Canadian Overseas Presentation - September 2016

September 2016

COPLwasrecognizedasaTSXVenture50®companyin2014.TSXVenture50isatrade-markofTSXInc.andisusedunderlicense.

Investor Presentation

TSX.V:XOPLSE:COPL

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, 2013 dated April 16, 2014.

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 TSX.V:XOPLSE:COPL

www.canoverseas.com|2

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) TSX.V:XOPLSE:COPL


Corporate Profile

PublicCompany• CanadianOverseasPetroleumLimited(“COPL”)sharesarelistedfortradingontheLondonStockExchange

(LSE:COPL)andtheTorontoStockExchangeVenturemarket(TSXV:XOP),givingtheCompanyaccesstotheNorthAmericanandEuropeancapitalmarkets.

ManagementandTechnicalTeam• TheManagementandTechnicalteamofCOPL arebasedinCalgaryCanadaandtheUnitedKingdom.Allofthegroup

haveextensiveexperienceinoffshoreoilexplorationanddevelopmentprojectswhileworkingtogetherforthepast13years.

• ThisexperiencewasprimarilyintheUKNorthSea,wherebetween2002and2008atOilexcoIncorporated,theydrilledasoperatoracombined120exploration,appraisalandproductionwells.

• Inthisperiodthegroupdiscovered,appraisedanddevelopedtheadjoinedBrendaandNicoloilfieldsata100%WIasasubseadevelopmentataninitialproductionrateof35,000bbl/din500feetofwater.

• TheteamwereidentifiedandnegotiatedtheacquisitionofBlockLB-13inthedeepwateroffshoreLiberia,andbroughtinExxonMobilasapartnertocompletetheacquisition,resultinginCOPL beingcarriedfor17%ofthefirst$120millionindirectdrillingexpenditures.Drillingisexpectedtocommencein2016.

ExecutiveBoard• ArthurSMillholland,DirectorandCEO

• Wasthefounder,CEOandaDirectorofOilexcoInc.• Professionalgeologistwith33yearsexperienceintheoilandgasindustry• WorkedinavarietyofregionsincludingtheUKNorthSea,Canada,GulfofMexico,USA,SouthAmerica

andWestandNorthAfrica

TSX.V:XOPLSE:COPL


Highlights

• Carried participatinginterestbyExxonMobilinalowriskhighimpactoffshoreexplorationwell

• Welltobedrilled bylateQ42016toearlyQ12017• Extensivelymappedanddefinedwithstateoftheart3DSeismicand

processingregimes,whichshowstronghydrocarbonattributes• COPLcarried for17%ofallcostsuntilExxonMobilspends$120milliongross

ondrilling.• Industrycostreductionspointtoamultiplewellcarry

• JVwiththeShorelineGroupofNigeria• Acquisitionof80%ofaNigerianCompanyholding100%ofOPL226having

anun-appraisedoildiscoverywithasignificant oilappraisaldevelopmentopportunity

• COPL-ShorelineJVinexclusive negotiationswiththeGovernmentofEquatorialGuineaforaProductionSharingContractgoverningBlockEG-18

TSX.V:XOPLSE:COPL


Liberia LB-13

COPL’s High Impact Exploration

Drilling Officially Late 2016 to early 2017

Senegal• Discoveredlightgravityoil

in2014

• RISCIndependentResourceReport:561MMBOOIP(gross)bestcase

• Productionestimatedat140,000boe/d

Liberia• Total9DWwellsdrilledtodate• Recognisedexplorersoperating

in-country• Anadarkodrilled2wellsonLB-

10in2014• Narina-1,BeeEater-1,Carmine

Deep-1,Montserrado-1,andGostern-1wellsencounteredlightgravityoilpay

CoteD’Ivoire• Total10DWwellsdrilledto

date• 6Discoveries• Saphir 1ZBDiscovery

announcedbyTotalwith40mnetoilpay(34o API)

Ghana• 10DWwellsdrilledinrecentyears,• 11Discoveriesincountry• Jubilee(onproduction);Tweneboa,Enyenra,

