REG - Canadian O'Seas Petr - Board Changes & Cost Reduction Milestone

Canadian Overseas PetroleumAnnouncement

20/06/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230620:nRST2798Da&default-theme=true

RNS Number : 2798D  Canadian Overseas Petroleum Ltd  20 June 2023

COPL Announces Board Changes & Cost Reduction Milestone

 

London, United Kingdom; Calgary, Canada: June 20, 2023 - Canadian Overseas
Petroleum Limited and its affiliates ("COPL" or the "Company") (XOP: CSE)
& (COPL: LSE), an international oil and gas exploration, production and
development company with operations focused in Converse and Natrona counties,
Wyoming, USA, announces changes to its Board of Directors and $1 million
reduction in annual general and administrative costs.

 

COPL confirms that it has reduced its ongoing annual general and
administrative costs by more than $1 million, as per the Company's undertaking
announced on March 20, 2023.  Cost reductions are being implemented and, will
continue to be evaluated across COPL's business, to align the Company's
resources with its focus on its oil production and development operations in
Wyoming, USA.

 

COPL also announces today that its Chairman, Mr. Harald Ludwig, and fellow
Board Director, Mr. Massimo Carello, have stepped down from the Board with
immediate effect. The Company wishes to thank Harald and Massimo for their
long-term service and contribution to the Company. Mr. John Cowan will take on
the role of Chairman of the Board on an interim basis, with the Board now
consisting of three non-executive directors and one executive director, all of
whom are engaged with the Company's key stakeholders. There are currently no
plans to appoint new directors.

 

Arthur Millholland, President & CEO commented: "I would like to thank
Harald and Massimo for their 13 years of service on the Board of COPL. They
have both helped to guide the Company to where it is today and particularly
through the process of acquiring our exceptional assets in Wyoming. With the
Company now focused on increasing oil production and the development of the
assets, they both feel the time is now right to step down and move on to new
projects."

 

About the Company:

COPL is an international oil and gas exploration, development and production
company actively pursuing opportunities in the United States with operations
in Wyoming.

The Company operates the Cole Creek Unit 100% WI, Barron Flats Shannon
(Miscible) Unit 85% WI and holds Barron Flats Federal (Deep) 85% WI in
addition to non-unitized lands 100% WI.

The Company's Wyoming operations are one of the most environmentally
responsible with minimal gas flaring and methane emissions combined with
electricity sourced from a neighbouring wind farm to power production
facilities.

For further information, please contact:

Mr. Arthur Millholland, President & CEO

Mr. Ryan Gaffney, CFO

Canadian Overseas Petroleum Limited

Tel: + 1 (403) 262 5441

 

Cathy Hume

CHF Investor Relations

Tel: +1 (416) 868 1079 ext. 251

Email: cathy@chfir.com (mailto:cathy@chfir.com)

 

Charles Goodwin

Yellow Jersey PR Limited

Tel: +44 (0) 77 4778 8221

Email: copl@yellowjerseypr.com (mailto:copl@yellowjerseypr.com)

 

Peter Krens

Equity Capital Markets, Tennyson Securities

Tel: +44 (0) 20 7186 9033

 

Alex Wood & Keith Dowsing

Joint Broker

Alternative Resource Capital

AW: +44 (0) 7559 910872

KD: +44 (0) 7559 910873

 

Andrew Chubb / Neil Passmore

Advisors/Joint Brokers

Hannam & Partners

+44 (0) 20 7907 8500

 

The Common Shares are listed under the symbol "XOP" on the CSE and under the
symbol "COPL" on the London Stock Exchange.

This news release contains forward-looking statements. The use of any of the
words "initial, "scheduled", "can", "will", "prior to", "estimate",
"anticipate", "believe", "should", "forecast", "future", "continue", "may",
"expect", and similar expressions are intended to identify forward-looking
statements. The forward-looking statements contained herein are based on
certain key expectations and assumptions made by the Company, including, but
not limited to, the ability to raise the necessary funding for operations,
delays or changes in plans with respect to exploration or development projects
or capital expenditures. Although the Company believes that the expectations
and assumptions on which the forward-looking statements are based are
reasonable, undue reliance should not be placed on the forward-looking
statements since the Company can give no assurance that they will prove to be
correct since forward-looking statements address future events and conditions,
by their very nature they involve inherent risks and uncertainties most of
which are beyond the control of Canadian Overseas Petroleum Ltd. For example,
the uncertainty of reserve estimates, the uncertainty of estimates and
projections relating to production, cost overruns, health and safety issues,
political and environmental risks, commodity price and exchange rate
fluctuations, changes in legislation affecting the oil and gas industry could
cause actual results to vary materially from those expressed or implied by the
forward-looking information.  Forward-looking statements contained in this
news release are made as of the date hereof and Canadian Overseas Petroleum
undertakes no obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new information, future
events or otherwise, unless so required by applicable securities laws.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCFMMATMTBTMMJ