Sirius Petroleum PLC Schlumberger ISM Agreement (1706S)
19 December 2016 - 6:00PM
UK Regulatory
TIDMSRSP
RNS Number : 1706S
Sirius Petroleum PLC
19 December 2016
19 December 2016
Sirius Petroleum plc
(the "Company" or "Sirius ")
Schlumberger Integrated Project Service Agreement
Sirius Petroleum (AIM: SRSP), the investing company focused on
oil and gas exploration and development opportunities in Nigeria,
is pleased to announce that it has entered into another milestone
contract for the provision of an integrated services management
(ISM) contract with Schlumberger, the world's leading oilfield
services company.
As part of Sirius' shallow offshore development strategy in
Nigeria, the contract is for a multi-well campaign, which will
commence in the first half of 2017. Schlumberger will provide
Sirius with a comprehensive package of managed and integrated
products and services including directional drilling services,
logging, completion and production fluids, cementing and pumping
services, well intervention and stimulation products and services,
well testing services, wellsite communications and data and
software solutions. The contract envisages a drilling programme on
the Ororo Field and can be expanded to include other potential
offshore assets.
About Schlumberger
Schlumberger is the world's leading provider of technology for
reservoir characterization, drilling, production, and processing to
the oil and gas industry. Working in more than 85 countries and
employing approximately 100,000 people, Schlumberger supplies the
industry's most comprehensive range of products and services, from
exploration through production and integrated pore-to-pipeline
solutions for hydrocarbon recovery that optimize reservoir
performance.
Vendor Finance Consortium
Following the execution of the agreement with Schlumberger, the
Company is now in advanced discussions to finalise the
participation of the last member of the Vendor Finance Consortium
and intends to announce further details in due course regarding the
final elements of the financing and operational service
agreements.
Bobo Kuti, CEO of Sirius, commented:
"We are pleased to add another leading global industry service
provider along with COSL and ADD Energy to our Vendor Finance
Consortium. Schlumberger's experience, technology, and information
solutions will enable us to optimise reservoir performance."
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via Regulatory Information Service
("RIS"), this inside information is now considered to be in the
public domain.
Enquiries:
Sirius Petroleum +44 20 3740 7640
Bobo Kuti / Jack Pryde
Cantor Fitzgerald Europe +44 20 7894 7000
Sarah Wharry / Craig Francis
Gable Communications +44 20 7193 7463
John Bick srsp@gablecommunications.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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