Ntomme (TEN)onproductioninAugust2016

200km

• Estimated5.0BillionBOdiscoveredintheWestAfricaTransformMargininonly5yearsofexploration

• Ghana’sJubileeFieldonproductionatapproximately110,000BOPD

• SignificantdiscoveriesinSierraLeone,Liberia,Coted’Ivoire,andSenegal

• Globalhotspot– majorinternationaloilcompanies–ExxonMobil,Chevron,Total,ENI,ConocoPhilips andleadingexplorers:Anadarko,Tullow,Cairn

Jubilee/TENAreaDiscoveries

Venus,Jupiter,MercuryDiscoveries

NarinaDiscovery200km

Saphir-1XBDiscovery

Montserrado-1

LB-13

LB-12(Chevron)Carmine-1Well(2012)Goshtern-1(2014)

CairnConocoPhillipsDiscoveries

Regional Overview TSX.V:XOPLSE:COPL


ZaedyusDiscovery

NarinaDiscovery Jubilee

Discovery

MercuryJupiter

Discoveries

Paon - 1Discovery

Liberia-SierraLeoneBasin

Tano Basin

EXXON’SLiza

Discovery

TransformMargin• Differentialmovementinspreadingoceaniccrustisaccommodatedbyslipontransformfaults• Transformfaultsmeetthecontinentsattransformmarginsandbasinsdevelopbetweentransformfaults• LizadiscoveryinGuyana-Suriname(conjugate)basintoLiberiabasin

• aconjugatetwinsistertotheLizadiscoverymaybefoundonLB-13inLiberia

Regional Overview TSX.V:XOPLSE:COPL


Ownership• 17%COPLand83%Exxon(operator)• NOCALhastherighttoreceivea10%participatinginterestatthestart

ofcommercialproduction

LicenceTerms• NewamendedandrestatedPSCratifiedbytheLiberianGovernment• Optiontorenewforafurthertwoyears• Minimumworkcommitmentofoneexplorationwellinthecurrent

PhaseandonewellintheOptionPhase

BlockHistoryMay2007

• LB-13PSCawardedtoPeppercoast Petroleum(PCP)April2013

• GovernmentofLiberia(GOL)retractedoriginalPSCfromPCP• GOLratifiedanewPSCtoExxonandCOPL• InterestsinBlockLB-13are:• Exxon83%• COPL17%• AspartoftheduediligenceonBlockLB-13between2011and2013,

COPLinvested$25millionon3Dseismic,legalgeneralcosts

JVTerms• ExxonMobilpaid$127mininitialcosts• COPLcarriedbyExxonMobilfor:

• $120mofgrossdrillingcosts• AllotherJVcostscappedat$1mrunoffuntil100%ofall

drillingcostshavebeencompleted

PRIMARYPROSPECT

SECONDARYPROSPECT

Liberia Block LB-13 - License Overview TSX.V:XOPLSE:COPL


Geology• SeismichasidentifiedadeepwaterTuronian toLowerCampanian Turbidite Channel/Fan

complex

• BasicandAdvancedSeismicAVOtechniquesindicatethepotentialpresenceofhydrocarbonsinmultiplezonesoveranareaof180sq.km

• Encouragingslumpingfeaturesseenaroundthepinchout pointsonmanyofthechannelsandfans- Strongsimilaritiestootherturbidite sandreservoiroilfieldsoffshoreAngola,where

slumpinghascreatedaseal

• ContinentalslopelesssteeptowardsSierraLeoneandtowardsthesouth- Couldimplylowerclaycontentinthesedimentandthushighqualityreservoirsands

withhighnettogrossratios- Alsohelpfulwhenformingthepinchout point

DetailedTechnicalWork• UsedExtendedElasticImpedance(EEI)technology- MoreadvancedthantraditionalAVOtechnology- Allowsdifferentaspectsoftherock,whetherthisberocktype(lithology),porosity,fluid

content,saturationtobeseen

• WorkhasdemonstratedthattheblockholdsanumberofchannelfeaturesandfanswhichtieinwithEEIanomaliesassociatedwith“sand”lithology,andwith“oil”fluidcontent

¹DeGolyer& MacNaughton ,September,1, 2014

4,238.6 720.6

2,643.7 449.4

P10 P10

P50 P50

ProspectiveRecoverableResourcesonLB-13(Mmbbls)

Gross1 NettoCOPL

1,797.8 305.6

P90 P90

Notes:1. Low,Best,andHighestimatesfollowtheNI51-101guidelinesforprospectiveresources.2. Low,Best,andHighestimatesinthistableareP90,P50,andP10respectively.3. Applicationofanygeologicalandeconomicchancefactordoesnotequateprospectiveresourcestocontingentresourcesorreserves.4. Recoveryefficiencyisappliedtoprospectiveresourcesinthistable.5. Summationsmayvaryfromthoseshownhereduetorounding.6. Thereisnocertaintythatanyportionoftheprospectiveresourcesestimatedhereinwillbediscovered. Ifdiscovered,thereisnocertaintythatitwillbecommercially viabletoproduceanyportionoftheprospectiveresourcesevaluated.

Geological Overview - Liberia Block LB-13 TSX.V:XOPLSE:COPL


Liberia: Block LB-13 Primary Prospect

POSSIBLEFLUIDCONTACTUpdip Pinchout

SeismicDataCourtesyofTGS

SW NE

Slump“squashes”updip pinchout

(COPLInterpretation)

FullWaveformInversionSeismicAVOtechniquehighlightssandsfilledwithoil. (CourtesyofExxonMobil)

40km

Mesurado-1location

TSX.V:XOPLSE:COPL


Santonian toTuronian Channel/FanComplex(multiplefansverticallystacked)

WellPrognosis– Mesurado-1– LiberiaBlockLB-13 TSX.V:XOPLSE:COPL


WELLPROGNOSISFORMESURADO-1

• Noshallowgaspredicted• Nomajorfaultswillbeintersectedbywellpath• FrombothAVOseismicanalysisandother

drilledwellinformation,Mesurado-1expectstoencounterquartz-richturbidite sandswithminoramountsoffeldsparsandclay(kaolinite)

• Santonian-agedreservoirsandtargetsinlevee-controlledturbidite channelcomplexes

• Reservoirporosityexpectedtorangebetween20%to30%

• Reservoirpermeabilityexpectedtorangebetween100mD toover1300mD

• Totaldepthforecasttobe100mbelowthebaseofthetargetedlowermostSantonianzone(unlesslowersandsalsoencounteroilshows)

• Evaluatereservoirobjectivewithwirelineloggingsuiteincludingfluidsamplerandwirelinesidewallcores

WellDesign– Mesurado-1– LiberiaBlockLB-13 TSX.V:XOPLSE:COPL


• Noshallowhazardsidentifiedonseafloor

WELLDESIGNFORMESURADO-1

• Jet36”andLowPressureWellheadHousingto2579mMD/TVDss

• Drill28”holewithSaltWaterto3400mMD/TVDss

• Runandcement22”surfacecasing• Drill17½“holewith9.2-9.6ppg

“non-aquaeous baseddrillingmud”to5353mMD/TVDss

• Runandcement135/8“casing• Drill12¼”holewith9.3- 9.7ppg

“non-aquaeous baseddrillingmud” mudto5353MD/TVDss-- baseofSantonian-2reservoir+100m-- deepenifhydrocarbonsinConiaciansands

• Evaluatereservoirobjectivewithwirelineloggingsuite

AbidjanShorebase – Mesurado-1– LiberiaBlockLB-13 TSX.V:XOPLSE:COPL


Shorebase Facilities– Petro-Sea• ExxonMobilcouldusePetro-Seafacilitiesto

exportdrillingsuppliestoMesurado-1well• Goodaccesstoport,quays,yards,

warehousing,liftequipment,vendors,andfuelatPetro-Sea

• ExxonMobilto“reducecosts”in‘lowoilpriceworld’

ExxonMobilRegionalWestAfricaHubOffice– Abidjan,Coted’Ivoire• Drillingshorebase

supportofMesurado-1wellfromthisbaseinAbidjan

• LimitedexistinginfrastructureinLiberiaforashorebase

AbidjanShorebase – Mesurado-1– LiberiaBlockLB-13 TSX.V:XOPLSE:COPL


Shorebase Facilities

• ExxonMobilwilluseservicecompaniesthathaveexistingfacilitiesatshorebases inAbidjantoservicetheMesurado-1well

• ItisnotfeasibletosetupnewfacilitiesinLiberiatosupporttheMesurado-1explorationwell

AfricanBusiness

Development

Strategy

• LeveragemanagementexpertiseandexperiencetogrowitsfootprintviaitsjointventurewithShorelinethroughShorelineCanOverseas PetroleumDevelopmentCorporation(“ShoreCan”)

• PartnerwithlocalindigenouscompaniestogainentrytothecountryonagroundfloorbasisorPartner withotherWestAfricanoperatorstoexplorefor,appraiseand/ordevelopprojects

• Preference forprospectsofferingneartermcashflowpotentialorabilitytoprovidetechnicalpartnership

• Focus ondesirableexplorationanddevelopmentprospectsthatexhibitsimilarseismicandgeologicalcharacteristicstonearbyexistingdiscoveriesorproducingfields

• COPLAssets:|ShoreCan AssetsandActivity:

LIBERIA

NIGERIA

EQUATORIALGUINEA

NAMIBIA

Building an African Portfolio TSX.V:XOPLSE:COPL


COPL / Shoreline Joint Venture

Structure• JointventurepartnershipwithShorelineEnergyInternationalLimited(“Shoreline”),aconglomeratewithinterestsacrosssub-SaharanAfricaincludinginterestsinoil&gasandpowergeneration

• JVwillacquireassetsthroughaspecialpurposevehicleregisteredinBermuda,calledShorelineCanOverseasPetroleumDevelopmentCorporationLimited(“ShoreCan”)

• COPL andShorelineeachholda50%interestinShoreCan• Shoreline’sinterestinOML30inNigeriaandCOPL’sinterestinLB-13inLiberiaareoutsideoftheJV

Rationale&Strategy• TheJVallowsCOPLtoprogressitsstatedstrategy,offeringexposuretoagreaterspreadofhighlyvalueaccretive

assetsandopportunities,whileminimisingriskandcapitalrequirementsforshareholders• ShoreCan’sactivitiescanbefinancedbyitsshareholdersdirectly,orShoreCan canaccesscapitalthroughthe

privateequitymarketsdirectly.• TheJVwillacquireupstreamoil&gasexploration,developmentandproducingassetsinsub-SaharanAfrica,aswell

asgastopowerprojectstomonetizeheretostrandednaturalgas

Assets• Todate,ShoreCanhastakenpositionsinNigeriaandNamibia,andcontinuestoevaluateavarietyofassetsinNigeria,EquatorialGuinea,andGhana,amongstothercountries

COPL / Shoreline Joint Venture TSX.V:XOPLSE:COPL


Directors• ArthurMillholland- ChiefExecutive

OfficerCOPL• ViscountWilliamAstor- Non-Exec

DirectorCOPL• KolaKarim- ChiefExecutiveOfficer

ShorelineGroup• TundeKarim– ExecutiveDirector

ShorelineGroup

TechnicalTeam• COPLTechnicalServicesLimited,awholly

ownedsubsidiaryofCanadianOverseasPetroleumLimited,acompanyincorporatedunderthelawsofCanada

ShorelineCanadianOverseasPetroleum

DevelopmentCompanyLimited

Shoreline Canadian Overseas Corporate Structure TSX.V:XOPLSE:COPL

50%

50%


Nigeria Acquisition

• Nominalpurchaseprice• Assets100%ofOPL226

• Multiplewellsalreadydrilledwithdiscoveries• 2Dand3Dseismicacquired• ContingentandProspectiveOilResources(NI51-101completed)

• 80%ofissuedsharecapitalofa100%foreignownedNigerianCorporation• ShoreCan haspresentedNNPC/NAPIMSaprovisional2016/2017budgetinsupportoftheapplicationsofconsentandextension

