Canadian Overseas Petroleum Limited (COPL) has entered a joint venture partnership with Shoreline Energy International Limited to diversify exploration prospects across sub-Saharan Africa
The two companies are focused on oil and gas exploration and power generation in the region. Assets acquired through the JV will be held in a special purpose vehicle registered in Bermuda, called Shoreline CanOverseas Petroleum Development Corporation Limited, or ShoreCan. COPL and Shoreline will each hold a 50 per cent interest in ShoreCan.
Arthur Millholland, president and CEO of COPL, said, “As an indigenous company with a strong regional presence, we are delighted to partner with Shoreline Energy as we work together to identify high quality oil exploration, development and production opportunities in sub-Saharan Africa.”
ShoreCan is building a portfolio of exploration and development assets in sub-Saharan Africa. It has assumed positions in Tanzania and Namibia, and continues to evaluate assets in Nigeria, Ghana and Mozambique.
In Tanzania, ShoreCan has entered into an option agreement to acquire a 60 per cent working interest in two offshore blocks – the Latham Licence Area (5056 sq km) and the Kimbiji Licence Area (4298 sq km), which extend from the shore to offshore depths of approximately 500 to 1,000 metres. ShoreCan is evaluating the 2D seismic and regional information in the area.
ShoreCan has also entered into a commercial acquisition, ratified by the Ministry of Energy in Namibia, of an 80 per cent interest in three blocks offshore Namibia. The deepwater blocks are defined as 1708, 1808, and 1709, situated north of the Walvis ridge on the Namibian-Angolan border.