Canadian Overseas Petroleum sells 80% interest in Liberia Block LB-13 to ExxonMobil
April 5, 2013
85.00 Million USD
On April 5, 2013, Canadian Overseas Petroleum Limited ("COPL" or "the Company") announced the closing and completion of the previously announced transactions between the Company's wholly owned subsidiary Canadian Overseas Petroleum Bermuda Limited "(COPLB"), with ExxonMobil Exploration and Production Liberia Limited ("ExxonMobil"). COPL now has a 20% working interest in Block LB-13, with ExxonMobil the operator, having an 80% working interest.
The closing of the transaction follows the ratification of the Production Sharing Contract by the Liberian Legislature, consisting of the Senate and the House of Representatives, which ratified the Contract without making any amendments.
Canadian Overseas Petroleum Limited, headquartered in Calgary, Alberta, is a junior oil and gas company.
ExxonMobil, headquartered in Irving, Texas, is a multinational oil and gas corporation.
McCarthy Tétrault LLP represented Canadian Overseas Petroleum (Bermuda) Limited, the seller, with a team led by Richard Temple.