Canadian 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”.
