Investor Summary - Canadian Overseas Petroleum Ltd · 2019-12-20 · • Operations Director at Ikonscience, a niche rock physics softwarecompany Nick Pillar Dr. Richard Mays •

Investor Summary

May 2019

CSE: XOPLSE: COPL

Why invest in COPL?

• Exposure to significant existing offshore oil and gas fields in West Africa

• Management have a proven track record executing a similar project in the North Sea

• Key offshore Nigeria asset (OPL 226) has a best estimate of 2C contingent resources of 16 million bbls (gross) and Unrisked prospective resources of 533 million barrels (gross) of oil

• First of four appraisal production wells expect to start work in Q3 2019

• OPL 226 is a multi-play potential and could generate c.60,000 bpd under a full development scheme

• Project financing for OPL 226 in place from Trafigura and the Mauritius Commercial Bank subject to conditions precedent

• Exposure to onshore Mozambique gas asset – negotiations with Government ongoing re. production sharing contract

CSE: XOPLSE: COPL

www.canoverseas.com | 2

“We have made significant progress over the last year, having secured financing … which will allow us to capitalise on the significant production opportunity that our offshore Nigerian asset represents. With the potential for significant near-term production at OPL 226 … scheduled to commence drilling by mid-2019 ... we enter 2019 with renewed optimism.”

(Arthur Millholland, CEO) RNS on 28.1.19 re. 2018 Year-end Update and Outlook for 2019

COPL Investment Proposition

• Exposure to significant existing offshore oil and gas plays where discoveries have been made but lie dormant in West Africa• Management have a proven track record: they are replicating an exploration strategy executed successfully at Oilexco Inc in

the North Sea• Focused on a region which has similar geological traits to the North Sea but potentially larger reserves• Key asset is OPL 226 offshore Nigeria with a best estimate of 2C contingent resources of 16 million bbls (gross) and Unrisked

prospective resources of 533 million barrels (gross) of oil• Five wells have been drilled with three oil and two gas discoveries; the first oil discovery was made in 2001• First phase of field development of four production wells forecast to commence in Q3 2019 each producing 6-10,000 bpd• First phase will provide cash flow for future development based on an estimated production of c.30,000 bpd by end 2020• OPL 226 is a multi-play potential and could generate c.60,000 bpd under a full development scheme• ShoreCan has conditional project financing for up to US$50m for OPL 226 from Trafigura and the Mauritius Commercial Bank

• Project finance is contingent on a production test delivering 6,000 bpd for 21 days and a minimum of US$20 million equity investment by ShoreCan

• Advanced discussions with 3 global service providers regarding the provision of services for the work programme• Partnered with domestic company satisfying local Nigerian legal requirements • COPL has strong government stakeholder relationships• Nigeria regulators have conditionally approved work programme / budget and granted a two year extension until Oct 2020• Exposure to onshore Mozambique gas asset – discussions with Government ongoing re. production sharing contract

Canadian Overseas Petroleum Limited shares were listed for trading on the London Stock Exchange (LSE: COPL) in April 2014 and are also listed on the Toronto Stock Exchange Venture Exchange (TSXV: XOP)

CSE: XOPLSE: COPL


Opportunity to invest at ground floor level in fast track development & production asset scheduled to produce 60,000 bpd

Canadian Overseas Petroleum Limited shares were listed for trading on the London Stock Exchange (LSE: COPL) in April 2014 and are also listed on the Canadian Securities Exchange (CSE: XOP)

COPL strategy

• Leverage management expertise and experience to grow operational footprint via JV with Shoreline Energy and its SPV ShoreCan

• Partner with local indigenous companies to gain entry to the country on the ground or partner with other West African operators to explore for, appraise and/or develop projects

• Preference for prospects offering near term cash flow potential or ability to provide technical partnership

• Focus on desirable exploration and development prospects that exhibit similar seismic and geological characteristics to nearby existing discoveries or producing fields

ShoreCan Assets and Activity: MOZAMBIQUE PT5-B

NIGERIA OPL 226

Building an African Portfolio CSE: XOPLSE: COPL


Management & Technical Team

In-depth industry expertise

• Significant offshore oil exploration and development project experience• Worked together for last 13 years

