Investor Presentation September 2016 · September 2016 COPL was recognized as a TSX Venture 50®...

September 2016

COPL was recognized as a TSX Venture 50® company in 2014. TSX Venture 50 is a trade-mark of TSX Inc. and is used under license.

Investor Presentation

TSX.V: XOP LSE: COPL

This document and its contents, the presentation and any related materials and their contents have been prepared by Canadian Overseas Petroleum Limited (“COPL” or “the Company”) for information purposes only, solely for the use at this presentation and must be treated as strictly private and confidential by attendees of such presentation and must not be reproduced, redistributed, passed on or otherwise disclosed, directly or indirectly, to any other person or published, in whole or in part by any medium or in any form, for any purpose. Nothing in this document, the presentation and any related materials is intended as, constitutes or forms part of an offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any COPL securities, nor shall they or any part of them nor the fact of their distribution form the basis of, or be relied upon in connection with, any contract or commitment whatsoever in relation thereto. No investment decision should be made on the basis of and no reliance may be placed for any purposes whatsoever on the information contained in this document and/or related materials or given at this presentation, nor on the completeness of such information. Certain industry and market information in this document and/or related materials and/or given at the presentation has been obtained by the Company from third party sources. The Company has exercised reasonable care in preparing this document (and in confirming that where any information or opinion in this document is from or based on a third party source, that the source is accurate and reliable). However, to the fullest extent permitted by law, no representation or warranty, express or implied, is given by or on behalf of the Company, any of its directors, affiliates, agents or advisers (together, the “Identified Persons”) or any other person as to the accuracy or completeness of the information or opinions given at the presentation or contained in this document and/or related materials. The Company has not independently verified the information contained in this document and none of the Identified Persons or any other person bears responsibility or liability for nor provides any assurance as to the fairness, accuracy, adequacy, completeness or correctness of any such information or opinions contained in this document (including information provided by third parties), nor as to the reasonableness of projections, targets, estimates or forecasts nor as to whether any such projections, targets, estimates or forecasts are achievable. Without prejudice to the foregoing, neither the Company nor the Identified Persons shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising, directly or indirectly, from any use of this document, its contents or otherwise arising in connection with this document. The information set out herein and in any related materials and given at the presentation is subject to updating, completion, revision, verification and amendment, and such information may change materially. Forward-looking statements speak only as at the date of this presentation and each of the Identified Persons expressly disclaims and is under no obligation to

update, revise or keep current the information contained in this presentation, to correct any inaccuracies which may become apparent, or to publicly announce the result of any revision to the statements made herein (including in the forward-looking statements) except to the extent they would be required to do so under applicable law or regulation, and any opinions expressed herein, in any related materials or given at the presentation are subject to change without notice. This document, the presentation and any related materials may include certain forward-looking statements, beliefs or opinions which reflect management’s current views with respect to the business, financial prospects and condition of the Company, including its anticipated financial or operating performance and cash flows, plans, objectives and expectations related to existing and future operations of the Company, the performance characteristics of the Company’s properties, the Company’s potential production levels, exploration work and development plans, the reserve and resource potential of the Company’s license areas and strategies, objectives, goals and targets of the Company and/or its group. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as "believes", "expects", "may", "will", "could", "should", "shall", "risk", "intends", "estimates", "aims", "plans", "predicts", "continues", "assumes", "positions" or "anticipates" or the negative thereof, other variations thereon or comparable terminology. No person should rely on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in many cases, beyond the control of management and because they relate to events and depend on circumstances that will occur in the future which may cause the Company’s actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements. Prospective investors should carefully consider, among other things, the cautionary note regarding forward looking statements and the risk factors set out in COPL’s annual information form for the year ended December 31, 2013 dated April 16, 2014. In making the forward-looking statements in this presentation, the Company has also made assumptions regarding the timing and results of exploration activities; the enforceability of the Company’s contracts; the costs of expenditures to be made by the Company; future crude oil prices; access to local and international markets for future crude oil production, if any; the Company’s ability to obtain and retain qualified staff and equipment in a timely and cost-efficient manner; the political situation and stability in the jurisdictions in which the Company operates; the regulatory, legal and political framework governing the such contracts, royalties, taxes and environmental matters in the jurisdictions in which the Company conducts and will conduct its business and the interpretation of applicable laws; the ability to renew its licenses on attractive terms; the Company’s future production levels; the applicability of technologies for the recovery and production of the Company’s oil resources; operating costs; availability of equipment and qualified contractors and personnel; the Company’s future capital expenditures; future sources of funding for the Company’s capital program; the Company’s future debt levels; geological and engineering estimates in respect of the Company’s resources; the geography of the area in which the Company is conducting exploration and development activities; the impact of increasing competition on the Company; and the ability of the Company to obtain financing, and if obtained, to obtain acceptable terms. Although the Company considers the assumptions that it has utilized to be based on reliable information, such forward-looking statements are based on a number of assumptions which may prove to be incorrect.

