The Company intends to focus its initial drilling activities on the re-entry of the Ororo-1 well located in the Ororo field (OML 95). The well produced circa 2,895 bbls/day of light crude oil (43 API) when originally tested by Chevron in 1986.
Ororo Field (OML 95) Highlights
· Sirius acquired 40% of Ororo field and is entitled to a preferential cash flow of 88% while it is net invested in the project
· Situated in shallow water offshore in depths ranging between 23 ft and 27 ft
· Discovered in 1986 with the drilling of the Ororo-1 well by Chevron
· Tested at approximately 2,200 bopd from a single zone, and 600 bopd from another oil-producing sand.
Sirius Signs Exclusivity Off-take Agreement with Glencore
Sirius (AIM: SRSP) is pleased to announce that it has entered into an Exclusivity Off-take Agreement ("the Agreement") with Glencore Energy UK Limited ("Glencore") which includes provision for a conditional pre-financing facility of up to $65 million, which will be netted against the initial sales of crude oil production, for the development of the Company's near term production assets located off-shore Nigeria.
Under the terms of the agreement, Sirius has the right to deliver up to 60,000 barrels of crude oil per day (bopd) to Glencore and Glencore has exclusivity to market the crude oil on behalf of the Company for a period of 3 years. Sirius will be entitled to draw-down funds for the development of its oil assets after satisfactory approval from the technical team of Glencore, who will work together with Sirius to bring the fields into production in the near term.
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