Accordingly, the Company recognized an impairment of its exploration and evaluation assets of $15.6 million that related to Liberia project. Meanwhile, the Company continued to work with its investment bankers to source funds for its appraisal/development project at OPL 226, offshore Nigeria, held through COPL’s partnership with Shoreline Energy. Arthur Millholland, President & CEO, commented:“We continue to focus on developing our attractive oil appraisal and development project in OPL 226, offshore Nigeria. The initial work program will be to drill an appraisal well to the NOA-1 oil discovery and place it on production through an Early Production Scheme. Two investment banks have been engaged to assist our subsidiary ShoreCan with the financing required to commence drilling at OPL 226.
Source: GNN Liberia November 14, 2017 07:30 UTC