5 Apr 2019 07:30
Sirius Petroleum Plc
("Sirius" or the "Company")
Operational Update - Ororo Field
Sirius Petroleum (AIM: SRSP), the Nigeria-focused oil and gas development and production company, announces that Shelf Drilling's Adriatic-1 rig has reached Target Depth on its current operation and is concluding the testing and logging programme. The Company is awaiting a further update from Shelf Drilling regarding the release of the Adriatic-1, which is currently stationed in the adjacent licence to the Ororo field. As previously disclosed in the AIM Admission Document of 30 November 2017, in order to preserve its current licence, the Company is required to bring the Ororo field into production on or before 1st May 2019. Therefore, given the approaching timeline, the Company has taken the decision to seek a further extension to the term of the licence from the Department of Petroleum Resources in Nigeria, which has already been granted on two previous occasions. The Board will notify the market when further updates are received by the Company.
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.
Enquiries:
Sirius Petroleum plc t: 020 3740 7460
Bobo Kuti, CEO
Mark Henderson, CFO
Cantor Fitzgerald Europe Limited t: 020 7894 7000
(Nomad and Broker)
David Porter/Nick Tulloch
Gable Communications Limited t: 020 7193 7463
John Bick
srsp@gablecommunications.com