SOURCE: Canadian Overseas Petroleum Ltd

November 23, 2016 06:30 ET

Canadian Overseas Petroleum Ltd: Mesurado-1 Well Commences Drilling Operations

CALGARY, AB--(Marketwired - Nov 23, 2016) -  Canadian Overseas Petroleum Ltd (TSX VENTURE: XOP) (LSE: COPL)


Mesurado-1 Well Commences Drilling Operations

Calgary, Canada, November 23, 2016 - Canadian Overseas Petroleum Limited ("COPL" or the "Company") (TSX VENTURE: XOP) & (LSE: COPL), an international oil and gas exploration and development company focused on offshore West Africa, announces ExxonMobil Exploration and Production Liberia Limited, an affiliate of ExxonMobil, commenced drilling operations on the Mesurado-1 exploration well on November 22, 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. The well, targeting oil in Late Cretacous sands is the first well operated by ExxonMobil offshore Liberia. 

The Company's 100% owned subsidiary, Canadian Overseas Petroleum (Bermuda) Limited, holds a 17 percent interest in Block LB-13.

About the Company:
The Company is an international oil and gas exploration and development company focused in offshore West Africa. The Company holds a 17% working interest in Block LB-13, offshore Liberia, with ExxonMobil the operator holding an 83% working interest, where the drilling of a deep-water exploration well commenced in November 2016. The Company is also actively pursuing opportunities in Nigeria in partnership with Shoreline Energy as part of its strategy to generate stable cash flow from secure offshore assets. The Company and Shoreline, through their jointly held affiliated company, Shoreline Canadian Overseas Petroleum Development Corporation ("ShoreCan") are currently seeking Government of Nigeria approval for the acquisition of 80% of the share capital of Essar Exploration and Production Limited (Nigeria) which holds an attractive oil appraisal and development project in mid water offshore Nigeria.

ShoreCan is building a portfolio of exploration and development assets in sub-Saharan Africa. To date, ShoreCan has taken a position in Nigeria. It continues to evaluate a variety of additional assets in Nigeria, and Equatorial Guinea.

The Common Shares are listed under the symbol "XOP" on the TSXV and under the symbol "COPL" on the London Stock Exchange.

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