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Canadian Overseas Petroleum releases third quarter results

In the summer COPL raised £500,000 as the junior oiler continued to advance preparations for new drilling.

Canadian Overseas Petroleum Limited - Canadian Overseas Petroleum releases third quarter results
COPL and its local partner wants to bring three to four wells into production by the end of next year

Canadian Overseas Petroleum Limited‘s (LON:COPL) third quarter results confirmed the company held US$484,000 of cash as at the end of September.

The junior oil and gas company reported a comprehensive loss of US$936,000, with administrative costs coming in at US$921,000 for the three month period.

In August, the company raised £500,000 via a stock placing at 0.1p a share.

At the time COPL noted that the new funds will help bridge the financial gap until the company can conclude its project financing plans.

Earlier, in May, it said it had conditionally agreed a package worth up US$50mln that would help it exploit the oil potential OPL 226 offshore Nigeria.

COPL and its local partner wants to bring three to four wells into production by the end of next year at rates of 6-10,000 barrels of crude per day.

Quick facts: Canadian Overseas Petroleum Limited

Price: 0.32 GBX

LSE:COPL
Market: LSE
Market Cap: £11.15 m
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Canadian Overseas Petroleum CEO details terms of its new £2mln equity funding

Canadian Overseas Petroleum Limited's (LON:COPL) (CSE:XOP) Arthur Millholland discusses with Proactive London's Andrew Scott some of the detail of its £2mln equity-based funding facility with Yorkville and Riverfort. He says the funding is significant for them as it can give confidence to...

on 1/5/20

2 min read