Register
Login:
Share:
Email Facebook Twitter

Member Info for Wassatt


Member Since: Thu, 20th May 2010

Number of Share Chat Posts (all time): 29,140
Number of Share Chat Posts (last 30 days): 445

Last Posted: Today 17:00


Post Distribution over the last 30 days




Wed 07:47


Commenting, Bobo Kuti, Chief Executive, said:

"We have been delighted with the response to the equity raise from the UK market. I would like to thank shareholders for their continuing support and believe that we can now look forward with confidence to deliver on our strategy to develop our first off-shore marginal field and the first step in building a range of development and producing oil and gas assets in Nigeria."

Background to the Placing and Subscription

Sirius is seeking funding in order to bring the off-shore Ororo field, located in OML 95, in which it has a 40% economic interest (pursuant to the terms of the Finance and Technical Service Agreement dated 5 October 2011), into production. The total field development includes the proposed drilling of three wells, targeting daily total field production of circa 6,000 bopd. The total cost for the initial well has been estimated by Schlumberger, the leading oil services company, which has performed a technical analysis, performed the well development plan and will be conducting the drilling operations for the Company on a turn-key basis at approximately US$25,100,000. The actual cost of the well may vary from this estimate.

The Board is exploring a number of opportunities to fund the balance of its initial drilling costs, which may be in the form of debt, equity or pre-payment for crude off-take. Such Further Funding may also enable the Company to accelerate its drilling programme, so that additional wells can be drilled in a shorter time period, and for the development of the Company's other oil and gas interests in Nigeria.
Wed 07:46


Commenting, Bobo Kuti, Chief Executive, said:

"We have been delighted with the response to the equity raise from the UK market. I would like to thank shareholders for their continuing support and believe that we can now look forward with confidence to deliver on our strategy to develop our first off-shore marginal field and the first step in building a range of development and producing oil and gas assets in Nigeria."

Background to the Placing and Subscription

Sirius is seeking funding in order to bring the off-shore Ororo field, located in OML 95, in which it has a 40% economic interest (pursuant to the terms of the Finance and Technical Service Agreement dated 5 October 2011), into production. The total field development includes the proposed drilling of three wells, targeting daily total field production of circa 6,000 bopd. The total cost for the initial well has been estimated by Schlumberger, the leading oil services company, which has performed a technical analysis, performed the well development plan and will be conducting the drilling operations for the Company on a turn-key basis at approximately US$25,100,000. The actual cost of the well may vary from this estimate.

The Board is exploring a number of opportunities to fund the balance of its initial drilling costs, which may be in the form of debt, equity or pre-payment for crude off-take. Such Further Funding may also enable the Company to accelerate its drilling programme, so that additional wells can be drilled in a shorter time period, and for the development of the Company's other oil and gas interests in Nigeria.
Wed 07:45


Summary

Sirius Petroleum (AIM:SRSP), the Company focused on oil and gas development and production opportunities in Nigeria, is pleased to announce that it has conditionally raised gross proceeds of up to US$20,000,000 by way of a placing and a subscription (the "Placing and Subscription").

· Conditional Placing of 63,530,215 Ordinary Shares and Subscription of up to 326,333,333 new Ordinary Shares, being an aggregate of up to 389,863,548 new Ordinary Shares at 3 pence per share ("New Ordinary Shares") to raise up to £11,695,906 (approximately US$20,000,000) before expenses;

· The total cost for the initial well is estimated by Schlumberger, the world leading oil services company, to be approximately US$25,100,000. The board of directors (the "Board") is therefore also seeking further funding to meet the remaining well cost ("Further Funding");

· The Placing and Subscription are conditional upon, among other things, the Company raising the Further Funding on or before 15 September 2014. Such funding may be in the form of debt, equity or pre-payment for crude offtake, and the Company is in discussions with providers of finance to this end;

· The Placing and Subscription are also conditional on among other things, shareholder approval at the General Meeting of the Company, convened for 13th August 2014, to authorise the Directors to allot the New Ordinary Shares for cash on a non pre-emptive basis;

· The proceeds of the Placing and Subscription to provide the Group with the equity portion of the funding required to drill its initial well; and

· The New Ordinary Shares will if issued represent up to 27.66 per cent. of the Company's enlarged share capital following Admission.
Wed 07:34


Good morning all
Tue 21:46


Who's actually going, I know AIL is, is anyone else?


Sign up for Live Prices
Top Recommended
Hot Chat Topics
Top recommended posters in the last 30 days
Share Price SpacerBigGib617 
Share Price SpacerMarty4212485 
Share Price SpacerK3VMC477 
Share Price Spacerspantrout463 
Share Price Spacerseanhunter455 
Share Price SpacerXavierX419 
Share Price Spacerriddler398 
Share Price SpacerBelcourtoi398 




Member Login

Forgotten your password?
Email:

Password:


Don't have an account? Click here to Register Free!


Home  |  Contact Us  |  About Us  |  Careers  |  Advertise with Us  |  Sitemap  |  Terms & Conditions  |  Cookies  |  Privacy


Datafeed and UK data supplied by NBTrader and Digital Look. While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.