Canadian Petroleum Targets Drilling Oil In Liberia Soon

COPL_Liberia_SlideCanadian Overseas Petroleum Limited has confirmed this week that it had signed definitive agreements with UK investors for an £800,000 fund raise.

COPL previously, at the end of March, announced a C$6mln funding in Canada, and Arthur Millholland, chief executive, tells Proactive Investors the funds will be used “to build our business in West Africa”.

According to the Proactive online newspaper, the proceeds from the share placing will support the group through the drilling of the hotly anticipated first well offshore Liberia with Exxon Mobil Corporation (NYSE:XOM), as well as covering overhead costs for the Nigerian oil appraisal and development project.

On the oil price, Millholland says the market is trying to find a place where it is going to settle, but adds that the potential projects the company is interested in are “more than economic at these prices”.

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About Cholo Brooks 17225 Articles
Joel Cholo Brooks is a Liberian journalist who previously worked for several international news outlets including the BBC African Service. He is the CEO of the Global News Network which publishes two local weeklies, The Star and The GNN-Liberia Newspapers. He is a member of the Press Union Of Liberia (PUL) since 1986, and several other international organizations of journalists, and is currently contributing to the South Africa Broadcasting Corporation as Liberia Correspondent.