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 its results for the year ending December 31, 2016.
The Company remains committed, along with its Liberia operating partner, ExxonMobil, to interpreting the data collected from the drill at LB-13, in December 2016. Meanwhile, through COPL's partnership with Shoreline Energy, the Company continues to source funds for the first drill at OPL 226, offshore Nigeria. COPL remains confident that it will meet the target drilling of an appraisal well in late 2017.
Arthur Millholland, President & CEO, commented:
"Whilst we were disappointed with the initial drill results from the Mesurado-1 well, we have been re-evaluting alternative leads as we believe there remains upside potential.
In addition to this, we remain focused on developing an attractive oil appraisal in OPL 226, offshore Nigeria, which is a highly prospective area in our opinion. We look forward to updating the market on the progress made at OPL 226 over the summer months."
The results and associated annual regulatory filing documents, including the Financial Statements and the Management's Discussion and Analysis, can be viewed under the Company's name at www.sedar.com or at the Company's website at www.canoverseas.com.
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.