Update on Disagreement between ShoreCan and Essar Mauritius

Source: www.gulfoilandgas.com 10/16/2018, Location: Africa

Canadian Overseas Petroleum Limited (COP L) an international oil and gas exploration and development company focused on offshore Africa, previously disclosed in an announcement made on 16 August 2018, that its 50% owned joint venture company, Shoreline Canadian Overseas Petroleum Development Corporation ("ShoreCan"), is in disagreement with Essar Exploration and Production Limited Mauritius (“Essar Mauritius”) regarding compliance under the Essar Nigeria Shareholders Agreement (the “Shareholder Agreement”).

The Shareholder Agreement governs the relationship between ShoreCan and Essar Mauritius in respect of their interests in Essar Exploration and Production Limited (Nigeria) ("Essar Nigeria"), ShoreCan has an 80% interest in Essar Nigeria, which has a 100% contracted interest in OPL226, which is located in shallow to mid-water offshore Nigeria.

The parties have exchanged correspondence setting out their respective positions but no formal proceedings have been issued in respect of the dispute and no other action has been taken by either party. The correspondence to date has only reinforced the Company’s view that ShoreCan has several valid defences and counter claims to any action that might be brought by Essar Mauritius in the event that the current disagreement escalates. In the meantime, ShoreCan continues to pursue the completion of the financing initiatives previously announced for OPL226 and Essar Nigeria continues to operate as before.

Arthur Millholland, President and CEO, commented: “As previously stated, we are frustrated with the claims being brought forward by Essar Mauritius, but ShoreCan remains of the view that the allegations brought forward by Essar Mauritius are without foundation or merit. We continue to press ahead with our OPL226 project and we will provide further updates in due course.”

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