Canadian Overseas Petroleum (“COPL”) Receives Project Financing Term Sheet from The Mauritius Commercial Bank and Trafigura PTE Ltd.

  • July 31, 2018
  • Posted by: John Arcena
  • Category: Blog articles
No Comments

Significant progress has been made on the financing of their 50%-owned  Nigerian Development Project, OPL226. COPL (XOP: TSX-V) and (COPL: LSE). The term sheet is a combination of project financing and offtake providing a minimum of US$30 M to a maximum of US$50 M and is contingent on a number of conditions being met. Further, there are late-stage financing discussions with an offshore oil services group to provide a mobile production unit and a storage vessel for a deferred fee.

Arthur Millholland, President and CEO, commented: “The Company and Shoreline through our jointly held affiliate have worked hard to achieve this first step in the unlocking of the resource within OPL 226. We are confident that we will complete the process to enable Essar Nigeria to commence this first phase of development operations.”

For further information on the terms and conditions of this facility, please click here.