Ororo Field - Update

21 December 2017

Sirius Petroleum Plc

("Sirius" or the "Company")

Ororo Field Update

Sirius Petroleum (AIM:SRSP), the Nigeria focused oil and gas development and production company, is pleased to provide an update on the Company's Ororo Field development program.

Sirius has taken delivery of two sets of Cameron SOLIDrill modular compact well head systems in Nigeria. All well head equipment and services for the Ororo Field are being supplied through Cameron, a Schlumberger Group Company.

Cameron SOLIDrill modular compact wellhead systems increase casing and tubing hanger landing reliability and help prevent debris from entering the wellhead. The hangers and packoffs are designed with angled shoulders to repel debris, such as dirt, metal shavings, and cement plugs.

Ends

Enquiries:

Sirius Petroleum +44 20 3740 7640

Bobo Kuti, Chief Executive

Mark Henderson, Chief Financial Officer

Cantor Fitzgerald Europe +44 20 7894 7000

Sarah Wharry

Gable Communications +44 20 7193 7463

John Bick

srsp@gablecommunications.com

Sirius Petroleum's Strategy and the Ororo Field

The Company's strategy is to target proven opportunities and maximize hydrocarbon production and recovery through the acquisition of discovered assets in Nigeria, with a particular focus on shallow water offshore areas and realise upside potential through appraisal activities.

Sirius's initial focus is the Ororo field was originally operated by Chevron in 1986, drilling Ororo-1 and hydrocarbons were discovered in seven sandstone reservoirs (D1 to D5, F and G) in Ororo-1. Four of the reservoirs were tested, two produced oil (D3 and G) and two produced gas condensate (D4 and D5). The original Ororo-1 well tested at 2,800 bopd and contains 125ft true vertical thickness (TVT) of net oil pay.

The Ororo field is located within OML 95 in the Niger Delta, offshore Nigeria, in the western part of the prolific Niger Delta petroleum system. It lies in shallow waters offshore Ondo State in water depths ranging between 23ft and 27ft. The field is adjacent to the Mina, West Isan, Ewan, Eko and Parabe fields, all of which are operated by Chevron. 

Sirius has a 40% economic interest under a Financial & Technical Service Agreement has entered into a Joint Operating Agreement ("JOA") in August 2017 with its indigenous partners Owena Oil & Gas (100% state owned entity) and Guarantee Petroleum, who own 27% and 33% respectively.  The mid-case gross recoverable 2C contingent resources are 24mmboe.

Sirius has agreed innovative funding and operating partnerships with global industry leaders to execute the drilling campaign to first oil. The initial Ororo-2 well program aims at delivering an initial production of 2,700 bopd in H1 2018.