Sirius Continues Work to Secure Funds for Ororo Development

Nigeria-focused junior Sirius Petroleum said Monday that it was continuing to work on the completion of a GBP 9.6 million ($14.2 million) loan with Nima International in order to fund its development of the Ororo field in Nigeria.

Sirius said it was working with Nima, an affiliate of African oil and gas investor Levant Energy Limited, to complete a number of outstanding items that relate to security documents that need to be agreed in order to complete the loan. The completion date has been extended from March 16 to April 30.

Sirius CEO Bobo Kuti commented in a company statement:

"We are working with Nima to conclude this as soon as possible in order to proceed with our plans to bring our first asset into production."

Sirius is hoping to proceed with the drilling of the Ororo-2 development well on the Ororo field offshore Nigeria. In February, the company noted that oil service and rig costs in Nigerian have reduced significantly along with oil prices.

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