XOP News............Canadian Overseas Petroleum Limited Admission to Trading Calgary, Canada; London, United Kingdom: July 22, 2020 - Canadian Overseas Petroleum Limited ("COPL" or the "Company") (XOP: CSE) & (COPL: LSE), an international oil and gas exploration and development company focused on sub-Sahara Africa, is pleased to announce that further to the announcement on the July 20, 2020:
• 433,333,334 new common shares in the capital of the Company have been issued at a placing at 0.3 pence per share to raise gross proceeds of £1,300,000; and,
• 184,096,896 new common shares in the capital of the Company have been issued to historic creditors of the Company at 0.3 Pence per share to settle historic debts owed by the Company to those creditors, as per the terms of the Company’s prospectus dated June 26, 2020.
Admission of 617,430,230 new common shares to the standard listing segment of the Official List maintained by the Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange plc is expected to become effective at 8:00am (London time), Thursday July 23, 2020. Following admission of these shares, the Company will have a total of 4,817,503,698 common shares of nil par value issued and outstanding.
About the Company:
The Company is actively pursuing opportunities in Nigeria and sub-Saharan Africa in partnership with Shoreline Energy International Limited ("Shoreline") as part of its strategy to generate stable cash flow from secure offshore and onshore assets. The Company and Shoreline, through their jointly held affiliated company Shoreline Canadian Overseas Petroleum Development Corporation ("ShoreCan"), currently hold 80% of the share capital and have taken over the management of Essar Exploration and Production Limited (Nigeria) ("Nigerian Affiliate" or the "Affiliate"). On June 4, 2020 the Company announced that the shareholders of the Nigerian Affiliate had reached an agreement in principle to resolve their disputes. Completion of the agreement is ongoing and when completed ShoreCan’s shareholding in the Affiliate will change in accordance to the terms outlined in the Press Release. The Affiliate holds an attractive oil appraisal and development project in shallow to mid-water offshore Nigeria on its 100% holding in OPL 226. In other ventures, ShoreCan has been indicatively awarded an exploration license onshore Mozambique in the 5th Licensing Round adjacent to the producing
Pande-Temane Gas and light oil field complex.