Disclaimer TSX.V: XOP LSE: COPL

www.canoverseas.com | 2

None of the Company or its advisers or representatives, including the relevant Identified Persons, accept any obligation to update any forward-looking statements set forth herein or to adjust them to future events or developments. Further, this presentation contains market, price and performance data which have been obtained from Company and public sources. The Company reasonably believes that such information is accurate as of the date of this presentation. The information contained in this document has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. Nothing in this document constitutes or should be relied upon by a recipient or its advisors as a promise or representation as to the future or as to past or future performance. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these statements and forecasts. Past performance of the Company is not necessarily indicative of and cannot be relied on as a guide to future performance. No statement in this document or any related materials or given at this presentation is intended as a profit forecast or a profit estimate and no statement in this document or any related materials or given at this presentation should be interpreted to mean that earnings per share for the current or future financial periods would necessarily match or exceed historical published earnings per share. As a result, you are cautioned not to place any undue reliance on such forward-looking statements. The Company reserves the right to terminate discussions with any recipient in its sole and absolute discretion at any time and without notice. No person is authorised to give any information or to make any representation not contained in and not consistent with this document and any such information or representation must not be relied upon and has not been authorised by or on behalf of the Company. This document is given in conjunction with an oral presentation and should not be taken out of context. In this presentation, the Company has provided information with respect to certain resource information that is based on oil discovery information for lands surrounding its properties which is "analogous information" as defined applicable securities laws. This analogous information is derived from publicly available information sources which the Company believes are predominantly independent in nature. However, the Company cannot guarantee that such information was independently prepared. In addition, some of this data may not have been prepared by qualified reserves evaluators or auditors and the preparation of any estimates may not be in strict accordance with Canadian Oil & Gas Evaluation Handbook. Regardless, estimates by engineering and geo-technical practitioners may vary and the differences may be significant. The Company believes that the provision of this analogous information is relevant to the Company's activities, given its acreage position and operations (either ongoing or planned) in the area in question, however, readers are cautioned that there is no certainty that any of the development on the Company's properties will be successful to the extent in which operations on the lands in which the analogous information is derived from were successful, or at all.

Barrel of oil equivalent ("BOE") amounts may be misleading, particularly if used in isolation. A BOE conversion ratio has been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel. This conversion ratio of six thousand cubic feet of natural gas to one barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

In this presentation, the Company has referred to OOIP, meaning original oil in place and original gas in place, respectively, which are hereinafter collectively called "discovered petroleum initially-in-place". Discovered petroleum initially-in-place is the quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production. The recoverable portion of discovered petroleum-in-place includes production, reserves and contingent resources; the remainder is unrecoverable. A recovery project cannot be defined for these volumes of discovered petroleum initially-in-place at this time. There is no certainty that it will be commercially viable to produce any portion of the resources. Additionally, in respect of the prospective resources disclosed in this presentation, there is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources.

By attending this presentation and/or accepting a copy of this document and/or any related materials, you agree to be bound by the foregoing provisions, limitations and conditions and, in particular, you have represented, warranted and undertaken that: (i) you have read and agree to comply with the contents of this disclaimer including, without limitation the obligation to keep the information given at the presentation and this document and its contents confidential; and (ii) you will not at any time have any discussion, correspondence or contact concerning the information given at the presentation and/or in this document with any of the directors or employees of the Company or its subsidiaries nor with any of its suppliers, or any governmental or regulatory body without the prior written consent of the Company.

Disclaimer (continued) TSX.V: XOP LSE: COPL


Corporate Profile

Public Company

• Canadian Overseas Petroleum Limited (“COPL”) shares are listed for trading on the London Stock Exchange (LSE: COPL) and the Toronto Stock Exchange Venture market (TSXV: XOP), giving the Company access to the North American and European capital markets.