• ShoreCan(COPL)TechnicalTeamtooverseeandmanagetheforwardoperations• ShoreCantocontroltheCompanythrough5seatsona7memberBoardofDirectors

TSX.V:XOPLSE:COPL


• OPL 226isadjacenttoAnyala FieldinOML83

• Noa-1discoverydrilledin2001onOPL226withseveralgaszonepaysandaloweroilzonewithnearly20metres ofblockyoilsandpay

• 3Dseismicmapsillustratenumerousanomaliesandprospects

OPL226– Noa ComplexProspects

6

OPL226

FromNigeria– NigerDeltaBaseMap– IHSEnergy,2013

Noa-1well

AnyalaOML83

50km

OPL 226 TSX.V:XOPLSE:COPL


Hrz 6100’

TimeStructureMaps6100’Horizon

ContourInterval=50ms

Noa-1

6100’sand25.7mnetpay

Gascap

Oilleg

Anyala-16100’sand=16.6mnetgaspayAnyala has9wellscapableofproduction

Noa-16100’sand=7.0mnetgaspay18.7mnetoilpaySeparatefootwalltrapalongantitheticfaultwithdevelopmentlocation

PotentialWellLocation

OPL226

OPL226

OML83

OPL226

SeismicCrossline2840

Noa NE-1

10km

16.6to25.7mthick6100’sandzoneshouldbeoil-bearingatNoa NE-1location

Anyala andNoa Growth-FaultComplexes

otherdrillinglocations

TSX.V:XOPLSE:COPL


Hrz 7000’

TimeStructureMaps7000’Horizon

ContourInterval=50msBlackpolygonsareEssaridentifiedhydrocarbonaccumulationsforthat

horizon

Anyala-1

7200’sand

54.5mnetgaspay

OML83

OPL226

OPL226

Noa NE-1

Gascap

Oilleg

10km

Anyala-17200’sand=54.6mnetgaspay

Thick7200’sandzonecouldbeoil-bearingatNoa NE-1location

SeismicCrossline2840

Anyala andNoa Growth-FaultComplexes

otherdrillinglocations


TSX.V:XOPLSE:COPL

Geology• Alargegrowthfault-controlledstructuralcomplex

• Potentialofhydrocarbonsinmultiplezones

• Petroleumtrapfeatures alongtherolloveranticlinesandextensive“footwalltraps”provenby

theNoa-1discovery

• Severalappraisal/developmentwellstotheprovenAnyala anticlinealreadyidentified

DetailedTechnicalWork• UsedExtendedElasticImpedance(EEI)technology

andJointImpedance– FaciesInversion(Ji-Fi)- MoreadvancedthantraditionalAVO

technology- Allowsdifferentaspectsoftherock,whether

thisberocktype(lithology),porosity,fluidcontent,saturationtobeseen

• WorkhasdemonstratedthattheblockholdsanumberofstructuralandstratigraphicfeaturesthattieinwithEEIandJi-Fianomaliesassociatedwith“sand”lithology,andwith“oil”fluidcontent

¹NetherlandSewell&Associates,Inc ,March,1, 2016

808 323.2

461 184.4

High High

Best Best

Unrisked RecoverableProspectiveOilResourcesonOPL226(Mmbbls)

Gross1 NettoCOPL

259 103.6

Low Low

Notes:1. Low,Best,andHighestimatesfollowtheNI51-101guidelinesforprospectiveresources.2. Applicationofanygeologicalandeconomicchancefactordoesnotequateprospectiveresourcestocontingentresourcesorreserves.3. Recoveryefficiencyisappliedtoprospectiveresourcesinthistable.4. Summationsmayvaryfromthoseshownhereduetorounding.5. Thereisnocertaintythatanyportionoftheprospectiveresourcesestimatedhereinwillbediscovered. Ifdiscovered,there isnocertaintythatitwillbecommercially viabletoproduceanyportionoftheprospectiveresourcesevaluated.

Geological & Resource Overview - OPL 226 TSX.V:XOPLSE:COPL


20.7 8.28

16.1 6.44

High High

Best Best

Unrisked RecoverableContingentOilResourcesonOPL226(Mmbbls)

Gross1 NettoCOPL

11.5 4.68

Low Low

OPL 226 – Noa NE-1, Noa N-1 Step Out Wells TSX.V:XOPLSE:COPL


• ExtendElasticImpedance(EEI23)inversiondata

• Highrednegativeamplitudesindicativeofhydrocarbons

• AtNoa-1,Solgas/CanOxy didNOTdrillthemoreextensivehangingwalltrapalongthegrowthfaultthatwillbedrilledatNoa NE-1

• AppraisallocationNoa Northeast

Noa North

Noa NE,N,WestProspectsEEI23dataRedhighampspossiblehydrocarbons

OilanomaliesOil

anomalies

Noa-1

gasanomalies

gasanomalies

Xline 2860Noa NE- 1

Oilanomalies

SyntheticFaults MajorGrowthFaultAntithetic

Fault

Sedimen

tar

ylayers

SWBasinward LandwardNE

LowDensityShaleLayer

Flowdirectionduetodifferentialloadoftheoverlyingsediments

Decollementsurface

RolloverAnticline

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


• Inversionhighlightshydrocarbonaccumulations

• Distinguishesbetweengasandoil

Noa NortheastNoa North

Noa #1

Gasanomalies

Gasanomalies

Xline 2860

Oilanomalies

Oilanomalies

OilAnomalies?

Noa NE,N,WProspectsJi-FidataGreen oil,red gasBackgroundisbrinesandorshale

Noa NE- 1

OPL 226 – Oblique Diagram of Ji-Fi GeobodiesTSX.V:XOPLSE:COPL


Hrzs 3600-200msto8000+400ms

Red gasGreen oil

Noa NE-1location

PetrelGeo-bodiesoffaciesfromJi-FiInversion

• Containssignificanthydrocarbons

• Evidentfromextractedgeobodies fromJi-Fianalysisof3Dseismicdata

• Showstheverticalstackingoftheprospects

OPL 226 – Noa Discovery – East Anyala TSX.V:XOPLSE:COPL


Noa EHrz 550012.3sq kmHrz 61006.5sq km

Noa NEProposed

Red gasGreen oil


Noa WHrz 61002.6sq km

Noa NEHrz 55004.8sq kmHrz 61003.2sq kmHrz 70005.0sq kms

OPL 226 – Noa Discovery – East Anyala TSX.V:XOPLSE:COPL


Noa-1

Noa NEProposed

Red gasGreen oil


Noa WHrz 61002.6sq km

Noa NHrz 70001.6sq kmHrz 80002.3sq km

Noa EHrz 550012.3sq kmHrz 61006.5sq km

Noa NEHrz 55004.8sq kmHrz 61003.2sq kmHrz 70005.0sq kms

PetrelGeo-bodiesoffaciesfromJi-FiInversion ObliqueDiagramofJi-FiGeobodies

Equatorial Guinea

• ShoreCan in direct negotiations toward the award of a PSC for EG-018 as announced by the Government of Equatorial Guinea

• On May 27, 2015 – Shorecan signed the “Memorandum of Understanding” (MOU) on EG-18 with the MMIE in Malabo, EG.

• The PSC is currently under negotiation. Final terms and government ratification Q4-16

• Shorecan has estimated that the main amplitude anomaly trend has an area of roughly 220 square kilometres. Historically, no wells have been drilled in the EG-18 Block. The EG-18 Block (offshore) covers 5056 square kilometres

• The stratigraphic level of the prospects found in the Liberia LB-13 Block are the same as those prospective in the Equatorial Guinea Block EG-18. The mid-Cretaceous Campanian, Santonian, and Turonian stages show a meandering sand trend across Block EG-18 on the “Far angle amplitude map.” From the seismic data, it appears like this trend is a “confined turbidite channel and distal fan” that may have an updip pinchout and could be, therefore, a possible trap for hydrocarbons

TSX.V:XOPLSE:COPL


FromCOPLseismicworkintheRPSDataRoom(Henley)onGeoex 3D

a’

a

0 10km

a a’EG-18

5km

EG-18

Shorecanhasgoodexperienceutilizingseismicamplitudeextractiontechniquestomapsubmarinesandtrendsandhydrocarbontrends

