TIDMCOPL
RNS Number : 5602W
Canadian Overseas Petroleum Ltd
13 December 2023
Conversion of Bonds & Share Issuances
London, United Kingdom; Calgary, Canada: December 13, 2023 -
Canadian Overseas Petroleum Limited and its affiliates ("COPL" or
the "Company") (XOP: CSE) & (COPL: LSE), an international oil
and gas exploration, production and development company with
operations focused in Converse and Natrona counties, Wyoming, USA,
announces the issuance of 84,706,864 common shares pursuant to a
conversion of Bonds and share settlement of Conversion Payment
amounts.
31,545,741 common shares have been issued at a price of
US$0.0317 per share pursuant to the conversion of $1.0 million
principal of 2027 Bonds by a Bondholder. Following these
conversions, COPL's outstanding bonds include:
2027 Bonds principal outstanding: $10.6 million (53 bonds)
2027 Bondholders: 3
2028 Bonds principal outstanding: $10.8 million (54 bonds)
2028 Bondholders: 3
The Company has also issued 53,161,123 common shares pursuant to
the share settlement option exercised by a Bondholder for
settlement of $1.2 million of Conversion Payment amounts (and
related accrued interest) due pursuant to previously converted 2027
Bonds and 2028 Bonds. The number of common shares issued for
settlement of these Conversion Payments is based on the lowest
5-day VWAP following election of the share settlement option for
the Conversion Payments.
Following these issuances of common shares, the Company has a
total of 1,038,771,819 common shares issued and outstanding. There
are no common shares held in treasury and therefore the total
number of voting rights in the Company is 1,038,771,819. This
figure may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in, the share capital of the Company under the Financial
Conduct Authority's Disclosure Guidance and Transparency Rules.
Applications will be made for the Shares to be admitted to the
FCA's Official List and to trading on the London Stock Exchange's
main market for listed securities within the next twelve months, in
accordance with Listing Rule 14.3.4.
About the Company:
COPL is an international oil and gas exploration, development
and production company actively pursuing opportunities in the
United States with operations in Wyoming.
The Company operates the Cole Creek Unit 100% WI, Barron Flats
Shannon (Miscible) Unit 85% WI and holds Barron Flats Federal
(Deep) 85% WI in addition to non-unitized lands 100% WI.
The Company's Wyoming operations are one of the most
environmentally responsible with minimal gas flaring and methane
emissions combined with electricity sourced from a neighbouring
wind farm to power production facilities.
For further information, please contact:
Mr. Tom Richardson, Chairman
Mr. John Cowan, CEO
Mr. Ryan Gaffney, CFO
Canadian Overseas Petroleum Limited
Tel: + 1 (403) 262 5441
Cathy Hume
CHF Investor Relations
Tel: +1 (416) 868 1079 ext. 251
Email: cathy@chfir.com
Charles Goodwin
Yellow Jersey PR Limited
Tel: +44 (0) 77 4778 8221
Email: copl@yellowjerseypr.com
Peter Krens
Equity Capital Markets, Tennyson Securities
Tel: +44 (0) 20 7186 9033
Andrew Chubb / Neil Passmore
Advisors/Joint Brokers
Hannam & Partners
+44 (0) 20 7907 8500
The Common Shares are listed under the symbol "XOP" on the CSE
and under the symbol "COPL" on the London Stock Exchange.
This news release contains forward-looking statements. The use
of any of the words "initial, "scheduled", "can", "will", "prior
to", "estimate", "anticipate", "believe", "should", "forecast",
"future", "continue", "may", "expect", and similar expressions are
intended to identify forward-looking statements. The
forward-looking statements contained herein are based on certain
key expectations and assumptions made by the Company, including,
but not limited to, the ability to raise the necessary funding for
operations, delays or changes in plans with respect to exploration
or development projects or capital expenditures. Although the
Company believes that the expectations and assumptions on which the
forward-looking statements are based are reasonable, undue reliance
should not be placed on the forward-looking statements since the
Company can give no assurance that they will prove to be correct
since forward-looking statements address future events and
conditions, by their very nature they involve inherent risks and
uncertainties most of which are beyond the control of Canadian
Overseas Petroleum Ltd. For example, the uncertainty of reserve
estimates, the uncertainty of estimates and projections relating to
production, cost overruns, health and safety issues, political and
environmental risks, commodity price and exchange rate
fluctuations, changes in legislation affecting the oil and gas
industry could cause actual results to vary materially from those
expressed or implied by the forward-looking information.
Forward-looking statements contained in this news release are made
as of the date hereof and Canadian Overseas Petroleum undertakes no
obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new information,
future events or otherwise, unless so required by applicable
securities laws.
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