Calgary, Canada & London, United Kingdom, January 8, 2021 - 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, today announces that: · The Company has paid US $8 million (the Funds ) to Atomic Oil & Gas LLC ( Atomic ) as the second payment to Atomic pursuant to the Company s acquisition of Atomic as disclosed in the Company s announcement on December 16, 2020. The Funds will secure the purchase of 15% of Atomic s working interest in all of Atomic s leasehold interests. In the event of non-completion, COPL would retain this interest. · COPL has closed a follow-on non-brokered private placement to raise additional gross proceeds of £3,000,000 (the Subsequent Fundraise ) subsequent to the £6,000,000 placing announced by the Company on December 30, 20
Calgary, Canada & London, United Kingdom, December 30, 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, today announces that: · COPL has closed a non-brokered private placement of Units with institutional investors, family office, high net worth private investors, the Company s Chief Executive Officer and Directors (the Investors ) to raise gross proceeds of £6,000,000 (the Placing ) at a price of 0.2 pence per Unit (the Placing Price ) with each Unit consisting of one common share of no par value in the capital of the Company (each a Common Share ) and one half of one warrant, each whole warrant entitling the holder to purchase a Common Share at 0.26 pence for 12 months from the settlement date of the Placing (each a Purchase Warrant ).
The Company is actively pursuing opportunities in the United States through the acquisition of Atomic Oil and Gas LLC, and in sub-Saharan Africa. In Nigeria, in partnership with Shoreline Energy International Limited ( Shoreline ) and through their jointly held affiliated company Shoreline Canadian Overseas Petroleum Development Corporation ( ShoreCan ), COPL and Shoreline 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 August 4, 2020, the Company announced that the shareholders of the Nigerian Affiliate had executed definitive agreements to resolve their longstanding disputes. Completion 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% hold