Petroleum Africa
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Friday, March 25, 2011
Sirius Petroleum’s Ordinary Shares have been re-admitted to trading on AIM with first dealings commencing on March 24. The company's ticker is now SRSP.L. Strand Hanson has been nominated adviser and broker for the company.
The company removed itself from in February while it was trying to secure a 40% stake in Nigeria’s Ke Farm out Area. The acquisition was conditional on, inter alia, Del Sigma procuring renewal from the Department of Petroleum Resources in Nigeria, of the award of a 100% participating interest in the Ke Farm-out Area. The deadline for receipt of the renewal was December 31, 2010. Despite assurances received that the renewal would be forthcoming, Del Sigma was unable to procure the renewal by the deadline. At that point, the placing commitments that Sirius had received from institutional and other investors, in respect of a £15.6 million (before expenses) fundraising, lapsed.
The suspension of the company’s shares from trading on AIM, arising from entering into the Ke transaction has restricted the company’s ability to progress with other opportunities. Therefore, to eliminate this restriction and to allow the company to re-admit to trading on AIM, the Joint Operating Agreement with Del Sigma was terminated, thus allowing for it to seek a new admission on AJM.
The new admission has allowed the company reported to raise £3.4million (before expenses) via a Subscription of 68,000,000 new Ordinary Shares at 5 pence per share. In addition, £100,000 of loans have been converted into 2,000,000 new Ordinary Shares at 5 pence per share. The net proceeds from the subscription will be used to meet on-going costs and to investigate potential investments and to provide Sirius with general working capital.
The company intends to utilize as consideration, where appropriate, the issue of new Ordinary Shares or the cash proceeds of an issue of new Ordinary Shares.
Toby Hayward, CEO of Sirius, said: “Our focus is to secure the first oil and gas asset and build on the strategy which we believe will deliver significant value for shareholders. I would like to thank our shareholders for their considerable patience whilst the company’s shares were suspended from trading on AIM and support for the admission to AIM and we look forward to updating the market with our progress in due course.”
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