COP gets cash to close Nigerian Noa talks

摘要

Canadian Overseas Petroleum (COP) has managed to arrange another loan to try and keep it going long enough to close the deal to advance the Noa project off Nigeria. Its ShoreCan joint venture bought out 80% of OPL 226 in 2015. The block contains the shallow water Noa discovery where recoverable reserves are currently put at 20m bbl. COP has failed to raise funds to push the project since but earlier this month agreed to transfer 70% of block to India's Essar (see AOG 11 June). Essar in turn will carry ShoreCan for the remining 10% interest - capped at US $5m - on all costs relating to the drilling of the first appraisal well.