31 Dec 2018 11:26
31 December 2018
Sirius Petroleum Plc
("Sirius" or "the Company")
Ororo Field - Rig Update
Sirius Petroleum (AIM: SRSP), the Nigeria focused oil and gas development and production company has been advised by Shelf Drilling that the Adriatic-1 Jack-up drilling unit which is currently stationed in the adjacent oil block to the Ororo field (OML 95), and is completing the last of pre-existing contracts with another operator prior to the Sirius work programme. Spudding of the Ororo-2 well will not now take place in Q4 2018 and the Company will provide definitive timing when Shelf Drilling notifies the Company of mobilisation to the Ororo-2 location.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
End.
Enquiries: | |
Sirius Petroleum plc Bobo Kuti, CEO Mark Henderson, CFO
| T: 020 3740 7460 |
Cantor Fitzgerald Europe Limited (Nomad and Broker) David Porter/Nick Tulloch
| T: 020 7894 7000 |
Gable Communications Limited John Bick | T: 020 7193 7463 srsp@gablecommunications.com |
The Ororo Field
The Company's strategy is to target proven opportunities and maximize hydrocarbon production and recovery through the acquisition of discovered assets in Nigeria, with a particular focus on shallow offshore areas and the realisation of upside potential through appraisal activities.
Sirius's initial focus is the Ororo field, which was originally operated by Chevron in 1986. Chevron drilled Ororo-1 and hydrocarbons were discovered in seven sandstone reservoirs (D1 to D5, F and G). Four of the reservoirs in the original Ororo-1 well were tested, two produced oil (D3 and G) at a combined rate of 2,800 bopd and two produced gas condensate (D4 and D5).
The Ororo field is located within OML 95 in the Niger Delta, offshore Nigeria, in the western part of the prolific Niger Delta petroleum system. It lies in shallow waters offshore Ondo State in water depths ranging between 23ft and 27ft. The field is adjacent to the Mina, West Isan, Ewan, Eko and Parabe fields, all of which are operated by Chevron.
Sirius has a 40% economic interest under a Financial & Technical Service Agreement and entered into a Joint Operating Agreement in August 2017 with its indigenous partners Owena Oil & Gas (100% Owena State owned entity) and Guarantee Petroleum, who own 27% and 33% respectively. According to the Ororo CPR, the mid-case gross recoverable 2C contingent resources are 24mmboe as defined by the Society of Petroleum Engineers - Petroleum Resources Management System.