Management and Technical Team

• The Management and Technical team of COPL are based in Calgary Canada and the United Kingdom. All of the group have extensive experience in offshore oil exploration and development projects while working together for the past 13 years.

• This experience was primarily in the UK North Sea, where between 2002 and 2008 at Oilexco Incorporated, they drilled as operator a combined 120 exploration, appraisal and production wells.

• In this period the group discovered, appraised and developed the adjoined Brenda and Nicol oil fields at a 100% WI as a subsea development at an initial production rate of 35,000 bbl/d in 500 feet of water.

• The team were identified and negotiated the acquisition of Block LB-13 in the deep water offshore Liberia, and brought in ExxonMobil as a partner to complete the acquisition, resulting in COPL being carried for 17% of the first $120 million in direct drilling expenditures. Drilling is expected to commence in 2016.

Executive Board

• Arthur S Millholland, Director and CEO

• Was the founder, CEO and a Director of Oilexco Inc.

• Professional geologist with 33 years experience in the oil and gas industry

• Worked in a variety of regions including the UK North Sea, Canada, Gulf of Mexico, USA, South America and West and North Africa



Highlights

• Carried participating interest by ExxonMobil in a low risk high impact exploration well on the West African Transform Margin in deep water offshore Liberia

• Well to be drilled by late Q4 2016 to early Q1 2017

• Extensively mapped and defined with state of the art 3D Seismic and processing regimes, which show strong hydrocarbon attributes

• Technology was presented in ExxonMobil’s March 2016 analyst presentation as “their” exploration edge, especially their proprietary “Full Wave Form Inversion” which they have applied to the LB-13 data set

• COPL carried for 17% of all costs until ExxonMobil spends $120 million gross on drilling. Industry cost reductions point to a multiple well carry

• JV with the Shoreline Group of Nigeria offering access to opportunities in Sub Saharan Africa

• Acquisition of 80% of a Nigerian Company holding 100% of a Block in mid to shallow water offshore Nigeria by COPL’s JV with Shoreline having an un-appraised oil discovery with a significant oil appraisal development opportunity

• COPL-Shoreline JV in exclusive negotiations with the Government of Equatorial Guinea for a Production Sharing Contract governing Block EG-18 where a new 3D seismic survey commissioned by the Government has outlined a deep water prospect similar to COPL’s high impact deep water prospect offshore Liberia



Liberia LB-13

COPL’s

High Impact

Exploration

Drilling Officially Late

2016 to early 2017

Senegal

• Fortesa announce Turonian gas condensate discovery

• Cairn discovered light gravity oil in 2014 with partners ConocoPhillips and FAR Limited. Sangomar Deep well was re-entered and drill-stem tested and flowed 8,000 BOPD (32o)

Sierra Leone

• Total 6 DW wells drilled to date

• 4 Discoveries (Venus, Mercury, Jupiter by Anadarko, and recent Lukoil discovery)

• Mercury Appraisal disappointing

Guinea

• Hyperdynamics Sabu-1 well P&A oil shows

Liberia


• Recognised explorers operating in-country

• Anadarko drilled 2 wells on LB-10 in 2014

• Narina-1, BeeEater-1, Carmine Deep-1, Montserrado-1, and Gostern-1 wells encountered light gravity oil pay

Cote D’Ivoire


• 6 Discoveries

• Saphir 1ZB Discovery announced by Total with 40m net oil pay (34o API)

Ghana

• 10 DW wells drilled in recent years,

• 11 Discoveries in country

• Jubilee (on production); Tweneboa, Enyenra, Ntomme, Teak (under development)

200 km

• Estimated 5.0 Billion BO discovered in the West Africa

Transform Margin in only 5 years of exploration

• Ghana’s Jubilee Field on production at approximately

110,000 BOPD

• Significant discoveries in Sierra Leone, Liberia and Cote

d’Ivoire

• Global hotspot – major international oil companies –

ExxonMobil, Chevron, Total, ENI and leading explorers:

Anadarko, Tullow

Jubilee/TEN Area Discoveries

Venus, Jupiter, Mercury Discoveries

Narina Discovery 200 km

Saphir-1XB Discovery

Montserrado-1

LB-13

LB-12(Chevron) Carmine-1 Well (2012)

