Continental Focus, International Reach

Sirius Makes Progress on Work Program Funding

Sunday, February 24, 2019

Sirius Petroleum PLC is making progress on a funding agreement for a work program to be carried out on the Ejulebe field in Nigeria. The Ejulebe is located on OML 109.

The company said it has completed its due diligence on OML 109 and is finalizing the financing with an unnamed fund for the work program.

In addition, Sirius is awaiting final consent from its partners to complete its acquisition of 75% of Precision Energy Tetra 109 BVI Ltd, and the period has been extended by 45 days to March 31.

Sirius is acquiring the stake and, in turn, Precision Energy Tetra would buy a direct 40% interest and up to an 80% economic stake in Tetrarch Ltd. Tetrarch is an 80% shareholder in Tetra Energy Services Ltd, which wholly owns Tetra Petroleum Oilfield Services Ltd.

Tetra Petroleum has a contract to provide petroleum services to the owners of OML 109.