18 Nov 2016 07:00
Sirius Petroleum plc
(the "Company" or "Sirius ")
Well Management Contract Signed with Add Energy
Sirius Petroleum (AIM: SRSP), the investing company focused on oil and gas exploration and development opportunities in Nigeria, is pleased to announce that it has entered into another important contract for the provision of Well Engineering and Operations Management ("Well Management Contract") with Add Energy Group ("Add Energy"), for a multi well campaign as part of Sirius' shallow offshore development strategy in Nigeria, commencing in the first half of 2017.
The Well Management Contract provides Sirius with the engineering and operational capability to drill, complete, and produce wells in 2017 and Add Energy was instrumental in working with Sirius to secure the drilling contract with COSL Drilling Pan-Pacific Limited.
Under the terms of the Well Management Contract, Add Energy will provide its well management solutions services to Sirius and as part of the agreement will extend delayed invoice and payment terms to Sirius in line with the Company's other project partners. The contract envisages a drilling programme on the Ororo Field and can be expanded to include other potential offshore assets.
About Add Energy
Add Energy is an International Consultancy Provider for the energy industry, with a focus on Drilling & Well Operations, Asset & Operations Management, and Risk & Safety Management. Add Energy works with major international oil & gas companies, including BP, Shell, Woodside, and Statoil, and has provided well management solutions in Africa, Europe, and Australasia.
Vendor Finance Consortium
The Company intends to announce further details in due course regarding the final elements of the financing and operational service agreements, including the Joint Operating Agreement ("JOA"), to support its proposed drilling programme for Ororo.
Bobo Kuti, CEO of Sirius, commented:
"We are delighted to have secured this important Well Management contract with Add Energy, one of the world's leading drilling project management companies. Having Add Energy leading the operations in the field reinforces our confidence in achieving first hydrocarbons in H1 2017."
Dermot O'Keeffe, Add Energy Chief Operating Officer, commented:
"We are looking forward to working in collaboration with Sirius Petroleum to enable the Company to reach first oil in 2017. Working together with COSL and our other service providers will demonstrate that, in the oil & gas new world order, pooling resources to develop solution-based results is the way forward."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Enquiries:
Sirius Petroleum +44 20 3740 7640
Bobo Kuti / Jack Pryde
Cantor Fitzgerald Europe +44 20 7894 7000
Sarah Wharry / Craig Francis
Gable Communications +44 20 7193 7463
John Bick srsp@gablecommunications.com