Between 2002-08 at Oilexco Inc, management drilled a combined 120 exploration, appraisal and production wells in the North Sea. The group discovered, appraised and developed the adjoined Brenda and Nicol oil fields at a 100% WI as a subsea development at an initial production rate of 35,000 bpd in 500 feet of water

CSE: XOPLSE: COPL


COPL OilexcoResources Contingent Resources

2C-16 million barrels grossProspective Resources

237.1 million barrels gross

2P Reserves60 million barrels

3P Reserves90 million barrels

Drilling to first oil timeframes

36 months

Production potential 60,000 bpd Production Commenced35,000 bbl/d (net)

Government stake Royalty and Tax Tax

Board & Management Team

Arthur Millholland: Director, President and CEO• Was the founder, CEO and a Director of Oilexco Inc• Professional geologist with over 30 years experience in the oil and gas industry • Worked in a variety of regions including the UK North Sea, Canada, Gulf of Mexico,

USA, South America and West / North Africa

CSE: XOPLSE: COPL


Board - Executive

Board - Non-ExecutiveHarald Ludwig: Independent Director & Chairman of the Board• President of Macluan Capital Corporation, a diversified private equity

investment company• Director of Lions Gate Entertainment Corp (NYSE), Seaspan (NYSE), West Fraser

Timber (TSX)• Serves as a member of the advisory Board of Tennenbaum Capital Partners, LLC

William Astor: Independent Director• Director of Networkers plc (AIM), Tavistock Investments plc (AIM), Silvergate

Media Ltd (UK Private) and formerly Chorion plc (until 2011)

Massimo Carello: Independent Director• Over 30 years of international senior management and board level experience• Director of Orsu Metals Corp (TSX) and Canaccord Financial Inc. (TSX, LSE)• Previously a Director of Uranium One, Urasia Energy Ltd, Anker plc and

President and CEO of Diners UK Ltd

John Cowan: Independent Director• Over 40 years experience in the oil and gas exploration and production industry• Previously founder of two Canadian E&P companies

Nick Pillar: Manager Geophysics• Geoscientist with a BSc in Applied Geology and >30 years industry experience• Chief Geophysicist at Enterprise prior being taken over by Shell• Operations Director at Ikonscience, a niche rock physics softwarecompany

Nick Pillar

Dr. Richard Mays

• Extensive Legal, Commercial, Oil and Gas experienced over 30 years• Previously Exec Chairman of Blackstar Petroleum and Peppercoast Petroleum• Former Professor in Law and Depute Dean at Aberdeen Business School

Dr. Richard Mays: Vice President Business Development & General Counsel

Rod Christensen: Vice President Exploration and Exploitation• Professional Geologist with 38 years experience• Previously Senior VP, Exploration and Development at Oilexco• Involved in numerous discoveries and appraisals in the UK Central North Sea

Aleksandra Owad: CFO • Chartered accountant in Canada (CPA, CGA) and a Fellow of the Association

of Chartered Certified Accountants in UK (FCCA, UK)• 12 years of industry experience as a CFO, Chief Accounting Officer/Controller• 10 years of financial advisory and audit services at KPMG• Holds a Master of Economics Degree from the Warsaw School of Economics

Ken Halward: Manager Reservoir Development• Former VP of reservoir development for Oilexco, played a key role in

developing Brenda and Nicol fields• Over 30 years of diversified experience in Canada, UK North Sea and N. Africa• Prior to joining Oilexco in 2005, Ken held a variety of technical and supervisory

positions at Imperial Oil, Wascana Energy, Alberta Energy Company, and the Arabian Gulf Oil Company (AGOCO)

Management

COPL / Shoreline Joint Venture

Structure• COPL has a JV partnership with Shoreline Energy International Ltd (“Shoreline”), a conglomerate with

interests across sub-Saharan Africa including interests in oil & gas and power generation• JV will acquire assets through a SPV registered in Bermuda, called Shoreline CanOverseas Petroleum

