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Thursday, September 28, 2017
Canadian Overseas Petroleum (COPL) revealed it has made “encouraging progress” in its bid to secure funding for the development of its OPL 226 exploration license in Nigeria.
In a statement relayed by Digital Look, COPL said it remains convinced that the NOA-1 prospect will be drilled by the end of 2017 or early 2018. To achieve this, negotiations are under way with Cofarco SAS, Zeus Capital and two investment banks specializing in the financing of African energy projects.
“Currently, we remain focused on the development of our oil evaluation and development project of the OPL 226 license off the coast of Nigeria. The initial work program will be to drill a well on NOA-1, discover oil and put it into production as part of an early production program. The drilling of up to three wells on the structure will follow,” said Arthur Millholland, head of COPL.
In addition to its search for funding for Nigeria, the company is preparing to extend its exploration license for Block LB-13 offshore Liberia that it shares with ExxonMobil. The license expired September 2
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