In 2011, COPL made a decision to investigate oil and gas opportunities outside of the UK North Sea. One region stood out in particular, that being West Africa. This region shares similar geological traits to that of the UK North Sea where COPL’s senior management have experienced exploration success. When an opportunity arose for COPL to purchase a block in the Liberian Basin, management reviewed the 3D seismic shot in the block in 2010 and found it contained many attractive seismic anomalies similar to a number of recent discoveries made in the region.
In April 2013, COPL announced that the Government of Liberia had approved a revised Production Sharing Contract with the National Oil Company of Liberia and ExxonMobil Liberia for Block LB-13. COPL has a 17% interest in the PSC and ExxonMobil Liberia has the remaining 83% interest and is also the designated operator. COPL had a Gross Prospective Oil Resource Report completed by an independent reserves evaluator that reflects a mean of 2.6 billion barrels of recoverable oil resources combined from a number of seismic targets in the block. The map below shows the Liberian Basin blocks including Block LB-13.