Africa-focused Canadian Overseas Petroleum is to launch a London main market listing on Friday as it gears up for high-impact drilling with ExxonMobil off West Africa.

The Calgary-based explorer said it had received approvals for the listing and issued around 17.7 million common shares at £0.135 to raise a gross £2.4 million.

COPL said it would use the money for general working capital purposes.

It holds a 17% stake in ExxonMobil’s LB-13 block off Liberia, where the US supermajor is to begin drilling this year once a rig and support services become available.

The explorer will be carried by ExxonMobil on its share of gross drilling costs up to $120 million.

The explorer said it was also set to enter Nigeria under a non-binding option agreement to acquire an interest in ‎OPL 2010 in the Niger Delta.

Situated 50 kilometres off Nigeria in between 100 and 400 feet of water, the 329 square kilometre shallow-water block was created as a result of an international oil company relinquishing acreage on commencement of production.

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