Development Corporation Limited (“ShoreCan”)• COPL and Shoreline each hold a 50% interest in ShoreCan• Shoreline’s interest in OML 30 in Nigeria are outside of the JV

Rationale & Strategy • Indigenous within Nigeria• JV allows COPL to progress its stated strategy, offering exposure to a greater spread of highly value

accretive assets and opportunities, while minimising risk and capital requirements for shareholders• ShoreCan’s activities can be financed by its shareholders directly, or ShoreCan can access capital

through the private equity markets directly.• JV will acquire upstream oil & gas exploration, development and producing assets in sub-Saharan

Africa, as well as gas to power projects to monetize hereto stranded natural gas

Assets• To date, ShoreCan has taken positions in Nigeria and Mozambique, and continues to evaluate a variety

of assets in Nigeria, Equatorial Guinea, Angola, Gabon and Ghana, amongst other countries

COPL / Shoreline Joint Venture CSE: XOPLSE: COPL


Essar Nigeria (OPL 226)

• ShoreCan acquired 80% of the issued share capital of 100% Essar Group owned Essar Exploration & Production Limited (Nigeria) (“EEPLN”)

• ShoreCan controls EEPLN through 3 seats on a 5 member Board of Directors• Pre acquisition the Essar Group has invested c.US$62.5m in EEPLN to date

OPL 226 is a multiplay potential and could generate c.60,000 bpd• OPL 226 is located 50km offshore in the central delta area in 160 feet of average water depth• Five wells have been drilled with 3 oil and gas discoveries and 2 gas discoveries• OPL 226 surrounds OML 83 hosting the Anyala Field which is predominantly gas with some

independent oil zones at the crest of a large anticlinal structure • The block has a large historic 2D seismic data base as well as two 3D seismic surveys acquired

in 1999 and 2012/2013, the later acquired by EEPLN and reprocessed by ShoreCan• 2C Contingent and Prospective Oil Resources of 16 mmbbls and 533 mmbbls respectively (NI

51-101) by Netherland Sewell and Associates dated March 31, 2017

CSE: XOPLSE: COPL


Essar Nigeria OPL 226 (COPL net 40%)

• ShoreCan (COPL) Technical Team oversee and manage the forward operations• Nigerian regulations require local involvement in front line operations.

Numerous well managed firms offer such services• ShoreCan has presented the regulator, NNPC/NAPIMS, a provisional work program

and budget• The basis of the work program is to drill an appraisal well to the 2001 NOA-1 oil

discovery operated by NEXEN• NOA-1 hosts the 16 mmbbls of 2C resources as determined by NI 51-101

compliant NSAI report• Location of the appraisal well will be up structure of the NOA-1 well on the SE

plunging limb of the Anyala Anticline• ShoreCan has proposed to NNPC/NAPIMS that the well be utilized as an Early

Production Scheme under their policy to allow indigenous firms early cash flow before full development. This would be the first phase of a contemplated 60,000 bbl/d development in the NOA area

• The balance of the Block holds significant exploration upside

CSE: XOPLSE: COPL


Summary

• Opportunity to benefit from significant unexploited existing offshore oil and gas plays

• The management team have worked together for many years, have a proven track record and are replicating an exploration strategy previously executed successfully in the North Sea

• Key Nigeria asset with a best estimate of 2C contingent resources of 16 million bbls (gross) and Unrisked prospective resources of 533 million barrels (gross) of oil

• OPL 226 is a multiplay opportunity - first phase production well flowing expected to start working in Q3 2019 and asset could generate c.60,000 bpd

• Conditional funding in place from Trafigura and MCB

• Strong local partner with robust domestic stakeholder relationships

CSE: XOPLSE: COPL


Appendix

Geology• A large growth fault-controlled structural complex

• Potential of hydrocarbons in multiple zones

• Petroleum trap features along the rollover anticlines and extensive “foot wall traps” proven by

the Noa-1 discovery

• Several appraisal/development wells to the proven Anyala anticline already identified

