- July 22, 2016
- Posted by: Cathy Hume
- Category: Blog articles
Canadian Overseas Petroleum (TSX.V: XOP, LSE: COPL) has two major events unfolding within the next two quarters. Partner ExxonMobil will mobilize a sea-rig to drill the Liberian project (Exxon has already invested some $160 million to participate alongside XOP’s +$20 million investment) and, as operator, will carry XOP for the first $120 million of drilling. Secondly, XOP receiving government approval to close the purchase of advanced Nigerian assets should provide early cash flow to XOP without any capex costs financed by XOP shareholders. “Sweet!”
With the oil price stabilizing and BREXIT behind us, we are expecting significant share appreciation leading up to these high impact events. “Fasten your seatbelt”.
To see the recent video interview with CEO Arthur Millholland, please click here.