Calgary, Alberta (FSCwire) - Canadian Overseas Petroleum Limited ("COPL" or the "Company") (TSX-V: XOP; LSE: COPL), an international oil and gas exploration and development company focused on offshore West Africa, today announced the filing of the third quarter ended September 30, 2017.

During the period, COPL and its partner in block LB-13, offshore Liberia, both have elected not to enter into third exploration period and accordingly, surrendered their rights to the LB-13 license, resulting in the expiration of LB-13 production sharing contract on September 25, 2017. Accordingly, the Company recognized an impairment of its exploration and evaluation assets of $15.6 million that related to Liberia project.

Subsequent to the end of Q3, the Company raised £2.5 million of additional equity in London England to strengthen COPL's balance sheet.  

Meanwhile, the Company continued to work with its investment bankers to source funds for its appraisal/development project at OPL 226, offshore Nigeria, held through COPL's partnership with Shoreline Energy. In addition, the Company held numerous discussions with potential contractors and suppliers to drill an appraisal well in early 2018.

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Source: Canadian Overseas Petroleum Limited (TSX Venture:XOP, LSE:COPL)

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