ShoreCan buys OPL 226 from Essar

The Shoreline Canadian Overseas Petroleum Ltd (ShoreCan) joint venture has taken a 100% interest in OPL 226 through the acquisition of 80% of the share capital of Essar Exploration and Production Ltd (Nigeria). ShoreCan, owned equally by Canadian Overseas Petroleum Ltd (COPL) and Nigeria’s Shoreline Energy International, was launched early last year to acquire assets in sub-Saharan Africa (AE 296/17). COPL president and chief executive Arthur Millholland created North Sea exploration company Oilexco, which collapsed in 2008 with liabilities of some $1.8bn. Shoreline is majority owned by managing director Kola Karim and his family.