Sirius Petroleum Progresses Securing Funding For Ejubele Development

LONDON (Alliance News) - Nigeria-focused oil & gas company Sirius Petroleum PLC said on Monday it has made progress on a funding agreement for a work programme to be carried out on the Ejulebe field in OML 109, offshore Nigeria.

Sirius Petroleum said it has completed its due diligence on OML 109 and is finalising the financing with an unnamed fund for the work programme.

In addition, Sirius is awaiting final block partner consent to complete its acquisition of 75% of Precision Energy Tetra 109 BVI Ltd, and the period has been extended by 45 days to March 31.

In December, Sirius said it would acquire the stake and, in turn, Precision Energy Tetra would buy a direct 40% interest and up to an 80% economic stake in Tetrarch Ltd.

Tetrarch is an 80% shareholder in Tetra Energy Services Ltd, which wholly owns Tetra Petroleum Oilfield Services Ltd. Tetra Petroleum has a contract to provide petroleum services to the owners of OML 109.

Shares in Sirius Petroleum were down 2.6% at 0.4285 pence on Monday.