Goshtern-1 (2014)

Cairn Conoco Phillips Discoveries

Regional Overview TSX.V: XOP LSE: COPL


Zaedyus Discovery

Narina Discovery Jubilee

Discovery

Mercury Jupiter

Discoveries

Paon - 1 Discovery

Liberia-Sierra Leone Basin

Tano Basin

EXXON’S Liza-1

Discovery

Transform Margin • Differential movement in spreading oceanic crust • Accommodated by slip on transform faults • Transform faults meet the continents at transform margins • Basins develop between transform faults • Liza-1 discovery in Guyana-Suriname (conjugate) basin to Liberia

basin

Regional Overview TSX.V: XOP LSE: COPL


Ownership

• 17% COPL and 83% Exxon (operator)

• NOCAL has the right to receive a 10% participating interest at the start of commercial production

Licence Terms

• New amended and restated PSC ratified by the Liberian Government

• Valid for three years from 1 April 2013

- Option to renew for a further two years

• Minimum work commitment of one exploration well in the current Phase and one well in the Option Phase

Block History

May 2007

• LB-13 PSC awarded to Peppercoast Petroleum (PCP)

April 2013

• Government of Liberia (GOL) retracted original PSC from PCP

• GOL ratified a new PSC to Exxon and COPL

• Interests in Block LB-13 are:

- Exxon 83%

- COPL 17%

• As part of the due diligence on Block LB-13 between 2011 and 2013, COPL invested $25 million on 3D seismic, legal general costs

JV Terms

• ExxonMobil paid $127m in initial costs

• COPL carried by ExxonMobil for:

- $120m of gross drilling costs

- All other JV costs capped at $1m run off until 100% of all drilling costs have been completed

PRIMARY PROSPECT

SECONDARY PROSPECT

Liberia Block LB-13 - License Overview TSX.V: XOP LSE: COPL


Geology

• Seismic has identified a deep water Turonian to Lower Campanian Turbidite Channel/Fan complex

• Basic and Advanced Seismic AVO techniques indicate the potential presence of hydrocarbons in multiple zones over an area of 180 sq. km

• Encouraging slumping features seen around the pinchout points on many of the channels and fans

- Strong similarities to other turbidite sand reservoir oil fields offshore Angola, where slumping has created a seal

• Continental slope less steep towards Sierra Leone and towards the south

- Could imply lower clay content in the sediment and thus high quality reservoir sands with high net to gross ratios

- Also helpful when forming the pinchout point

Detailed Technical Work

• Used Extended Elastic Impedance (EEI)technology

- More advanced than traditional AVO technology

- Allows different aspects of the rock, whether this be rock type (lithology), porosity, fluid content, saturation to be seen

• Work has demonstrated that the block holds a number of channel features and fans which tie in with EEI anomalies associated with “sand” lithology, and with “oil” fluid content

¹DeGolyer & MacNaughton , September, 1, 2014

4,238.6 720.6

2,643.7 449.4

P10 P10

P50 P50

Prospective Recoverable Resources on LB-13 (Mmbbls)

Gross1 Net to COPL

1,797.8 305.6

P90 P90

Notes: 1. Low, Best, and High estimates follow the NI 51-101 guidelines for prospective resources. 2. Low, Best, and High estimates in this table are P90, P50, and P10 respectively. 3. Application of any geological and economic chance factor does not equate prospective resources to contingent resources or reserves. 4. Recovery efficiency is applied to prospective resources in this table. 5. Summations may vary from those shown here due to rounding. 6. There is no certainty that any portion of the prospective resources estimated herein will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the prospective resources evaluated.

Geological Overview - Liberia Block LB-13 TSX.V: XOP LSE: COPL


Liberia: Block LB-13 Primary Prospect

POSSIBLE FLUID CONTACT

Updip Pinchout

Seismic Data Courtesy of TGS

SW NE

Slump “squashes” updip pinchout

(COPL Interpretation)

Full Waveform Inversion Seismic AVO technique highlights sands filled with oil. (Courtesy of ExxonMobil)

40 km

Mesurado-1 location



Santonian to Turonian Channel/Fan Complex (multiple fans vertically stacked)

