Sirius will raise approximately £15,693,016 (approximately $25MM) through a placing of 313,860,327 new Ordinary Shares at 5 pence per share to fund the development of the Ke field in Nigeria.
Ke field's potentially recoverable oil volumes are expected to exceed 25MMb. The Ke farmout area, comprising of 12,900 gross acres, was originally part of the Oil Mining Lease No. 55 (OML 55) and was awarded to Del Sigma in the DPR's Marginal Field round of 2003.
In February, Sirius agreed to acquire a 40 percent interest in Del Sigma's Ke field in a reverse takeover deal.
The proposed acquisition, Admission and the Placing are conditional upon, inter alia, shareholder approval and renewal of the Award by the DPR to Del Sigma of a 100 percent.
Sirius and Del Sigma are currently awaiting the Nigerian government's approval of the deal, which is expected by October 29, 2010.
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