COPL refinanced after share price soars, posts quarterly results

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COPL refinanced after share price soars, posts quarterly results

Canadian Overseas Petroleum Limited (LON:COPL) has reported a loss of US$301,00 in the three months to March 31, 2020, and ended the period with cash resources of US$0.05mln.

Since May, however, COPL’s share price has risen nine-fold as the junior oiler reached a settlement in principle with partner Essar in their dispute over the OPL 226 licence offshore Nigeria, with the company now carried on an appraisal well.

COPL has also refinanced itself through two placings to raise £1.2mln in addition to a US$2mln equity funding facility.

Proactiveinvestors.co.uk

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