4 Dec 2008 08:24
4 December 2008
Sirius Petroleum plc
("Sirius" or "the Company")
Notice of timing of Preliminary Results
Update and Strategic Partnership
Sirius (AIM:SRSP) confirms that it will announce its preliminary results for the year ended 31 July 2008 at 07.00 GMT on 14 January 2009. The results cover a period during which no trading activities took place and costs within the business remained under strict control following the reorganisation of the business in 2006. During the financial period, the Company established its new strategy and on 11 June 2008 announced that it was considering a number of opportunities in the oil and gas sector.
Update Since the Year End
In August 2008, Babatunde Agboola was appointed Chairman and Toby Hayward and Olukayode Kuti were appointed non-executive directors of the Company, bringing further expertise and commercial relationships to the board. In conjunction with the Board changes, the Company's name was changed to Sirius Petroleum plc to reflect the proposed new strategy of the Company.
In addition, Sirius announced that it had entered into an agreement with Taglient Oil Nigeria Limited ("Taglient"), who have considerable knowledge and contacts within the Nigerian oil and gas industry. Taglient is using its expertise to garner interests in oil and gas fields in Nigeria on behalf of the Company. A Nigerian joint-venture company, Sirius Taglient Petro Ltd was also formed to provide the local presence necessary for Sirius to benefit from the grant of permits and licenses in Nigeria at the appropriate juncture.
Strategic Partnership
The Company is pleased to announce today that it has signed a strategic partnership letter of intent with Nigerian based Bolad Energy Company ("Bolad"), who will provide invaluable technical expertise and resources in the region. Bolad is staffed by ex-employees of two ExxonMobil subsidiaries in Nigeria, Mobil Producing Nigeria ("MPN"), the primary ExxonMobil joint venture operating subsidiary in Nigeria and Esso Exploration and Production Nigeria Limited ("EEPNL"), the primary ExxonMobil production sharing operating subsidiary in Nigeria. They include Dr. Daniel Lambert-Akhionbare (Managing Director of Bolad) who was formerly Manager of Geosciences for EEPNL; Chief David Ajiboye, formerly Manager of New Exploration Opportunities for EEPNL; and Mr Babajide Agbabiaka formerly Executive Director of sub-surface engineering for MPN. Pursuant to the strategic partnership, Bolad will, on an exclusive basis, assist the Company and Taglient in identifying and securing opportunities in the oil and gas sector in Nigeria using their significant experience and contacts within the Nigerian oil and gas industry and Nigerian government. Upon the successful identification and acquisition of such an opportunity, it is intended that Bolad and the Company enter into a long-form joint venture agreement (the "JV agreement"). This JV agreement will be for an initial term of 12 months from signature and, if satisfactory to both parties, will continue for the life of future opportunities. It is intended that Bolad will not only act as operator of the oil fields acquired by Sirius but will also manage all aspects of the interface with the Nigerian government and local communities. In consideration for its assistance in securing opportunities and its operation of the oil fields and government and local communities interface, the Company and Bolad would split ownership of any asset so acquired on a 42.9% to 57.1% ratio respectively (exclusive of any third party interest).
Share Capital
During the year Sirius issued 104,500,000 ordinary shares, raising £430,039, net of expenses, and repaid the loan to Corvus Capital Inc. Since the year end a further 157,700,000 shares have been issued, making the Company's issued share capital 455,494,385 ordinary shares with a nominal value of 0.25 pence each. Sirius Petroleum does not hold any ordinary shares in Treasury. Therefore, the total number of voting rights in the Company is 455,494,385 and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Service Authority's Disclosure and Transparency Rules.
Enquires:
Hansard Group, John Bick tel: +44(0)7872 061007
Canaccord Adams Limited, Andrew Chubb tel: +44 (0) 207 050 6500