Well Prognosis – Mesurado-1 – Liberia Block LB-13 TSX.V: XOP LSE: COPL


WELL PROGNOSIS FOR MESURADO-1

• No shallow gas predicted • No major faults will be intersected by well path • From both AVO seismic analysis and other

drilled well information, Mesurado-1 expects to encounter quartz-rich turbidite sands with minor amounts of feldspars and clay (kaolinite)

• Santonian-aged reservoir sand targets in levee-controlled turbidite channel complexes

• Reservoir porosity expected to range between 20% to 30%

• Reservoir permeability expected to range between 100 mD to over 1300 mD

• Total depth forecast to be 100 m below the base of the targeted lowermost Santonian zone (unless lower sands also encounter oil shows)

• Evaluate reservoir objective with wireline logging suite including fluid sampler and wireline sidewall cores

Well Design – Mesurado-1 – Liberia Block LB-13 TSX.V: XOP LSE: COPL


• No shallow hazards identified on seafloor

WELL DESIGN FOR MESURADO-1 • Jet 36” and Low Pressure Wellhead Housing

to 2579 m MD/TVDss • Drill 28” hole with Salt Water to 3400 m

MD/TVDss • Run and cement 22” surface casing • Drill 17 ½ “ hole with 9.2-9.6 ppg

“non-aquaeous based drilling mud” to 5353 m MD/TVDss

• Run and cement 13 5/8“ casing • Drill 12 ¼” hole with 9.3- 9.7 ppg

“non-aquaeous based drilling mud” mud to 5353 MD/TVDss

-- base of Santonian-2 reservoir + 100 m -- deepen if hydrocarbons in Coniacian sands • Evaluate reservoir objective with wireline

logging suite

Abidjan Shorebase – Mesurado-1 – Liberia Block LB-13 TSX.V: XOP LSE: COPL


Shorebase Facilities – Petro-Sea • ExxonMobil could use Petro-Sea facilities to

export drilling supplies to Mesurado-1 well • Good access to port, quays, yards,

warehousing, lift equipment, vendors, and fuel at Petro-Sea

• ExxonMobil to “reduce costs” in ‘low oil price world’

ExxonMobil Regional West Africa Hub Office – Abidjan, Cote d’Ivoire • Drilling shorebase

support of Mesurado-1 well from this base in Abidjan

• Limited existing infrastructure in Liberia for a shorebase

Abidjan Shorebase – Mesurado-1 – Liberia Block LB-13 TSX.V: XOP LSE: COPL


Shorebase Facilities • ExxonMobil will use

service companies that have existing facilities at shorebases in Abidjan to service the Mesurado-1 well

• It is not feasible to setup new facilities in Liberia to support the Mesurado-1 exploration well

African

Business

Development

Strategy

• Leverage management expertise and experience to grow its footprint via its joint venture with Shoreline through Shoreline CanOverseas Petroleum Development Corporation (“ShoreCan”)

• Partner with local indigenous companies to gain entry to the country on a ground floor basis or Partner with other West African operators to explore for, appraise and/or develop projects

• Preference for prospects offering near term cash flow potential or ability to provide technical partnership

• Focus on desirable exploration and development prospects that exhibit similar seismic and geological characteristics to nearby existing discoveries or producing fields

• COPL Assets: | ShoreCan Assets and Activity:

LIBERIA

NIGERIA

EQUATORIAL GUINEA

NAMIBIA

Building an African Portfolio TSX.V: XOP LSE: COPL


COPL / Shoreline

Joint Venture

Structure

• Joint venture partnership with Shoreline Energy International Limited (“Shoreline”), a conglomerate with interests across sub-Saharan Africa including interests in oil & gas and power generation

• JV will acquire assets through a special purpose vehicle registered in Bermuda, called Shoreline CanOverseas Petroleum Development Corporation Limited (“ShoreCan”)

• COPL and Shoreline each hold a 50% interest in ShoreCan

• Shoreline’s interest in OML 30 in Nigeria and COPL’s interest in LB-13 in Liberia are outside of the JV

Rationale & Strategy

• The JV allows COPL to progress its stated strategy, offering exposure to a greater spread of highly value accretive assets and opportunities, while minimising risk and capital requirements for shareholders

• ShoreCan’s activities can be financed by its shareholders directly, or ShoreCan can access capital through the private equity markets directly.

