Published: May 20, 2016 |

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Canadian Overseas Petroleum Limited has hired Aleksandra Owad as its new chief financial officer.

Owad takes over the role from Kristin Obreiter, who leaves for personal reasons amid a relocation of the group’s offices. Owad was the group’s CFO previously, up until October 2013.

Last month, COPL confirmed it had raised C$8.25mln via an enlarged share sale.

The company issued a total of 117.9mln units each priced at 7 cents to raise C$8.25mln.

The cash injection is earmarked to meet the company’s obligations for its ongoing projects in West Africa - supporting the company ahead of the Exxon operated exploration well offshore Liberia, as well as covering its share of costs for an appraisal and development joint venture in Nigeria.

Units issued in the placing will comprise one new common share and one warrant to purchase an additional common share at a price of 9.5 cents over a two year period.

Later this year — or early next — Canadian Overseas Petroleum will come sharply into focus as Exxon finally begins drilling the Mesurado-1 exploration well.

COPL owns 17 percent of the exploration project, which it describes as a ‘low risk, high impact’ opportunity.

Whilst Liberia will be a key focus for investors, more recent opportunities in a separate joint venture also promise a value-adding future for the dual listed group.

Teaming up with Shoreline Energy Group last February saw COPL significantly diversify from being simply a one project or one well exploration company. The new joint venture now has a Nigerian oil block which hosts an un-appraised oil discovery in shallow-to-mid-depth water.

Source: (May 13, 2016) Proactive Investors

About Canadian Overseas Petroleum
COPL is an international oil and gas exploration and development company focused on sub-Saharan offshore Africa. The Company holds a 17 percent working interest in Block LB-13, offshore Liberia, with ExxonMobil Liberia, the operator, holding an 83% working interest. The Company also has also formed a joint venture company with Shoreline Energy International Limited. Assets acquired through this joint venture company are held in a special purpose vehicle which is registered in Bermuda, called Shoreline CanOverseas Petroleum Development Corporation Limited (“ShoreCan”). COPL and Shoreline each hold a 50 percent interest in ShoreCan.

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