31 Mar 2011 10:02
31 March 2011
Sirius Petroleum plc
("Sirius" or "the Company")
Strategy Update and Termination of Option Agreement
The Board of Sirius announces that, further to its readmission to AIM as an Investing Company, it has conducted a detailed review of the opportunities available to it, and whilst it will continue to assess all opportunities within its investing strategy, the Board intends to focus its activities in Nigeria, leveraging its contacts and relationships in the region. In particular, within Nigeria, the Board has decided to concentrate on larger marginal fields which are typically owned by significant market participants and multinational companies. In addition it is less likely that licence issues will have a significant impact on these fields.
The Company also announces the termination of its agreement with Del Sigma, details of which are set out in the AIM admission document, pursuant to which the Company would have acquired a 40 per cent. participating interest in the Ke Farmout Area in Nigeria. Del Sigma has returned to Sirius US$600,000 which had been advanced to Del Sigma. These funds will be aggregated with the proceeds of the recent Placing and applied towards the pursuit of the Company's Investment Strategy.
Capitalised terms in this announcement carry the same meaning as in the AIM Admission Document, unless the context requires otherwise.
Ends
Enquiries:
Sirius Petroleum plc Toby Hayward / Mike Hirschfield www.siriuspetroleum.com | +44 (0) 20 7451 9800 |
Strand Hanson Limited (Nominated Adviser and Broker) James Harris / James Spinney / Rory Chichester | +44 (0) 20 7409 3494 |
Gable Communications (PR) +44(0) 20 7193 7463
John Bick