COPL-ShoreCan-and-Essar-Mauritius-Agree-to-Extension
Calgary, Canada; London, United Kingdom: July 21, 2020– Canadian Overseas Petroleum Limited ("COPL" or the "Company") (XOP: CSE) & (COPL: LSE), an international oil and gas exploration and development company focused on offshore Africa, is pleased to announce that its 50% owned joint venture company Shoreline Canadian Overseas Petroleum Development Corporation ("ShoreCan") and Essar Exploration & Production Limited (Mauritius) (“Essar Mauritius”) has agreed to extend the backstop date to August 4, 2020 to enter into definitive documentation as outlined in the agreement in principal, announced on June 4, 2020, to resolve their disputes with each other concerning, among other things, their respective obligations under the Essar Exploration and Production Limited (Nigeria) ("Essar Nigeria") Shareholders Agreement (the “Shareholders Agreement”). The agreement between ShoreCan and Essar Mauritius to extend the backstop date also extends the immediate stay in proceedings of the claim filed by Essar Mauritius against ShoreCan in the High Court of Justice of England and Wales, also announced on June 4th , until August 4, 2020.
Arthur Millholland, President and CEO, commented: “With the commercial terms settled in the agreement in principal, the legal language over a number of agreements has largely been agreed upon. Both parties continue to work amicably towards completion and have agreed to extend the backstop date for two weeks, but we both hope this will be wrapped up earlier than that. We continue to look forward to the future working relationship with Essar to unlock the potential of OPL 226.“ The Common Shares are listed under the symbol "XOP" on the CSE and under the symbol "COPL" on the London Stock Exchange.