16 Feb 2010 14:47
16 February 2010
Sirius Petroleum plc
("Sirius" or "the Company")
Transaction Introduction Agreement
Sirius (AIM:SRSP), which continues to work on a number of marginal field opportunities in the oil and gas sector with particular focus on Nigeria, has entered into an agreement (the "Agreement") with Dr Vikrom Koompirochana and Mr Wong Fan Woon through their vehicle, South Africa Hi-Tech Energy Consultancy Inc ("SAHT"). Pursuant to the Agreement, it is intended that SAHT will work with Sirius to introduce a transaction, on or before 31 December 2011, giving Sirius the opportunity to acquire, in consideration for shares, oil and gas assets with a value of at least US$0.5 billion.
In consideration for the services provided by SAHT and subject to the completion of such a transaction, Sirius has agreed to issue a warrant to SAHT to subscribe, subject to adjustment in certain circumstances, for 80 million new ordinary shares in Sirius at a subscription price of 7.125 pence per share (the "Warrant"). The Warrant will terminate automatically if the Company does not complete a transaction introduced by SAHT before the 31 December 2011 deadline and, subject to a transaction being completed within that time, may be exercised in whole or in part from the date of completion for a period of five years from completion of such a transaction.
Dr Vikrom Koompirochana Ph.D. 64, has a distinguished international diplomatic career spanning over 30 years and where most recently he was Ambassador of Thailand to the United Kingdom of Great Britain and Northern Ireland and Ambassador of Thailand to Ireland (2003-2006). He has been a Director of Thai Airways International and is currently a Director of the Chairman's Directorate, TCC Land Co Ltd, Chairman of the Audit Committee, Oishi Group Public Company Limited and Chairman of the Board of Dragon One Public Company Limited.
Mr Wong Fan Woon, B.Sc. (Eng), 54, has advised on a number of international investments including infrastructure project funding and corporate finance. He was previously Senior Executive Vice President, Head Corporate Strategy & Finance, Investor Relations, Total Access Communications Pcl and United Communications Industry. He led the IPO team for Total Access Communications when it joined the main Board of the Singapore Stock Exchange, successfully raising US$300 million, following an international marketing roadshow, in October 1995. He has also held business development posts at Pacific Century Group and Motorola Asia Pacific.
Commenting, Toby Hayward of Sirius Petroleum, said: "In line with our strategy, Sirius has continued to make considerable progress with regard to the acquisition of its first marginal oil field opportunity in Nigeria and we expect to make an announcement shortly in this regard. The agreement with SAHT introduces an additional and significant potential opportunity for Sirius to acquire a portfolio of oil and gas assets which we believe will create additional value for shareholders."
www.siriuspetroleum.com
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