Sirius Raises Funds to Finance Ororo Field Development

Exploration and development-focused Sirius Petroleum announced Tuesday that it has raised GBP 1 million ($1.55 million) via a share placing in order to help it finance its Ororo Field well permit application 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 the Department of Petroleum Resources Nigeria. It will also begin work to obtain an up-to-date environmental impact assessment (EIA).

In addition to applying for the well permit, Guarantee Petroleum, Owena Oil & Gas and Sirius intend to apply to the Ministry of Petroleum Resources in Nigeria to legally ratify Sirius' 40-percent participatory interest in the Ororo Field.

Meanwhile the firm said that in conjunction with the placing Calvet International has agreed to reduce by GBP 500,000 ($775,000) 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 GBP 700,000 ($1.1 million).

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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