Second Price Monitoring Extension
A second and final Price Monitoring Extension has been activated in this security. The auction call period is extended in this security for a further 5 minutes.
Following the first price monitoring extension this security would still have executed more than a pre-determined percentage above or below the price of the most recent automated execution today. London Stock Exchange electronic order book users have a final opportunity to review the prices and sizes of orders entered in this security prior to the auction execution.
The applicable percentage is set by reference to a security s Millennium Exchange sector. This is set out in the Sector Breakdown tab of the Parameters document at www.londonstockexchange.com/tradingservices
IN BRIEF: Canadian Overseas Petroleum Acquires Atomic Oil & Gas
Wed, 16th Dec 2020 11:49
Canadian Overseas Petroleum Ltd - junior oil and gas company focused in Sub-Saharan Africa - Agrees to acquire Atomic Oil & Gas LLC, which operates in the Powder River Basin area in Wyoming, USA, for USD54 million. Expects the acquisition to complete by January 31, 2021. This includes a USD1 million deposit, an initial debt-financed payment of USD8 million, an assumed debt of USD26 million, total additional debt and cash of USD15 million and Canadian Overseas Petroleum shares to Aromic shareholders priced at USD4 million.
Canadian Overseas Petroleum says this will be a game-changing acquisition for the company, as it will acquire as part of the sale 31.1 million barrel of oil equivalent of proved and probable reserves and two operated oil fields in Wyoming, called Barron Flats Shannon Unit and Cole Creek Unit, at the start of their 40-year life. The opportunity to acquire Atomic arose only as
The auction call period has been extended in this security by 5 minutes.
Auction call extensions give London Stock Exchange electronic order book users a further opportunity to review the prices and sizes of orders entered in an individual security s auction call before the execution occurs. A price monitoring extension is activated when the matching process would have otherwise resulted in an execution price that is a pre-determined percentage above or below the price of the most recent automated execution today.
The applicable percentage is set by reference to a security s Millennium Exchange sector. This is set out in the Sector Breakdown tab of the Parameters document at www.londonstockexchange.com/tradingservices
· Two operated oil fields in Wyoming, USA at start of their 40+ year life
· ROI over 50% with $2.18/bbl acquisition cost vs a value of $7.52/bbl at NPV (10%)
Calgary, Canada; London, United Kingdom; December 16, 2020 - Canadian Overseas Petroleum Limited ( COPL or the Company ) (XOP: CSE) & (COPL: LSE), an international oil and gas exploration and development company, today announces that it has agreed to acquire Atomic Oil & Gas LLC ( Atomic ) for a consideration of US$54 million consisting of assumed debt, cash and shares. This strategic acquisition would represent a step change in the capacity and revenue generating opportunities open to the Company. COPL expects to complete the acquisition by January 31, 2021, with a long stop date in the agreement of 90 days from execution. The effective date of the transaction is December 1, 2020.