ExxonMobil, COPL Offshore Liberia Deal Gets Approval

ExxonMobil, COPL Offshore Liberia Deal Gets Approval

Canadian Overseas Petroleum Limited (COPL) announces that the National Oil Company of Liberia (“NOCAL”) has written to advise of its acceptance, in-principle, of the previously announced proposed joint venture arrangement in the Production Sharing Contract (“PSC”) governing Block LB-13 offshore Liberia.

As previously announced, it is proposed that immediately following completion of the assignment of the entire interest in LB-13 from Peppercoast Petroleum to a wholly-owned subsidiary of COPL, a subsidiary of ExxonMobil Corporation will acquire operatorship and a 70% working interest in LB-13 and COPL’s wholly owned subsidiary Canadian Overseas Petroleum (Bermuda) Limited (“COPL Bermuda”) will hold the remaining, non- operating, 30% working interest. Under the terms of the PSC, parties may only assign their interests to third parties whose “technical and financial reputation is well established”.

NOCAL has written to Peppercoast advising that it accepts that the proposed joint venture between ExxonMobil and COPL satisfies in–principle the technical and financial competency requirements of the transfer provisions for the PSC subject to agreeing on proposed amendments to the PSC, and the requirement that ExxonMobil acquires its 70% interest immediately following Peppercoast’s assignment to COPL Bermuda.

The completion of the transactions are still subject to the satisfaction of other conditions but COPL said it was pleased to have reached this milestone and looks forward to working with NOCAL and ExxonMobil to satisfy the remaining conditions in the coming weeks.

COPL is an oil and gas exploration company focused in the offshore West African continental margin and the UK North Sea. COPL’s Common Shares are listed under the symbol “XOP” on the TSX Venture Exchange.

Source: COPL, April 19, 2012

 

Share this article

Follow Offshore Energy Today

Events>

<< Sep 2019 >>
MTWTFSS
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

Africa Oil & Power 2019

The Africa Oil & Power conference will bring together an elite class of ministers and senior-level government…

read more >

OWI LATAM 2019

Over the two-day conference, 25+ expert speakers will share exclusive insight on how to develop an integrity, production and P&A strategy…

read more >

Uganda International Oil and Gas Summit 2019

Uganda International Oil & Gas Summit will once again examine the industry’s developments…

read more >

Argentina Oil and Gas Expo 2019

The Argentine Oil and Gas Institute (IAPG) organizes the Argentina Oil & Gas Expo bringing together the most…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply