Liberia: COPL foresees closing of LB-13 agreements

Liberia’s legislature has ratified the restated and amended production sharing contract covering offshore Block LB-13, said Canadian Overseas Petroleum Ltd., Calgary.

Closing and completion of the previously announced transactions between the company’s Canadian Overseas Petroleum Bermuda Ltd. subsidiary, first with Peppercoast Petroleum PLC and second with ExxonMobil Exploration & Production Liberia Ltd., is expected to occur within weeks subject to satisfying closing and completion conditions, COPL said.

Once the transactions have closed, working interests in the block will be ExxonMobil as operator 80% and COPL 20% (OGJ Online, Nov. 16, 2011).