Canadian Overseas Petroleum Ltd Announces $3.5m Equity Financing & Board Changes

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COPL Announces $3.5m Equity Financing, WTI Swap Unwind and Certain Management/Board Changes

LONDON, UK and CALGARY, AB / ACCESSWIRE / September 6, 2023 / Canadian Overseas Petroleum Limited ("COPL" or the "Company") (XOP:CSE) & (COPL:LSE), an international oil and gas exploration, production and development company with production and development operations focused in Converse and Natrona Counties, Wyoming, USA, is pleased to announce (the "Announcement") $3.5 million of committed common share financing and certain amendments to the outstanding Bonds (as defined below) of the Company, as described herein (collectively, the "Financing").

Highlights

• c. $8.5 million of liquidity ensures the Company is fully financed in to the first quarter of 2024 with the intention of reaching possible third party strategic Joint Venture (as defined below) agreement
  • $3.5 million equity injection at 4p per share from Anavio
  • c. US$5.0 million liquidity released from hedge restructuring
  • $0.5 million cash saving from Directors agreeing to waive all cash compensation for 2023
  • $2.0 million of G&A reductions achieved to date in 2023 and a further $1.0 million identified to be reduced prior to year-end 2023
• John Cowan appointed as new CEO
• Tom Richardson appointed as Chairman
• Important waivers and amendments agreed to both Senior Credit Facility and Bonds from an aligned and supportive pair of stakeholders and key capital providers to the Company
• Company to appoint one additional non-executive director
• Barron Flats Unit gas gathering infrastructure improvement completed ahead of schedule and under budget

Senior Lender Support and amendment of financing terms