Equatorial Guinea -- Northern Rio Muni Basin Block EG-18

TSX.V:XOPLSE:COPL


Equatorial Guinea -- Northern Rio Muni Basin Block EG-18 Turbidite Trap Complexes

TSX.V:XOPLSE:COPL


SR=sourcerocks

Okume Complex PossibleShelfTrapsEG-18Prospect

Campaniansandpinchout trap

EG-18

Ceiba &Okume

A

A’

L-2

A

A’Asand“pinchout”isnecessary totraphydrocarbons inthis distalfan

Sand “pinchouts”arepredictable along the shelfmargin tocreate CeibaorOkume-type traps

NWSE

UpperCretaceousconfined,turbidite channeltrendwithhighamplitudeonfarstackseismicdata

Namibia: Blocks 1708, 1709, 1808

(Blocks1708,1709,1808)

TSX.V:XOPLSE:COPL


• 80%interestacquiredinthreeoffshoreblocks:1708,1808,and1709

• Shorecan’s interesthasbeenratifiedbytheMinistryofEnergyinNamibia

• TheblocksarelocatednorthoftheWalvisridgeontheNamibian/AngolanborderatthesouthernendoftheNamibe Basin

• Namibe BasinistheconjugatebasintotheSantosBasin

• Jubarte,Carioca,Tupi,etc.discoveriesintheSantosBasin(subsalt)

Namibia: Blocks 1708, 1709, 1808 TSX.V:XOPLSE:COPL


HighImpactDrilling

SuperMajorPartner

TechnicalExpertise

DualListing

• TargetinghighimpactexplorationonBlockLB-13inLiberiaP50Prospective Recoverable Resources2,643mmbbl(gross)

- Drillingawell,inpartnershipwithExxonMobillate2016toearly2017• ChevronandAnadarkodrilledwellsonadjacentblocksin2014

• ExxonMobilpaid$127mcostscommittedtocarryCOPLcoststhroughthefirst$120mgrossdrillingcostforan83%interest

- Astrongendorsementoftheacreage- Providesfinancialbackingandadditionaltechnicalexpertise

• COPLandShorelineeachholda50%interestinShoreCan• TheJVallowsCOPLtoprogressitsstatedstrategy,offeringexposuretoagreaterspreadofhighly

valueaccretiveassetsandopportunities,whileminimisingriskandcapitalrequirementsforshareholders

• LondonStockExchangeandTSX-V• Expandedshareholderbasewithanincreasedaccesstocapital

ShorelineJV

• Strongtechnicalexpertise• Offshoreteamhavedrilledover120wells• Shareholdervaluecreatedthroughprospectgeneration

Conclusion TSX.V:XOPLSE:COPL


Appendix

Board & Management

AleksandraOwadCFO

ViscountWilliamAstorIndependentDirector

Harald LudwigIndependentDirector,ChairmanoftheBoard

MassimoCarelloIndependentDirector

JohnCowanIndependentDirector

ArthurMillhollandExecDirector,PresidentandCEO

Board

Management

NormanDeansV.P.Operations

RodChristensenV.P.Exploration

NickPillarManagerGeophysics

KenHalwardManagerReservoirDevelopment

Dr.RichardMaysV.P.BusinessDevelopment&

Counsel

TSX.V:XOPLSE:COPL


Executive Board

Director,PresidentandCEO• Wasthefounder,CEOandaDirectorofOilexco Inc.• Professionalgeologistwith30yearsexperienceintheoilandgasindustry• WorkedinavarietyofregionsincludingtheUKNorthSea,Canada,GulfofMexico,USA,South

AmericaandWestandNorthAfrica

ArthurMillholland

TSX.V:XOPLSE:COPL


IndependentDirector&ChairmanoftheBoard• PresidentofMacluan CapitalCorporation,adiversifiedprivateequityinvestmentcompany• DirectorofLionsGateEntertainmentCorp(NYSE),Seaspan (NYSE),WestFraserTimber(TSX)• ServesasamemberoftheadvisoryBoardofTennenbaum CapitalPartners,LLC.

