December 31, 2017 was recently granted to Essar Nigeria. The remaining commitment on the first phase of the PSC is the drilling of one well. COPL’s technical team has identified a drilling location, which will be an offset to an oil discovery made in 2001 by a previous Contract holder.
The acreage offers oil appraisal and development opportunities having near term oil production potential and significant exploration upside.
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