Sirius Petroleum PLC Update on Rig Status - Ororo Field (2553C)
28 September 2018 - 4:02PM
UK Regulatory
TIDMSRSP
RNS Number : 2553C
Sirius Petroleum PLC
28 September 2018
28 September 2018
Sirius Petroleum Plc
("Sirius" or "the Company")
Update on Rig Status - Ororo Field
Sirius Petroleum (AIM: SRSP), the Nigeria-focused oil and gas
development and production company, announces the following
update:
The COSL Force jack-up rig has been undergoing an extensive
maintenance programme under a recertification process conducted by
COSL on station in Dubai, during which all major drilling equipment
items and systems are being examined and repaired where necessary,
including main engines, top drive, hoisting equipment, mud pumps,
and blow out preventer.
With reference to the proposed rig for the drilling programme on
the Ororo field, the Company is currently waiting to conclude this
process which has taken significantly longer than originally
envisaged. Sirius is at an advanced stage of concluding its rig
requirements in order to achieve spudding of Ororo-2 in Q4 2018.
The Company will update shareholders accordingly in the near
term.
Enquiries:
Sirius Petroleum +44 20 3740 7640
Bobo Kuti, Chief Executive
Mark Henderson, Chief Financial Officer
Cantor Fitzgerald Europe +44 20 7894 7000
David Porter/Nick Tulloch
Gable Communications +44 20 7193 7463
John Bick srsp@gablecommunications.com
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.
Ends
About Sirius Petroleum
The Company's strategy is to target proven opportunities and
maximize hydrocarbon production and recovery through the
acquisition of discovered assets in Nigeria, with a particular
focus on shallow offshore areas and the realisation of upside
potential through appraisal activities.
Sirius's initial focus is the Ororo field, which was originally
operated by Chevron in 1986. Chevron drilled Ororo-1 and
hydrocarbons were discovered in seven sandstone reservoirs (D1 to
D5, F and G). Four of the reservoirs in the original Ororo-1 well
were tested, two produced oil (D3 and G) at a combined rate of
2,800 bopd and two produced gas condensate (D4 and D5).
The Ororo field is located within OML 95 in the Niger Delta,
offshore Nigeria, in the western part of the prolific Niger Delta
petroleum system. It lies in shallow waters offshore Ondo State in
water depths ranging between 23ft and 27ft. The field is adjacent
to the Mina, West Isan, Ewan, Eko and Parabe fields, all of which
are operated by Chevron.
Sirius has a 40% economic interest under a Financial &
Technical Service Agreement and entered into a Joint Operating
Agreement in August 2017 with its indigenous partners Owena Oil
& Gas (100% Owena State owned entity) and Guarantee Petroleum,
who own 27% and 33% respectively. According to the Ororo CPR, the
mid-case gross recoverable 2C contingent resources are 24mmboe.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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