Flash note: Potential deal in Nigeria announced
In a corporate update, Canadian Overseas Petroleum (COPL) has highlighted a recent deal by its ShoreCan JV, whereby it had agreed to an acquisition in Nigeria, subject to approval by the Nigerian regulatory authorities. The agreed transaction provides for ShoreCan to acquire 80% equity and titled interest of an oil appraisal/development project, offering near term oil production, as well as significant future exploration upside. The company expects that the transaction will be completed within the shortest possible time and further details of the transaction, including a NI 51-101 report, will be disclosed once approved.Canadian Overseas Petroleum is engaged in the exploration and development of oil and gas in the United Kingdom North Sea.
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