Canadian Overseas Petroleum, through its wholly owned subsidiary, North Sea Oil Exploration, has entered into a Letter of Intent ("LOI") with a third party that will allow the Company to earn a 50% equity interest in two blocks in the UK North Sea. The Company will participate in the farm-in by paying a portion of the drilling costs which are expected to be less than $15 million to the Company. Drilling on the exploration prospect will target oil and is anticipated to occur within the next year, subject to the Company successfully accessing financing.
The LOI is subject to financing and regulatory approvals.
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