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COPL releases results as investors await drilling news

The explorer wants to drill up to four wells at OPL 226.

oil and gas operations
A recently secured US$7mln bond supports COPL's plans

As investors in Canadian Overseas Petroleum Limited (LON:COPL) look forward to drilling at the OPL 226 asset offshore Nigeria, the company has released quarterly financial results.

The pre-revenue explorer reported a US$1.12mln loss for the period, and, told investors that it ended March with US$899,000 of cash and equivalents.

READ: Canadian Overseas Petroleum keen to start drilling at OPL 226

In March, the company secured a US$7mln performance bond from a Nigerian bank which will allow it to start work at OPL 226.

At the time, the company said it expects the performance bond to be in place 'in the coming weeks', at which point activities on OPL 226 could start in earnest.

In London, COPL shares were down 7.7% changing hands at 0.12p.

Quick facts: Canadian Overseas Petroleum Limited

Price: 0.05 GBX

LSE:COPL
Market: LSE
Market Cap: £1.74 m
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