Canadian Overseas Petroleum Ltd : Liberia Well Reaches Final Total Depth

CALGARY, AB--(Marketwired - Dec 19, 2016) - Canadian Overseas Petroleum Ltd (TSX VENTURE: XOP) (LSE: COPL)

Mesurado-1 Well Reaches Final Total Depth

Calgary, Canada, December 19, 2016 - Canadian Overseas Petroleum Limited ("COPL" or the "Company") (XOP: TSX-V) & (COPL: LSE), an international oil and gas exploration and development company focused on offshore West Africa, announces the Mesurado-1 well operated by ExxonMobil Exploration and Production Liberia Limited (the "Operator"), an affiliate of ExxonMobil, reached final total depth on December 17. Drilling operations commenced on the Mesurado-1 exploration well on November 21, 2016 utilizing the Drillship Seadrill West Saturn. The Mesurado-1 well is located about 50 miles offshore Liberia on Block LB-13, in approximately 2500 meters of water, which the Company's 100% owned subsidiary, Canadian Overseas Petroleum (Bermuda) Limited, holds a 17 percent interest.

The well, targeting oil in a sequence of Late Cretaceous Santonian aged sands, intersected 145 meters (475 feet) of net sand of which 118 meters (387 feet) was deemed to be reservoir quality. No hydrocarbons were indicated by the logging while drilling operations performed across the targeted intervals. As such the Operator has advised the Company that no further logging operations will be conducted and the well will be plugged and abandoned.

"We are naturally disappointed by the lack of hydrocarbons in the targeted reservoir sands in the Mersurado-1 well" commented Arthur Millholland CEO. "The targeted Santonian sand sequence and thickness intersected was in accordance with our seismic interpretation. The lack of hydrocarbons at this location where our seismic data presented attributes indicative of hydrocarbons will cause us to do additional work on the 3D seismic over the Block, and reevaluate the other leads we have mapped on LB-13."

In addition, Mr Millholland commented "The Company holds an attractive oil appraisal and development project offshore Nigeria on OPL 226. Appriasal drilling operations are planned to commence in late 2017. These operations will continue to add value to the company." 

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