• The JV will acquire upstream oil & gas exploration, development and producing assets in sub-Saharan Africa, as well as gas to power projects to monetize hereto stranded natural gas

Assets

• To date, ShoreCan has taken positions in Nigeria and Namibia, and continues to evaluate a variety of assets in Nigeria, Equatorial Guinea, and Ghana, amongst other countries

COPL / Shoreline Joint Venture TSX.V: XOP LSE: COPL


Directors

• Arthur Millholland - Chief Executive Officer COPL

• Viscount William Astor - Non-Exec Director COPL

• Kola Karim - Chief Executive Officer Shoreline Group

• Tunde Karim – Executive Director Shoreline Group

Technical Team

• COPL Technical Services Limited, a wholly owned subsidiary of Canadian Overseas Petroleum Limited, a company incorporated under the laws of Canada

Shoreline Canadian Overseas Petroleum

Development Company Limited

Shoreline Canadian Overseas Corporate Structure TSX.V: XOP LSE: COPL

50%

50%


Nigeria Acquisition

• Nominal purchase price

• Assets 100% of OPL 226

• 80% of issued share capital of a 100% foreign owned Nigerian Corporation

• Conditions to final completion

• Ministerial Consent (in process)

• Licence Extension (in process)

• Deal timetable

• Back stop date August 31, 2016 – only ShoreCan has right to terminate at that point, ShoreCan has elected not to terminate

• ShoreCan has presented NNPC/NAPIMS a provisional 2016/2017 budget in support of the applications of consent and extension

• ShoreCan (COPL) Technical Team to oversee and manage the forward operations

• ShoreCan to control the Company through 5 seats on a 7 member Board of Directors



• OPL 226 is adjacent to Anyala Field in OML 83

• Noa-1 discovery drilled in 2001 on OPL 226 with several gas zone pays and a lower oil zone with nearly 20 metres of blocky oil sand pay

• 3D seismic maps illustrate numerous anomalies and prospects

OPL 226 – Noa Complex Prospects

6

OPL 226

From Nigeria – Niger Delta Base Map – IHS Energy, 2013

Noa-1 well

Anyala OML 83

50 km

OPL 226 TSX.V: XOP LSE: COPL


Hrz 6100’

Time Structure Maps 6100’ Horizon

Contour Interval = 50 ms

Noa-1

6100’ sand 25.7 m net pay

Gas cap

Oil leg

Anyala-1 6100’ sand = 16.6 m net gas pay Anyala has 9 wells capable of production

Noa-1 6100’ sand = 7.0 m net gas pay 18.7 m net oil pay Separate footwall trap along antithetic fault with development location

Potential Well Location

OPL 226

OPL 226

OML 83

OPL 226

Seismic Crossline 2840

Noa NE-1 10 km

16.6 to 25.7 m thick 6100’ sand zone should be oil-bearing at Noa NE-1 location

Anyala and Noa Growth-Fault Complexes

other drilling locations



Hrz 7000’

Time Structure Maps 7000’ Horizon

Contour Interval = 50 ms Black polygons are Essar identified

hydrocarbon accumulations for that horizon

Anyala-1

7200’ sand

54.5 m net gas pay

OML 83

OPL 226

OPL 226

Noa NE-1

Gas cap

Oil leg

10 km

Anyala-1 7200’ sand = 54.6 m net gas pay

Thick 7200’ sand zone could be oil-bearing at Noa NE-1 location

Seismic Crossline 2840

Anyala and Noa Growth-Fault Complexes

other drilling locations



Noa-1 discovery

Xline 2840

Noa NE-1 location

Synthetic Faults Major Growth Fault

Antithetic Fault

Oil Trap

Rollover Anticline

Sed

ime

nta

ry

laye

rs

SW Basinward Landward NE

Low Density Shale Layer

Flow direction due to differential load of the

overlying sediments

Decollement surface

COPL Screen Shots

Noa - 1 discovery

SW NE

Xline 2840 from Noa-1 discovery to Noa NE-1 location along the southeast plunge of the Anyala anticline No Lambda-Rho reflectivity for shale or water-filled sand High Lambda-Rho reflectivity for gas-filled and oil-filled sands – along well path for Noa-1 well and Noa NE-1 location

OPL 226 – Noa Discovery – East Anyala TSX.V: XOP LSE: COPL


Equatorial Guinea

• ShoreCan in direct negotiations toward the award of a PSC for EG-018

as announced by the Government of Equatorial Guinea

• On May 27, 2015 – Shorecan signed the “Memorandum of Understanding” (MOU)

on EG-18 with the MMIE in Malabo, EG.

