Canadian Overseas Petroleum Limited announces details of the joint venture partnership it has entered into with Shoreline Energy International Limited (Shoreline), a conglomerate with interests across sub-Saharan Africa including interests in oil & gas and power generation.
In line with the Company's stated strategy to diversify and balance its asset portfolio, the partnership with Shoreline is focused on acquiring upstream oil and gas exploration, development and producing assets in sub-Saharan Africa. Assets acquired through the JV will be held in a special purpose vehicle registered in Bermuda, called Shoreline CanOverseas Petroleum Development Corporation Limited ("ShoreCan" or "the JV"). COPL and Shoreline will each hold a 50% interest in ShoreCan.
ShoreCan is currently building a portfolio of exploration and development assets in sub-Saharan Africa. To date, ShoreCan has taken positions in Tanzania and Namibia, and continues to evaluate a variety of assets in Nigeria, Ghana, and Mozambique.