Canadian Overseas Petroleum

CN: XOP

CA$12.4m market cap

CA$0 last close

Canadian Overseas Petroleum (COPL) is a sub-Saharan Africa-focused E&P company with exploration assets in Mozambique and Nigeria.

Investment summary

Following the unsuccessful drilling of the Mesurado-1 prospect in Liberia for which COPL and operating partner ExxonMobil have now surrendered their licence rights, the company’s focus has largely been on its activities in Nigeria. COPL’s 50%-owned subsidiary, ShoreCan, acquired an 80% interest in OPL226 offshore Nigeria – containing the Noa West oil discovery. In 2019, the company plans to secure project financing for ShoreCan which is to be completed by the end of Q219. Appraisal drilling on OPL226 is scheduled for mid-year subject to funding.

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 0.0
2017A 0.0 (20.9) (20.4) (2.0) N/A 0.0
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 23/09/2018
Industry outlook

COPL is actively pursuing opportunities in Nigeria and sub-Saharan Africa, its strategy being to generate stable cash flow from secure onshore and offshore assets. In addition to OPL226, the company has been awarded the PT5-B exploration licence onshore Mozambique, adjacent to the gas producing Pande-Temane complex.

Last updated on 23/09/2018
Sector
Oil & gas
Share price graph
Balance sheet
Forecast net debt (US$m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (50.0) 0.0 (75.0)
Relative* (45.7) 9.9 (73.3)
52-week high/low C$0.0/C$0.0
*% relative to local index
Key management
Aleksandra Owad CFO
Arthur Millholland President & CEO
Rod Elgie Manager of Investor Relations

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