• The PSC is currently under negotiation. Final terms and government ratification

Q4-16

• Shorecan has estimated that the main amplitude anomaly trend has an area of

roughly 220 square kilometres. Historically, no wells have been drilled in the EG-18

Block. The EG-18 Block (offshore) covers 5056 square kilometres

• The stratigraphic level of the prospects found in the Liberia LB-13 Block are the

same as those prospective in the Equatorial Guinea Block EG-18. The mid-

Cretaceous Campanian, Santonian, and Turonian stages show a meandering sand

trend across Block EG-18 on the “Far angle amplitude map.” From the seismic

data, it appears like this trend is a “confined turbidite channel” that may have an

updip pinchout and could be, therefore, a possible trap for hydrocarbons



From COPL seismic work in the RPS Data Room (Henley) on Geoex 3D

a’

a

0 10km

a a’ EG-18

5 km

EG-18

Shorecan has good experience utilizing seismic amplitude extraction techniques to map submarine sand trends and hydrocarbon trends

Equatorial Guinea -- Northern Rio Muni

Basin Block EG-18 TSX.V: XOP LSE: COPL


Campanian-age (?) confined, turbidite channel trend with high amplitude on far stack seismic data

SR = source rocks

Okume Complex Possible Shelf Traps EG-18 Prospect

Campanian sand pinchout trap

EG-18

Ceiba & Okume

A

A’

L-2

Oil traps in the Okume Complex and confined turbidite channel (Campanian stage) perspective within EG-18

A A’

Strike-slip faulting along transform zone creates offset/trap

Equatorial Guinea -- Northern Rio Muni Basin

Block EG-18 Turbidite Trap Complexes TSX.V: XOP LSE: COPL


Namibia: Blocks 1708, 1709, 1808

(Blocks 1708, 1709, 1808)



• 80% interest acquired in three offshore blocks: 1708, 1808, and 1709

• Shorecan’s interest has been ratified by the Ministry of Energy in Namibia

• The blocks are located north of the Walvis ridge on the Namibian/Angolan border at the southern end of the Namibe Basin

• Namibe Basin is the conjugate basin to the Santos Basin

• Jubarte, Carioca, Tupi, etc. discoveries in the Santos Basin (subsalt)

Namibia: Blocks 1708, 1709, 1808 TSX.V: XOP LSE: COPL


High Impact Drilling

Super Major Partner

Technical Expertise

Dual Listing

• Targeting high impact exploration on Block LB‐13 in Liberia P50 Prospective Recoverable Resources 2,643mmbbl (gross)

- Drilling a well, in partnership with ExxonMobil late 2016 to early 2017

• Chevron and Anadarko drilled wells on adjacent blocks in 2014

• ExxonMobil paid $127m costs committed to carry COPL costs through the first $120m gross drilling cost for an 83% interest

- A strong endorsement of the acreage

- Provides financial backing and additional technical expertise

• COPL and Shoreline each hold a 50% interest in ShoreCan

• The JV allows COPL to progress its stated strategy, offering exposure to a greater spread of highly value accretive assets and opportunities, while minimising risk and capital requirements for shareholders

• London Stock Exchange and TSX-V

• Expanded shareholder base with an increased access to capital

Shoreline JV

• Strong technical expertise

• Offshore team have drilled over 120 wells

• Shareholder value created through prospect generation

Conclusion TSX.V: XOP LSE: COPL


Appendix

Board & Management

Aleksandra Owad CFO

Viscount William Astor Independent Director

Harald Ludwig Independent Director, Chairman of the Board

Massimo Carello Independent Director

John Cowan Independent Director

Arthur Millholland Exec Director, President and CEO

Board

Management

Norman Deans V.P. Operations

Rod Christensen V.P. Exploration

Nick Pillar Manager Geophysics

Ken Halward Manager Reservoir Development

Dr. Richard Mays V.P. Business Development &

Counsel



Executive Board

Director, President and CEO • Was the founder, CEO and a Director of Oilexco Inc.

