Canadian Overseas Petroleum Limited has announces that further to the announcement of its second quarter results on 15th September 2020, COPL is giving an update on its drilling licence extension for OPL 226.
On 4th August 2020, the Company announced that shareholders of the Nigerian Affiliate had executed definitive agreements to resolve their disputes. Completion of this agreement is subject to the Nigerian National Petroleum Corporation (NNPC) granting an extension of the exploration period under the OPL 226 PSC beyond 30th September 2020. The Nigerian Affiliate applied for this extension in early June 2020 and has subsequently held a number of constructive meetings with the NNPC post application.
COPL is confident that it will receive confirmation of its exploration licence extension during Q4 2020. No notice of termination has been received by COPL’s Nigerian Affiliate, which under the terms of the PSC would need to be issued sixty days before the 30th September 2020 expiry date. The two previous extensions to the drilling license at OPL 226 were received by the Nigerian Affiliate post the previous expiration dates.
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