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$12.3m
Last closeC$0.02
High / Low (52 weeks)C$0.2 / C$0.0
Stock market listingCN, LN
Forecast net cash (US$m)2.3
Forecast gearing ratio (%)N/A
TeamResources - Oil & Gas
SectorOil & Gas

Price performance

%1m3m12m
Actual0.0(20)(76.5)
Relative *2.3(20.6)(79.6)

* % Relative to local index

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Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2014A 0.0 (7.7) (6.6) (2.2) N/A N/A
2015A 0.0 (6.5) (7.8) (1.7) N/A N/A
2016E 0.0 (6.5) (6.7) (1.1) N/A N/A
2017E 0.0 (5.5) (5.4) (0.8) N/A N/A

Last updated on 20/02/2017

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, however, the company retains a sizeable proportion of it's US$120m gross exploration carry from partner and operator ExxonMobil. This remains available in event of further planned exploration. In September 2016, COPL announced that its 50% owned subsidiary, ShoreCan, had completed the acquisition of an 80% interest in OPL226 offshore Nigeria - containing the Noa West oil discovery. The transaction is subject to Ministerial approval.

Last updated on 02/03/2017

Industry outlook

COPL's Liberian acreage continues to attract significant industry interest after ExxonMobil's Liza exploration success in Guyana. Despite oil prices in the mid-40's, 'giant' high quality oil fields such as Liza still offer attractive investment returns.

Last updated on 02/03/2017

Key management

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

Company address

3200
715 5th Avenue
SW Calgary
Alberta
T2P 2X6
Canada
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