2 Aug 2019 14:20
2 August 2019
Sirius Petroleum Plc
("Sirius" or "the Company")
Ororo update
Sirius Petroleum (AIM: SRSP), the Nigeria-focused oil and gas development and production company, announces that as previously disclosed, the licence to the Ororo field expired on 31 May 2019. As notified on 5 April 2019, the Company decided, in advance of the expiry date, to seek a further extension to the term of the licence from the Department of Petroleum Resources in Nigeria as has been done previously. The Company awaits the results of this application process. The granting of any extension to the term of the licence will require the approval of the Minister of Petroleum whose formal appointment has yet to be made. For clarification, there would be no drilling activity on the field until an extension is granted. While the Company remains optimistic, there can be no guarantee that an extension to the licence will be granted, and therefore that the Company can restore its economic interest.
Enquiries:
Sirius Petroleum Plc +44 20 3740 7640
Olukayode Kuti, Chief Executive
Mark Henderson, Chief Financial Officer
Cantor Fitzgerald Europe +44 20 7894 7000
David Porter/Rick Thompson