Detailed Technical Work• Used Extended Elastic Impedance (EEI)technology

and Joint Impedance – Facies Inversion (Ji-Fi)- More advanced than traditional AVO

technology - Allows different aspects of the rock, whether

this be rock type (lithology), porosity, fluid content, saturation to be seen

• Work has demonstrated that the block holds a number of structural and stratigraphic features

that tie in with EEI and Ji-Fi anomalies associated with “sand” lithology, and with “oil” fluid content

¹Netherland Sewell & Associates, Inc , March 31, 2017

1,014 405.6

533 213.2

High High

Best Best

Unrisked Recoverable Prospective Oil Resources on OPL 226 (Mmbbls)

Gross1 Net to COPL

284 113.6

Low Low

Notes:1. Low, Best, and High estimates follow the NI 51-101 guidelines for prospective resources.2. Application of any geological and economic chance factor does not equate prospective resources to contingent resources or reserves.3. Recovery efficiency is applied to prospective resources in this table.4. Summations may vary from those shown here due to rounding.5. There is no certainty that any portion of the prospective resources estimated herein will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the prospective resources evaluated.

Geological & Resource Overview - OPL 226 CSE: XOPLSE: COPL


20.7 8.28

16.1 6.44

High High

Best Best

Unrisked Recoverable Contingent Oil Resources on OPL 226 (Mmbbls)

Gross1 Net to COPL

11.5 4.68

Low Low

• OPL 226 is adjacent to Anyala Field in OML 83

• Noa-1 discovery drilled in 2001 on OPL 226 with several gas zone pays and a lower oil zone with nearly 20 metres of blocky oil sand pay

• 3D seismic maps illustrate numerous anomalies and prospects

OPL 226 – Noa Complex Prospects

6

OPL 226

From Nigeria – Niger Delta Base Map – IHS Energy, 2013

Noa-1 well

AnyalaOML 83

50 km

OPL 226 CSE: XOPLSE: COPL


Appraisal locations:

- Noa NE

- Noa N

- Nduri N

- Noa W

- Noa E

- Noa Far NE

High Impact Exploration locations:

- Nduri Far E

- Noa Northern Strat

- HJ South

Updated NSAI map from March 31, 2017 report

www.canoverseas.com |14

Hrz 6100’

Solgas 3D (2000)Time Structure Maps

6100’ HorizonContour Interval = 50 ms

Black polygons are Essar identified hydrocarbon accumulations for that horizon

Noa-1

6100’ sand25.7 m net pay

Gas cap

Oil leg

Anyala-16100’ sand = 16.6 m net gas payAnyala has 9 wells capable of production

Noa-16100’ sand = 7.0 m net gas pay18.7 m net oil paySeparate footwall trap along antithetic fault with development locations

Noa NE-1 Location is situated along the east plunge of the oil and gas-bearing Anyala anticline

OPL 226

OPL 226

OML 83

OPL 226

Seismic Crossline 2840

Noa NE-1

10 km

16.6 to 25.7 m thick6100’ sand zone should be oil-bearing at Noa NE-1 location

Anyala and Noa Growth-Fault Complexes

other drilling locations

Original Solgas 3D was acquired (in 2000) over the adjacent, related Anyala Complex

Oil leg

Anyala-8 was a near miss of Noa type discovery

Oil leg

Dubagbene-16100’ sand = 8.2 m net oil pay

17


Distribution of HC indicators over OPL 226KeyBlue Extended Elastic

ImpedanceGreen Ji - Fi (oil)Pink Lambda rho

Xline 2870

Xline 2870

B’

B

C

C’

Noa-1 discovery well

hangingwall

footwall

Ji-Fi result at the Noa-1 location

Noa-1

NE-1

A

A’

Noa West

Noa EastNduri NW

Discovery well

OPL 226 – Noa West Lobe, Noa East Lobe, Nduri NW• Lambda rho – an indicator of compressibility where a sand with oil or gas is more compressible than one with a brine sand. This technique is used on simple inversions of reflectivity datasets

