Canadian Overseas Petroleum (XOP)

Business description

Canadian Overseas Petroleum (COPL) is an Africa-focused E&P with exploration assets in Liberia and plans to expand into Nigeria through its ShoreCan JV. COPL is carried through a US$120m gross exploration programme in Liberia by ExxonMobil.

Stock data

Market cap.C$22.9m
Last closeC$0.02
High / Low (52 weeks)C$0.0 / C$0.0
Stock market listingCN, LN
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamResources - Oil & Gas
SectorOil & Gas

Price performance

Relative *44.143.441.8

* % Relative to local index

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Company news

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2016A 0.0 (8.6) (8.9) (1.5) N/A N/A
2017A 0.0 (20.9) (20.4) (2.0) N/A N/A
2018E N/A N/A N/A N/A N/A N/A
2019E N/A N/A N/A N/A N/A N/A

Last updated on 24/04/2018

Latest research

Investment summary

Canadian Overseas Petroleum’s (COPL) Mesurado-1 prospect in Liberia targeted multiple Santonian deepwater channel sands with pre-drill gross P50 unrisked resource estimated at c 400mmbbl. The well located reservoir-quality sands but no hydrocarbons. COPL and partner ExxonMobil both elected not to enter into a third exploration period, surrendering their rights to the LB-13 licence. COPL’s 50%-owned subsidiary, ShoreCan, acquired an 80% interest in OPL 226 offshore Nigeria – containing the Noa West oil discovery. The transaction is subject to ministerial approval and funding is required in order to progress with appraisal and EPS development.

Last updated on 27/04/2018

Industry outlook

COPL’s Liberian acreage has attracted significant industry interest after ExxonMobil's Liza exploration success in Guyana. However, after an unsuccessful result at Mesurado-1 and difficulty in differentiating fluid phase on seismic, the operator elected not to enter a further exploration period.

Last updated on 27/04/2018

Key management

Harald Ludwig , Chairman
Chris Mclean , CFO
Arthur Millholland , President & CEO
Rob Elgie , Manager of Investor Relations

Company address

715 5th Avenue
SW Calgary
T2P 2X6
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