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COPL Continues to Interpret Results of Liberia Well

Source: www.gulfoilandgas.com 5/5/2017, Location: Africa

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Canadian Overseas Petroleum Limited (COPL), an international oil and gas exploration and development company focused on offshore West Africa, announces its results for the first quarter ended March 31, 2017.

The Company continues to interpret the data collected from the Mesurado-1 well drilled 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. To this end the Company has engaged COFARCO SAS of Paris France and Zeus Capital of London United Kingdom to source the required funds. 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 continuing to re-interpret our 2,500 sq. kilometer LB-13 3D seismic data set by incorporating the drilling results into a new seismic interpretation. This involves a reappraisal of the seismic attributes previously interpreted to be possibly associated with hydrocarbons. Specifically the Company is evaluating whether the false hydrocarbon seismic response at Mesurado-1 is a local or a regional phenomenon. This evaluation is not one which can be accomplished in a short time, but should be completed late Q2 to early Q3 2017.

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. The two Investment Banks we have engaged are experienced in financing African energy ventures. We look forward to updating the market on the progress made at OPL 226 in the second and third quarters.”

For more information about related Opportunities and Key Players visit West Africa Projects

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