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Canoel to Expand into Libya; Shares Drop 10% Mid-Morning

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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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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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