Results of Annual and Special Meeting

RNS Number : 5160A

Canadian Overseas Petroleum Ltd

08 June 2016

 

Canadian Overseas Petroleum Limited:
Results of Annual and Special Meeting

Calgary, Canada, June 7, 2016 - Canadian Overseas Petroleum Limited ("COPL" or the "Company") (TSX-V: XOP) (LSE: COPL), is pleased to announce that at its annual general and special meeting of shareholders held on June 6, 2016, COPL's shareholders approved the resolutions outlined in the Notice of Meeting and Information Circular dated April 16, 2016.

During business proceedings at the meeting, shareholders approved the following resolutions:

1. Election of Directors 

Name of Nominee		Votes For		Percentage		Votes Withheld		Percentage
Arthur S. Millholland		135,361,565		84.42%		24,980,467		15.58%
Massimo C. Carello		140,831,532		87.83%		19,510,500		12.17%
Harald H. Ludwig		140,814,009		87.82%		19,528,023		12.18%
John F. Cowan		140,812,565		87.82%		19,529,467		12.18%
Viscount William Astor		140,603,009		87.69%		19,739,023		12.31%

2. Appointment of Auditors
 

By resolution passed by a show of hands, Deloitte LLP was appointed as auditor of COPL for the ensuing year and the directors were authorized to fix the auditor's remuneration.

3. Approval of Stock Option Plan
 

The Stock Option Plan of the Company was approved by a vote, conducted by ballot, of 66.71% for and 33.29% against.

4. Approval of Consolidation of Shares
 

The Board also announces that the Share Consolidation received 90.56% shareholder votes in favor, 9.44% votes against. Please refer to the Information Circular for the details of the Share Consolidation. The timing for the Share Consolidation will be determined by the Board of Directors of COPL.

 

About the Company

The Company is an international oil and gas exploration and development company focused in offshore West Africa. The Company holds a 17% working interest in Block LB-13, offshore Liberia, with ExxonMobil the operator holding an 83% working interest, where it expects to participate in the drilling of a deep water exploration well in late 2016. The Company is also actively pursuing opportunities in Nigeria in partnership with Shoreline Energy as part of its strategy to generate stable cash flow from secure offshore assets. The Company and Shoreline, through their jointly held affiliated company, Shoreline Canadian Overseas Petroleum Development Corporation ("ShoreCan") are currently seeking Government of Nigeria approval for the acquisition of 80% of a Nigerian corporation holding an attractive oil appraisal and development project in mid water offshore Nigeria.

ShoreCan is building a portfolio of exploration and development assets in sub-Saharan Africa. To date, ShoreCan has taken a position in Nigeria, and Namibia. It continues to evaluate a variety of assets in Nigeria, and Equatorial Guinea.

The Common Shares are listed under the symbol "XOP" on the TSXV and under the symbol "COPL" on the London Stock Exchange.

For further information on the Company including the corporate presentation featured at the AGM can be found on the Company website: http://canoverseas.com/. Also check out our tweeter feed @COPLinvestor.

For Further Information Please Contact:

Canadian Overseas Petroleum Limited 

Mr. Arthur Millholland

President and CEO

Tel: + 1 [phone]

Investor and Public Relations CHF Investor Relations Cathy Hume Tel: [phone] ext. 231 Toll Free: [phone]

Bell Pottinger Henry Lerwill North America Toll Free: [phone] Phone: [phone]

Broker: London Stock Exchange

Shore Capital Stockbrokers Limited

Edward Mansfield

Phone: T:[phone]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

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