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Canadian Overseas Petroleum (COPL) has acquired an 80% interest in Essar Nigeria through its joint venture with Shoreline, ShoreCan. Essar Nigeria owns a 100% operated interest in OPL 226, a shallow water licence in Nigeria containing the Noa West oil discovery (16.1mmbbls 2C gross) and the Noa Complex, which is estimated to contain mid-case prospective oil resources of 461mmbbls. We now include a risked notional 200mmbl oil development for OPL 226 in our RENAV; combining this with FX adjustments and dilution from in-the-money warrants drives an increase in our RENAV from 8.5p/share (C$0.15 /share) to 15.3p/share (C$0.26/share).

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