Sirius raises funds for Ororo well offshore Nigeria

Sirius Petroleum has conditionally raised about $20 million via a share placing for an exploration program offshore Nigeria.

Jul 24th, 2014

Offshore staff

LONDON– Sirius Petroleum has conditionally raised about $20 million via a share placing for an exploration program offshore Nigeria.

The company is looking to develop the offshoreOroro field in the OML 95 lease. Sirius proposes drilling three development wells targeting total production of around 6,000 b/d of oil.

Schlumberger, which will performdrilling operations for the company on a turnkey basis, estimates the cost of the initial at $25.1 million.

Sirius is looking for more funds to accelerate drilling.

CEO Bobo Kuti said: “We can now look forward with confidence to deliver on our strategy to develop our first offshore marginal field and the first step in building a range of development and producing oil and gas assets in Nigeria.”

07/24/2014

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