11 Feb 2019 07:00
Sirius Petroleum Plc
("Sirius" or "the Company")
Production Crude Handling Agreement for Ugo-Ocha Offshore Terminal
Sirius Petroleum (AIM: SRSP), the Nigeria-focused oil and gas development and production company, is pleased to announce that it has entered into a Crude Handling Agreement ("CHA"), in line with the Company's commercial offshore strategy, with the Terminal Operator of the Ugo-Ocha Floating Storage & Offloading unit ("FSO") with offtake from production wells delivered via coastal tankers to the FSO.
The Ugo-Ocha oil terminal is located offshore within the waters of the Exclusive Economic Zone of Nigeria and can store up 2,000,000 bbls of crude. The CHA provides for crude handling, receipt, storage and delivery, quality assurance, health, safety and environment and regulatory compliances.
Bobo Kuti, CEO of Sirius Petroleum plc, said:
"We are pleased to have secured this agreement to export our crude production through a secure offshore terminal which is in line with our commercial offshore strategy and provides the most flexible offtake option for our offtake partner."
Enquiries:
Sirius Petroleum +44 20 3740 7460
Bobo Kuti, Chief Executive
Mark Henderson, Chief Financial Officer
Cantor Fitzgerald Europe +44 20 7894 7000
David Porter/Nick Tulloch
Gable Communications +44 20 7193 7463
John Bick srsp@gablecommunications.com
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.