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In 2011, Canadian Overseas Petroleum Limited made the decision to enter West Africa, specifically in the country of Liberia via Block LB-13. We have a broad team of individuals who have years of experience working in the region, and possess a strong track record of making discoveries. Our goal is to continue to grow our company by exploring for oil in emerging regions where large discoveries are occurring yet remain lightly explored, and by focusing on single well unappraised discoveries in mature basisns and bringing them into production quickly and efficiently. The geological traits of West Africa are similar to those of the North Sea, and our team is excited about exploring for oil and gas in these offshore continental margins. We continue to investigate opportunities elsewhere in the world also. In 2012, we were awarded a 50% working interest in a block located in the eastern portion of the north island in New Zealand. The target in PEP 53806 is oil located in the Whangai and Waipawa shales. These formations exhibit characteristics similar to the productive Bakken Formation in Saskatchewan and North Dakota.
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