Canoel to Expand into Libya; Shares Drop 10% Mid-Morning
Canoel International Energy Ltd. (CIL.V) is opening a representative office in Libya and is processing the opening of a local company registered under local Libyan laws.
Canoel said it has identified Libya as a country in which it will in the future seek to identify opportunities to conduct business and purchase exploration or production assets.In Africa, Canoel already owns a small stake in Mafula Energy Ltd., a Zambia registered company, which has been awarded an exploration permit.
About 10,000 shares have been traded.
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