RE: Spell it out30 Mar 2018 09:58
Where is the $100 million BP backing publicised? Saw the $10 million, in last summers rns.
Sirius Petroleum (AIM: SRSP), the investing company focused on oil and gas exploration and development opportunities in Nigeria, is pleased to announce that following completion of technical due diligence on the Ororo field, the Company has entered into a US$10m revolving pre-payment facility (�Pre-payment Agreement� or �Agreement�) and commercial offtake agreement (�Offtake Agreement�) in respect to the sales of the crude produced from the Ororo Field, with BP Oil International, a subsidiary of BP (LSE: BP).
The Agreement provides for the Company to draw down up to US$10 million, in pre-payment finance following commencement of production from the Ororo Field. The interest rate on any pre-payment amount drawn down will be charged at Libor + 9% per annum and will be repaid from crude oil sales.
Under the Agreement, Sirius can request that BP provides pre-payment finance for either or both of the first two cargos of crude oil, each for up to US$10 million, scheduled to be lifted in 500,000 barrel parcels or more.
Lot of oil though.