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COPL JV awarded Mozambique licence

By BFN News | 07:19 AM | Friday 15 December, 2017

A consortium led by Canadian Overseas Petroleum Limited's 50% owned subsidiary ShoreCan has been awarded onshore block PT5-B in Mozambique's 5th licensing round. ShoreCan - a JV with Shoreline Energy International - holds a 57% interest in the consortium and is the operator. The other constituents are: Bluegreen (23%), Indico Dourado (10%) and ENH (carried 10%). PT5-B is located on the Mozambique coastal plain, 750 km north of the capital of Maputo. The block is 4,356 sq. km in size and surrounds the north, west, and southwest margins of the Pande Gas Field, half of the Pande-Temane Gas field complex which has reported gas reserves of 2.6 TCF and production in 2016 of 475 mmcf/d. The gas is primarily exported by pipeline to South Africa. COPL also issued an update on OPL 226, offshore Nigeria. COPL said it noted that Essar Nigeria, which is 80% owned by ShoreCan, was in the final stage of being granted ministerial consent for the Essar acquisition, and has applied for an extension to the first phase of the production sharing contract. COPL also confirmed that it had made further progress towards raising funds to finance the OPL 226 project. The update said: 'While the process of extending the PSC and raising funds for the project has taken longer than anticipated, COPL and its partner Shoreline continue to do all they can within their means to achieve these milestones. 'The company also notes that the timing of the drilling campaign on OPL 226 will be delayed somewhat due to the delay in completing the project financing and receipt of final consent from the concessionaire NNPC for the change in control of Essar Nigeria.' Story provided by

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