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Wednesday, September 23, 2015
Sirius Petroleum raised £1 million via a share placing. The placing was aimed at securing funds to finance the Ororo Field in Nigeria.
Sirius said that it would collaborate with Guarantee Petroleum and Owena Oil & Gas in applying for a well permit for the Ororo-2 well from Nigeria’s DPR. In addition to applying for the well permit, the partners intend to apply to the Ministry of Petroleum Resources to legally ratify Sirius’ 40% interest in the Ororo Field.
In addition to the placing Sirius said that Calvet International has agreed to reduce by £500,000 the total amount of a loan facility that will be available to Sirius. This means that the firm’s undrawn Calvet facility will now be £700,000.
Sirius Chief Executive Bobo Kuti commented in a company statement: “I have set out a near-term set of objectives for Sirius which sees all of our plans and recent activity come together and should lead to significant developments that bring Sirius closer to developing the Ororo Field.”
“A collaborative approach with Guarantee Petroleum and Owena Oil & Gas provides multiple levels of technical and in-country knowledge and, in collaboration with Havoc Partners, aligns with our strategy to progress the development of our first asset. “The Nigerian oil and gas industry has the full support of the new government administration which has re-focused the regulators, the Nigerian National Petroleum Corporation and the Department of Petroleum Resources, to work closely with indigenous companies to bolster the nation’s natural resources production. This initiative ties in with our strategy to build a significant portfolio of producing assets through local partnerships.”
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