• Professional geologist with 30 years experience in the oil and gas industry

• Worked in a variety of regions including the UK North Sea, Canada, Gulf of Mexico, USA, South America and West and North Africa

Arthur Millholland



Independent Director & Chairman of the Board • President of Macluan Capital Corporation, a diversified private equity investment company

• Director of Lions Gate Entertainment Corp (NYSE), Seaspan (NYSE), West Fraser Timber (TSX)

• Serves as a member of the advisory Board of Tennenbaum Capital Partners, LLC.

Harald Ludwig

Independent Director • Mr Carello has over 30 years of international senior management and board level experience

• Director of Orsu Metals Corp (TSX) and Canaccord Financial Inc. (TSX, LSE)

• Previously a Director of Uranium One, Urasia Energy Ltd, Anker plc and President and CEO of Diners UK Ltd.

Massimo Carello

Independent Director • Mr Cowan has over 38 years experience in the oil and gas exploration and production business

• Currently a Director of Dundee Energy, as TSX listed Canadian E&P Company

• Previously founder of two other Canadian E&P Companies

John Cowan

Independent Director • Director of Networkers plc (AIM), Tavistock Investments plc (AIM), Silvergate Media Ltd (UK Private) and

formerly Chorion plc (until 2011)

• Viscount Astor sits as an elected hereditary peer in the UK House of Lords

Viscount William Astor

Non-Executive Board TSX.V: XOP LSE: COPL


Vice President, Operations • Qualified Drilling Engineer with 20 years in industry, the last 4 years as Drilling Manager

• Career includes staff positions with Majors such as Chevron and also Independents such as Oilexco

Norman Deans

Sr. Management Team

Dr. Richard Mays • Extensive Legal, Commercial, Oil and Gas experienced over 30 years

• Previously Executive Chairman of Blackstar Petroleum and Peppercoast Petroleum

• Former Professor in Law and Depute Dean at Aberdeen Business School

Vice President Business Development & General Counsel

Vice President Exploration and Exploitation

• Professional Geologist with 35 years experience

• Previously Senior VP, Exploration and Development at Oilexco

• Involved in numerous discoveries and appraisals in the UK Central North Sea

Rod Christensen



Management Team

Manager Reservoir Development • Former VP of reservoir development for Oilexco, played a key role in developing Brenda and Nicol fields

• Over 30 years of diversified experience in Canada, UK North Sea and North Africa including Liberia

• Prior to joining Oilexco in 2005, Ken held a variety of technical and supervisory positions at Imperial Oil, Wascana Energy, Alberta Energy Company, and the Arabian Gulf Oil Company (AGOCO)

Ken Halward

Manager Geophysics • Geoscientist with a BSc in Applied Geology and over 30 years of experience in the oil industry

• Chief Geophysicist at Enterprise prior being taken over by Shell

• Joined Ikonscience, a niche rock physics software and service company as Operations Director

• He left Ikonscience in 2009 to pursue a consulting career prior to joining COPL in 2011

Nick Pillar

Aleksandra Owad



CFO • Chartered accountant in Canada (CPA, CGA) and a Fellow of the Association of Chartered Certified

Accountants in UK (FCCA, UK) • 12 years of oil and gas experience as a CFO, Chief Accounting Officer or Controller, including CFO

at COPL between 2009 and 2013 • Background includes also 10 years of financial advisory and audit services to companies in a

variety of sectors in Europe while working with KPMG • Holds a Master of Economics Degree from the Warsaw School of Economics

Corporate Share Structure (as of June 2016) TSX.V: XOP LSE: COPL

Symbol TSX.V: XOP, LSE: COPL

Shares Outstanding 606,263,207

Warrants 265,726,410

Options 42,725,000

Fully Dilluted 914,714,617

Market Capitalization $42,438,424


Canadian Overseas Petroleum Limited

Arthur Millholland, President & CEO

[email protected]

Tel: +1 (403) 262 5441

Yellow Jersey PR Limited

Dominic Barretto/Harriet Jackson

[email protected]

[email protected]

Tel: +44 (0) 75 4427 5882 / +44 (0) 20 3735 8827

CHF Investor Relations

Cathy Hume, CEO

[email protected]

Tel: +1 (416) 868 1079 x231

CONTACT


Canadian Overseas Petroleum Limited

Chris McLean, Senior Executive

[email protected]

Tel: +1 (403) 262 5441

Investor Presentation September 2016 · September 2016 COPL was recognized as a TSX Venture 50®...

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Transcript of Investor Presentation September 2016 · September 2016 COPL was recognized as a TSX Venture 50®...