COPL CEO pledges finance for offshore Nigeria well

Offshore staff

CALGARY, Canada – Canadian Overseas Petroleum Ltd. has agreed on a loan with the company’s CEO Arthur Millholland for CAD$200,000 ($150,000).

Millholland said the sum would help conclude financing to start appraisal drilling of the OPL 226 license offshore Nigeria this year.

The initial well will undergo an extended well test, subject to regulatory approvals, using an early production system.

This would be followed by two to three additional similar wells at 6-10,000 b/d each on the prolific NOA structure ahead of a full-field development plan, and on conversion of the license to an offshore mining lease.

02/24/2020