• Extended Elastic Impedance (EEI) at a chi angle of 23 degrees – at the optimal rotation a potential hydrocarbon accumulation lights up relative to brine sand. These data have been inverted

• Ji-Fi (Joint Impedance and Facies Inversion) – a proprietary Ikonscience inversion scheme which uses a number of geological constraints that allows a more reliable and accurate AVO computation which outputs a faciesinterpretation

Horizons 5500 – 6100’

Xline 2870


OPL 226 – Noa NE-1, Noa N-1 Step Out Wells CSE: XOPLSE: COPL


• Extend Elastic Impedance (EEI 23) inversion data

• High red negative amplitudes indicative of hydrocarbons

• At Noa-1, Solgas/CanOxy did NOT drill the more extensive hangingwalltrap along the growth fault that will be drilled at Noa NE-1

• Appraisal location Noa Northeast

Noa North

Noa NE, N, West ProspectsEEI 23 data Red high amps possible hydrocarbons

Oilanomalies

Oilanomalies

Noa-1

gasanomalies

gasanomalies

Xline 2860Noa NE - 1

Oilanomalies

Synthetic Faults Major Growth FaultAntithetic

Fault

Sedi

men

tary

la

yers

SW Basinward Landward NE

Low DensityShale Layer

Flow direction due to differential load of the

overlying sediments

Decollementsurface

Rollover Anticline

OPL 226 – Joint impedance and Facies inversion (Ji-Fi) CSE: XOPLSE: COPL


• Inversion highlights hydrocarbon accumulations

• Distinguishes between gas and oil

Noa NortheastNoa North

Noa #1

Gasanomalies

Gasanomalies

Xline 2860

Oilanomalies

Oilanomalies

OilAnomalies?

Noa NE, N, W ProspectsJi-Fi dataGreen oil, red gasBackground is brine sand or shale

Noa NE - 1

Corporate Share Structure (as of 28 March, 2019)CSE: XOPLSE: COPL

Symbol CSE: XOP, LSE: COPL

Shares Outstanding 2,486,752,463

Warrants 107,731,380

Options 107,515,000

Fully Diluted 2,701,998,843


This document and its contents, the presentation and any related materials and their contentshave been prepared by Canadian Overseas Petroleum Limited (“COPL” or “the Company”) forinformation purposes only, solely for the use at this presentation and must be treated as strictlyprivate and confidential by attendees of such presentation and must not be reproduced,redistributed, passed on or otherwise disclosed, directly or indirectly, to any other person orpublished, in whole or in part by any medium or in any form, for any purpose.

Nothing in this document, the presentation and any related materials is intended as, constitutesor forms part of an offer or invitation to sell or issue, or any solicitation of any offer to purchaseor subscribe for any COPL securities, nor shall they or any part of them nor the fact of theirdistribution form the basis of, or be relied upon in connection with, any contract or commitmentwhatsoever in relation thereto. No investment decision should be made on the basis of and noreliance may be placed for any purposes whatsoever on the information contained in thisdocument and/or related materials or given at this presentation, nor on the completeness ofsuch information.

Certain industry and market information in this document and/or related materials and/or givenat the presentation has been obtained by the Company from third party sources. The Companyhas exercised reasonable care in preparing this document (and in confirming that where anyinformation or opinion in this document is from or based on a third party source, that the sourceis accurate and reliable). However, to the fullest extent permitted by law, no representation orwarranty, express or implied, is given by or on behalf of the Company, any of its directors,affiliates, agents or advisers (together, the “Identified Persons”) or any other person as to theaccuracy or completeness of the information or opinions given at the presentation or containedin this document and/or related materials.

The Company has not independently verified the information contained in this document andnone of the Identified Persons or any other person bears responsibility or liability for norprovides any assurance as to the fairness, accuracy, adequacy, completeness or correctness ofany such information or opinions contained in this document (including information provided bythird parties), nor as to the reasonableness of projections, targets, estimates or forecasts nor asto whether any such projections, targets, estimates or forecasts are achievable.

