Canadian Overseas Petroleum Limited
COPL.L
London Stock Exchange0.06
GBp
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Canadian Overseas Petroleum Limited
COPL.L
(London Stock Exchange)
Recent
price
0.06
P/E
ratio
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div
yld
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ROIC.AI
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- Business
- Canadian Overseas Petroleum Limited (COPL.L) is an international oil and gas exploration, development and production company focused on acquiring, exploring and developing petroleum and natural gas reserves. The company operates primarily through its Wyoming assets, including the Barron Flats Shannon Unit (BFSU) and Cole Creek properties in Converse County, where it conducts environmentally responsible production with minimal gas flaring, methane emissions and power sourced from an adjacent wind farm; activities encompass oil production via miscible flooding with natural gas liquids (NGL) injection, well recompletions, gas gathering infrastructure improvements and seismic interpretation for bypassed pay zones. It also pursues opportunities in sub-Saharan Africa and maintains interests in the United States, Canada, the United Kingdom and Bermuda, targeting junior exploration segments with a team experienced in West Africa, the UK basin and global regions. Founded in 2009 and headquartered in Calgary, Alberta, Canada, the company was formerly known as Velo Energy Inc. prior to its name change in July 2010; its shares previously traded on the London Stock Exchange (COPL) and TSX Venture Exchange (XOP). Subsidiaries include COPL America Inc., which operates the Wyoming main producing assets, alongside related entities such as ShoreCan and non-filing affiliates like Essar Exploration and Production Limited, Nigeria. In recent major developments, Canadian Overseas Petroleum pursued extensive equity financings with Anavio Capital Partners LLP, including US$2.5 million in December 2023, $3.5 million at 4p per share in late 2023 and multiple convertible bond issuances totaling nearly $15 million through 2023-2024 to fund working capital, NGL injections, capex and operations amid financial challenges. The company executed forbearance agreements with its senior lender, restructured hedges to release approximately US$5.0 million in liquidity, waived director cash payments converting them to 2028 bonds and appointed a Chief Restructuring Officer while terminating joint venture discussions for Cole Creek and shifting executive focus. Facing over-leveraged balance sheet pressures, operational curtailments, inflationary costs and hedging losses at its Wyoming assets, it filed for Companies' Creditors Arrangement Act (CCAA) protection on March 11, 2024, in the Court of King's Bench of Alberta, alongside Chapter 15 recognition in the U.S. Bankruptcy Court for the District of Delaware, secured US$11 million debtor-in-possession financing from Summit Partners and completed a CCAA Vesting Order sale of Wyoming asset rights on April 24, 2024, leading to delisting from the London Stock Exchange on November 17, 2025, and termination of Chapter 15 cases by December 6, 2024.