Harald Ludwig

IndependentDirector• MrCarello hasover30yearsofinternationalseniormanagementandboardlevelexperience• DirectorofOrsu MetalsCorp(TSX)andCanaccord FinancialInc.(TSX,LSE)• PreviouslyaDirectorofUraniumOne,Urasia EnergyLtd,AnkerplcandPresidentandCEOofDinersUKLtd.

MassimoCarello

IndependentDirector• Mr Cowanhasover38yearsexperienceintheoilandgasexplorationandproductionbusiness• CurrentlyaDirectorofDundeeEnergy,asTSX listedCanadianE&PCompany• PreviouslyfounderoftwootherCanadianE&PCompanies

JohnCowan

IndependentDirector• DirectorofNetworkersplc(AIM),Tavistock Investmentsplc(AIM),Silvergate MediaLtd(UKPrivate)and

formerlyChorion plc(until2011)• ViscountAstorsitsasanelectedhereditarypeerintheUKHouseofLords

ViscountWilliamAstor

Non-Executive Board TSX.V:XOPLSE:COPL


VicePresident,Operations• QualifiedDrillingEngineerwith20yearsinindustry,thelast4yearsasDrillingManager• CareerincludesstaffpositionswithMajorssuchasChevronandalsoIndependentssuchasOilexco

NormanDeans

Sr. Management Team

Dr.RichardMays • ExtensiveLegal,Commercial,OilandGasexperiencedover30years• PreviouslyExecutiveChairmanofBlackstar PetroleumandPeppercoast Petroleum• FormerProfessorinLawandDeputeDeanatAberdeenBusinessSchool

VicePresidentBusinessDevelopment&GeneralCounsel

VicePresidentExplorationandExploitation• ProfessionalGeologistwith35yearsexperience• PreviouslySeniorVP,ExplorationandDevelopmentatOilexco• InvolvedinnumerousdiscoveriesandappraisalsintheUKCentralNorthSea

RodChristensen

TSX.V:XOPLSE:COPL


Management Team

ManagerReservoirDevelopment• FormerVPofreservoirdevelopmentforOilexco,playedakeyroleindevelopingBrendaandNicol fields• Over30yearsofdiversifiedexperienceinCanada,UKNorthSeaandNorthAfricaincludingLiberia• PriortojoiningOilexco in2005,KenheldavarietyoftechnicalandsupervisorypositionsatImperialOil,

Wascana Energy,AlbertaEnergyCompany,andtheArabianGulfOilCompany(AGOCO)

KenHalward

ManagerGeophysics• GeoscientistwithaBScinAppliedGeologyandover30yearsofexperienceintheoilindustry• ChiefGeophysicistatEnterprisepriorbeingtakenoverbyShell• JoinedIkonscience,anicherockphysicssoftwareandservicecompanyasOperationsDirector• HeleftIkonscience in2009topursueaconsultingcareerpriortojoiningCOPLin2011

NickPillar

AleksandraOwad

TSX.V:XOPLSE:COPL


CFO• CharteredaccountantinCanada(CPA,CGA)andaFellowoftheAssociationofCharteredCertified

AccountantsinUK(FCCA,UK)• 12yearsofoilandgasexperienceasaCFO,ChiefAccountingOfficerorController,includingCFO

atCOPLbetween2009and2013• Backgroundincludesalso10yearsoffinancialadvisoryandauditservicestocompaniesina

varietyofsectorsinEuropewhileworkingwithKPMG• HoldsaMasterofEconomicsDegreefromtheWarsawSchoolofEconomics

Corporate Share Structure (as of June 2016)TSX.V:XOPLSE:COPL

Symbol TSX.V: XOP,LSE:COPL

SharesOutstanding 606,263,207

Warrants 265,726,410

Options 42,725,000

FullyDilluted 914,714,617

MarketCapitalization $65 million


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

Yellow Jersey PRcopl@yellowjerseyprTel: +44 7768 537 739

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

CONTACT


Canadian Overseas Petroleum LimitedChris McLean, Senior [email protected]: +1 (403) 262 5441

@COPLinvestor