REG - Canadian O'Seas Petr - Covenant Waiver and Operations Update

Canadian Overseas PetroleumAnnouncement

14/03/2023 08:30

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RNS Number : 8823S  Canadian Overseas Petroleum Ltd  14 March 2023

 

 

COPL Announces Covenant Waiver and Operations Update

London, United Kingdom; Calgary, Canada: March 14, 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 production and development operations focused in
Converse and Natrona Counties, Wyoming, USA, is pleased to announce that its
operating affiliate, COPL America, has received continued support from its
senior lender (the "Lender") as it restores production levels and makes up oil
sales at its Wyoming Assets, following winter closures in January and February
2023.

 

Covenant Waiver

 

The Company's affiliate COPL America has executed a covenant waiver
("Waiver"), with the support of its Lender, pursuant to which the measurement
date of its 28 February 2023 liquidity covenant (the "Liquidity Covenant") has
been extended to 22 March 2023. The Lender granted this Waiver in response to
the good progress in securing funding with the main bondholder for the July
2022 Bonds offering.

 

Annual Financial Statements & Operations Update

 

The Company has restored normal operating conditions at Barron Flats (Shannon)
miscible flood, following recent storms.  A full operating update will be
published at the end of March along with the publication of the Company's
Annual Financial Statements and Management Discussion and Analysis and Annual
Information Form.

 

Arthur Millholland, President & CEO commented: "We thank our Lender for
their continued support as we work to get the full field back on line as the
conditions clear up. Our principal stakeholders are working together with the
Company to exit this period stronger than it entered with a further update
expected in the days ahead."

 

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 Converse and Natrona Counties Wyoming, and in sub-Saharan Africa through
its ShoreCan joint venture company in Nigeria, and independently in other
countries.

 
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

 

Charles Goodwin

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

 

Alex Wood & Keith Dowsing

Joint Broker

Alternative Resource Capital

AW: +44 (0) 7559 910872

KD: +44 (0) 7559 910873

 

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 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.

 

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