Canadian Overseas Petroleum (COPL) announces that, further to the announcements on 23 June 2020 and 29 June 2020 with regard to the non-brokered £1,200,000 common share placing at 0.3 Pence per common share of 438,500,000 new common shares in the capital of the Company, admission  to the standard listing segment of the Official List maintained by the Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange plc (the “LSE”) is expected to become effective at 8:00am (London time), Thursday July 2nd 2020.

Arthur Millholland, President and CEO, commented: 
"The completion of this financing, and the conversion of debts to common shares at the Placing Price to the majority of the Company’s creditors, puts the Company on a secure financial footing going forward with a much stronger balance sheet. This allows COPL to focus on its principal asset and to take advantage of new opportunities in the oil sector available at low cost due to the global situation induced by COVID-19.”

Appointment of CFO
 
Aleksandra Owad has stepped aside as CFO due to personal reasons. The Company thanks Aleksandra for her diligent service during the years she was with COPL. Ryan Gaffney who has been acting as Interim CFO since June 6th 2020 will assume the position of CFO effective July 2nd 2020.
 
Arthur Millholland, President and CEO, commented: “Ryan has a background in investment banking where he spent 13 years with Canaccord in their London and Toronto offices. He will be a great addition to the Company’s management team as the Company moves forward with its business plan. Based in London, Ryan will be accessible to the London capital markets as well as being able to interface with the accounting team based in Calgary.”

KeyFacts Energy: People on the Move