REG - Canadian O'Seas Petr - Board Changes

Canadian Overseas PetroleumAnnouncement

07/11/2023 07:00

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RNS Number : 5623S  Canadian Overseas Petroleum Ltd  07 November 2023

 

 

COPL Announces Board Changes

London, United Kingdom; Calgary, Canada: November 7, 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 (the "Board").

The Company is pleased to announce, Mr. Atul Gupta has been appointed as a
Non-Executive Director effective 2(nd) November, 2023. Mr. Gupta will assume
the role of chairman of the Nomination committee and the Reserves committee
and will sit on the Audit committee. He will serve until his re-election at
the Company's Annual and Special Meeting in 2024.

Mr. Gupta is a petroleum engineer with over 40 years of experience in the oil
and gas sector. Mr. Gupta has been Executive Chairman for Nostrum Oil &
Gas Plc, Chairman for Seven Energy International Ltd., Managing Director at
Hindustan Oil Exploration Co., Ltd., Principal at Petrofina SA, Principal at
Charterhouse Petroleum Plc, Chief Executive Officer of Burren Energy Plc and
Principal at Monument LLC. Mr. Gupta has a degree in Chemical Engineering from
the University of Cambridge and a degree in Petroleum Engineering from
Heriot-Watt University.

COPL also announces that Mr. Robert Chenery has stepped down from his role as
director after 19 months on the Board. The Company wishes to thank Mr. Chenery
for his service and contribution to the Company.

Thomas Richardson, Chairman, commented: "I am delighted that Atul has agreed
to join the Board. He brings very valuable experience across multiple skill
sets including reservoir engineering. Understanding the dynamic nature of the
BFU reservoir has been our biggest challenge to date. I am very grateful to
Bob for all his time and work on the Board."

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. Thomas Richardson, Chairman

Mr. John Cowan, 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

 

Charles Goodwin / Shivantha Thambirajah

Yellow Jersey PR Limited

Tel: +44 (0) 77 4778 8221

Email: copl@yellowjerseypr.com

 

Peter Krens

Joint Broker

Equity Capital Markets, Tennyson Securities

Tel: +44 (0) 20 7186 9033

 

Andrew Chubb / Neil Passmore

Advisor/Joint Broker

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 the Company. 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 the Company 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.

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