CALGARY, Canada – Canadian Overseas Petroleum Ltd. (COPL) aims to drill an appraisal well soon on the NOA-1 oil discovery in the OPL 226 lease offshore Nigeria.
Assuming it can attract the necessary funds from two investment banks, drilling could get under way in late 2017 or early 2018, followed by an early production scheme.
According to President and CEO Arthur Millholland, drilling of up to three similar wells would follow on the NOA structure
In addition, the company hopes to approach Liberia’s government on entering into a new contract for offshore block LB-13. The current PSC withExxonMobil expired on Monday.
Despite the failure of a previous exploration well to find hydrocarbons, COPL’s technical team sees opportunities in other parts of the block, and continues to perform geological and geophysical analysis in these areas.