/CORRECTION From Source - Toscafund Asset Management LLP Provides Correction to its Early Warning Press Release for Canadian Overseas Petroleum Limited/

Toscafund Asset Management LLP as investment manager to Tosca Focus (collectively, "Tosca") announces a correction to its press release entitled "Announces Acquisition of Securities of Canadian Overseas Petroleum Limited" issued today (the "Initial Press Release"). In the Initial Press Release, Tosca incorrectly stated that the exercise price for 6,396,800 purchase warrants for common shares of Canadian Overseas Petroleum Limited owned by Tosca is GBP£0.15 per common share when the correct exercise price is GBP£0.0015 per common share. The correction does not change any other information nor have a material effect on any other information in the Initial Press Release. The complete, corrected release follows:

Toscafund Asset Management LLP

Announces Acquisition of Securities of Canadian Overseas Petroleum Limited

LONDON and CALGARY, AB, Jan. 30, 2024 /CNW/ - Toscafund Asset Management LLP as investment manager to Tosca Focus (collectively, "Tosca") reports that, further to the announcement made by Canadian Overseas Petroleum Limited ("COPL" or the "Company") on January 30, 2024, Tosca will be issued 1,012,883,381 common shares of the Company ("Shares") pursuant to a share settlement option exercised by Tosca pursuant to previously converted 2028 (formerly 2027) bonds issued by the Company (the "Share Issuance"). The closing of the Share Issuance is expected to occur on February 2, 2024.

Immediately prior to the Share Issuance, Tosca owned and controlled 6,396,800 purchase warrants for Shares (the "Warrants") to subscribe for an equivalent number of Shares until August 26, 2028 at an exercise price of GBP£0.0015 per Share, representing approximately 0.24% of the issued and outstanding Shares, assuming the exercise of all of the Warrants owned or controlled by Tosca.

Immediately following the Share Issuance, Tosca owns and controls 1,019,280,181 Shares representing approximately 27.72% of the issued and outstanding Shares, assuming the exercise of all of the Warrants owned or controlled by Tosca.

Tosca intends to review its ownership of securities in the Company and may determine to sell securities depending upon price, market conditions and other factors it considers relevant from time to time.

COPL's head office is located at 3200, 715-5th Avenue SW, Calgary, Alberta, T2P 2X6.

Tosca's address is 5^th Floor, Ferguson House, 15 Marylebone Road, London, NW1 5JD, United Kingdom.

Tosca will file an early warning report with the Canadian Securities Commission with respect to the foregoing matters pursuant to National Instrument 62-103 – The Early Warning Report and a copy of which will be available under COPL's profile on SEDAR+ at www.sedarplus.ca.

SOURCE Toscafund Asset Management LLP