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ExxonMobil committed to Liberia offshore plans despite Ebola crisis

27th November 2014

Canadian Overseas Petroleum Limited (COPL), along with its partner ExxonMobil, remains committed to completing its work programme and obligations under the LB 13 amended and restated Production Sharing Contract (PSC) dated March 31, 2013 when the situation in Liberia improves

ExxonMobil committed to Liberia offshore plans despite Ebola crisis
The government of Liberia will extend the current exploration period if necessary

NOCAL, the National Oil Company of Liberia, and ExxonMobil, the operator, continue to meet regularly to discuss CSR activities and the fulfilment of the LB 13 work programme.

As part of that interaction process, the government of Liberia has provided its assurances that it will act under the terms of the PSC to provide NOCAL and ExxonMobil sufficient time to complete its work programme, extending the current exploration period if necessary.

COPL will provide further information as future events may require.

"We are deeply concerned for the people of Liberia as they work to overcome Ebola with the help of the international community,” said Arthur Millholland, COPL president and CEO.

“LB-13 is a foundation asset for the company and we look forward to returning to Liberia soon to complete exciting work already begun. The delays we are experiencing should not be considered a reflection on the prospectivity of LB-13, nor the desire of those involved to complete the drilling of the exploration well required under this phase of the PSC."

COPL is an international oil and gas exploration and development company focused in the offshore West Africa. The company holds a 17 per cent working interest in Block LB-13, offshore Liberia, with ExxonMobil the operator holding an 83 per cent working interest. COPL is actively evaluating opportunities in Nigeria as part of its strategy to generate stable cash flow from secure offshore assets.

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