Without prejudice to the foregoing, neither the Company nor the Identified Persons shall haveany liability whatsoever (in negligence or otherwise) for any loss howsoever arising, directly orindirectly, from any use of this document, its contents or otherwise arising in connection withthis document.

The information set out herein and in any related materials and given at the presentation issubject to updating, completion, revision, verification and amendment, and such informationmay change materially. Forward-looking statements speak only as at the date of thispresentation and each of the Identified Persons expressly disclaims and is under no obligation to

update, revise or keep current the information contained in this presentation, to correct anyinaccuracies which may become apparent, or to publicly announce the result of any revision tothe statements made herein (including in the forward-looking statements) except to the extentthey would be required to do so under applicable law or regulation, and any opinions expressedherein, in any related materials or given at the presentation are subject to change withoutnotice.

This document, the presentation and any related materials may include certain forward-lookingstatements, beliefs or opinions which reflect management’s current views with respect to thebusiness, financial prospects and condition of the Company, including its anticipated financial oroperating performance and cash flows, plans, objectives and expectations related to existing andfuture operations of the Company, the performance characteristics of the Company’s properties,the Company’s potential production levels, exploration work and development plans, thereserve and resource potential of the Company’s license areas and strategies, objectives, goalsand targets of the Company and/or its group. Forward-looking statements are sometimesidentified by the use of forward-looking terminology such as "believes", "expects", "may", "will","could", "should", "shall", "risk", "intends", "estimates", "aims", "plans", "predicts", "continues","assumes", "positions" or "anticipates" or the negative thereof, other variations thereon orcomparable terminology.

No person should rely on these forward-looking statements because they involve known andunknown risks, uncertainties and other factors which are, in many cases, beyond the control ofmanagement and because they relate to events and depend on circumstances that will occur inthe future which may cause the Company’s actual results, performance or achievements to differmaterially from anticipated future results, performance or achievements expressed or implied bysuch forward-looking statements. Prospective investors should carefully consider, among otherthings, the cautionary note regarding forward looking statements and the risk factors set out inCOPL’s annual information form for the year ended December 31, 2018 dated March 28, 2019.

In making the forward-looking statements in this presentation, the Company has also madeassumptions regarding the timing and results of exploration activities; the enforceability of theCompany’s contracts; the costs of expenditures to be made by the Company; future crude oilprices; access to local and international markets for future crude oil production, if any; theCompany’s ability to obtain and retain qualified staff and equipment in a timely and cost-efficient manner; the political situation and stability in the jurisdictions in which the Companyoperates; the regulatory, legal and political framework governing the such contracts, royalties,taxes and environmental matters in the jurisdictions in which the Company conducts and willconduct its business and the interpretation of applicable laws; the ability to renew its licenses onattractive terms; the Company’s future production levels; the applicability of technologies for therecovery and production of the Company’s oil resources; operating costs; availability ofequipment and qualified contractors and personnel; the Company’s future capital expenditures;future sources of funding for the Company’s capital program; the Company’s future debt levels;geological and engineering estimates in respect of the Company’s resources; the geography ofthe area in which the Company is conducting exploration and development activities; the impactof increasing competition on the Company; and the ability of the Company to obtain financing,and if obtained, to obtain acceptable terms. Although the Company considers the assumptionsthat it has utilized to be based on reliable information, such forward-looking statements arebased on a number of assumptions which may prove to be incorrect.

Disclaimer CSE: XOPLSE: COPL


None of the Company or its advisers or representatives, including the relevant IdentifiedPersons, accept any obligation to update any forward-looking statements set forth herein or toadjust them to future events or developments. Further, this presentation contains market, priceand performance data which have been obtained from Company and public sources. TheCompany reasonably believes that such information is accurate as of the date of thispresentation. The information contained in this document has not been independently verifiedand no representation or warranty, express or implied, is made as to, and no reliance should beplaced on, the fairness, accuracy, completeness or correctness of the information or opinionscontained herein.

