Africa focused oil and gas explorer Canadian Overseas Petroleum (LON:COPL, CVE:XOP) confirmed it ended 2015 with some US$2mln of cash.
COPL continues to focus its attentions on a proposed drill programme offshore Liberia where it is partnered with ExxonMobil, as well as a variety of new opportunities in sub-Saharan Africa.
In September, Exxon confirmed the Mesurado-1 exploration – which had previously been delayed amid West Africa’s Ebola crisis – was scheduled for late 2016 or early 2017.
Mesurado’s primary goal is to prove commercial volumes of hydrocarbons. It will be in a deep-water location and will target Cretaceous Santonian-age reservoirs.
Exxon budgets the exploration at a cost of US$120mln, though COPL’s 17% interest in the project is ‘carried’ by the American group.
Financially, COPL’s results statement reflects a period in which operational activity has been pared back amid low oil prices.
Administrative expenses contributed some US$.64mln of the group’s US$6.5mln comprehensive loss for the twelve months, to December 31 2015.
“The company’s strategy is to grow its international oil and gas business offshore sub-Saharan Africa and elsewhere in the world by farming into, and/or acquiring interests in, exploration, unapprised and/or undeveloped assets using the expertise and experience of its senior management team,” it said in a statement.