Petroleum Africa
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Monday, July 28, 2014
Sirius Petroleum has conditionally raised gross proceeds of up to £11,695,906 by way of a placing and a subscription. The company had a conditional placing of 63,530,215 Ordinary Shares and Subscription of up to 326,333,333 new Ordinary Shares, being an aggregate of up to 389,863,548 new Ordinary Shares at 3 pence per share (‘New Ordinary Shares’) to raise up to £11,695,906 before expenses.
Some of the funds raised will be used the drilling of a well, which contactor Schlumberger estimates the total cost of at $25.1 million. The Sirius board of directors is therefore also seeking further funding to meet the remaining well cost.
The Placing and Subscription are conditional upon, among other things the company raising the further funding on or before September 15. Such funding may be in the form of debt, equity or pre-payment for crude offtake, and the company is in discussions with providers of finance to this end. The Placing and Subscription are also conditional on among other things, shareholder approval at the General Meeting of the company, which is scheduled to take place August 13 to authorize the directors to allot the New Ordinary Shares for cash on a non pre-emptive basis.
The New Ordinary Shares will if issued represent up to 27.66% of the company’s enlarged share capital following Admission.
Commenting, Bobo Kuti, chief executive, said “We have been delighted with the response to the equity raise from the UK market. I would like to thank shareholders for their continuing support and believe that we can now look forward with confidence to deliver on our strategy to develop our first off-shore marginal field and the first step in building a range of development and producing oil and gas assets in Nigeria.”
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