Nothing in this document constitutes or should be relied upon by a recipient or its advisors as apromise or representation as to the future or as to past or future performance. Norepresentation is made that any of these statements or forecasts will come to pass or that anyforecast results will be achieved. There are a number of factors that could cause actual resultsand developments to differ materially from those expressed or implied by these statements andforecasts. Past performance of the Company is not necessarily indicative of and cannot be reliedon as a guide to future performance. No statement in this document or any related materials orgiven at this presentation is intended as a profit forecast or a profit estimate and no statement inthis document or any related materials or given at this presentation should be interpreted tomean that earnings per share for the current or future financial periods would necessarily matchor exceed historical published earnings per share. As a result, you are cautioned not to place anyundue reliance on such forward-looking statements.

The Company reserves the right to terminate discussions with any recipient in its sole andabsolute discretion at any time and without notice. No person is authorised to give anyinformation or to make any representation not contained in and not consistent with thisdocument and any such information or representation must not be relied upon and has not beenauthorised by or on behalf of the Company.

This document is given in conjunction with an oral presentation and should not be taken out ofcontext.

In this presentation, the Company has provided information with respect to certain resourceinformation that is based on oil discovery information for lands surrounding its properties whichis "analogous information" as defined applicable securities laws. This analogous information isderived from publicly available information sources which the Company believes arepredominantly independent in nature. However, the Company cannot guarantee that suchinformation was independently prepared. In addition, some of this data may not have beenprepared by qualified reserves evaluators or auditors and the preparation of any estimates maynot be in strict accordance with Canadian Oil & Gas Evaluation Handbook. Regardless, estimatesby engineering and geo-technical practitioners may vary and the differences may be significant.The Company believes that the provision of this analogous information is relevant to theCompany's activities, given its acreage position and operations (either ongoing or planned) in thearea in question, however, readers are cautioned that there is no certainty that any of thedevelopment on the Company's properties will be successful to the extent in which operationson the lands in which the analogous information is derived from were successful, or at all.

Barrel of oil equivalent ("BOE") amounts may be misleading, particularly if used in isolation. ABOE conversion ratio has been calculated using a conversion rate of six thousand cubic feet ofnatural gas to one barrel. This conversion ratio of six thousand cubic feet of natural gas to onebarrel is based on an energy equivalency conversion method primarily applicable at the burnertip and does not represent a value equivalency at the wellhead.

In this presentation, the Company has referred to OOIP, meaning original oil in place and originalgas in place, respectively, which are hereinafter collectively called "discovered petroleuminitially-in-place". Discovered petroleum initially-in-place is the quantity of petroleum that isestimated, as of a given date, to be contained in known accumulations prior to production. Therecoverable portion of discovered petroleum-in-place includes production, reserves andcontingent resources; the remainder is unrecoverable. A recovery project cannot be defined forthese volumes of discovered petroleum initially-in-place at this time. There is no certainty that itwill be commercially viable to produce any portion of the resources. Additionally, in respect ofthe prospective resources disclosed in this presentation, there is no certainty that any portion ofthe resources will be discovered. If discovered, there is no certainty that it will be commerciallyviable to produce any portion of the resources.

By attending this presentation and/or accepting a copy of this document and/or any relatedmaterials, you agree to be bound by the foregoing provisions, limitations and conditions and, inparticular, you have represented, warranted and undertaken that: (i) you have read and agree tocomply with the contents of this disclaimer including, without limitation the obligation to keepthe information given at the presentation and this document and its contents confidential; and(ii) you will not at any time have any discussion, correspondence or contact concerning theinformation given at the presentation and/or in this document with any of the directors oremployees of the Company or its subsidiaries nor with any of its suppliers, or any governmentalor regulatory body without the prior written consent of the Company.

Disclaimer (continued) CSE: XOPLSE: COPL


Canadian Overseas Petroleum LimitedArthur Millholland, President & [email protected]: +1 (403) 262 5441

CHF Investor RelationsCathy Hume, [email protected]: +1 (416) 868 1079 x231

CONTACT


@COPLinvestor

Documents

Investor Summary - Canadian Overseas Petroleum Ltd · 2019-12-20 · • Operations Director at Ikonscience, a niche rock physics softwarecompany Nick Pillar Dr. Richard Mays •