15th Sep 2014 07:41
LONDON (Alliance News) - Sirius Petroleum PLC Monday said it has signed an agreement with BTG Pactual Commodities (UK) LLP regarding the marketing of crude oil from the Ororo Field and other marketable products from Sirius-owned fields, ending its previous marketing deal with Glencore PLC.
Under the terms of the new deal, BTG, a unit of Brazilian banking group BTG Pactual, will have the exclusive right to market oil crude oil from the Ororo field in Nigeria for an initial 12-month period from the date Sirius makes any crude oil available from the field to be marketed. The contract will then be carried out on 12-month rolling basis until terminated.
The deal with BTG replaces the deal signed with Glencore in May 2013, Sirius said, with that deal now terminated by mutual consent.
"I am delighted that we have entered into this marketing agreement with BTG Pactual, which offers significantly more advantageous terms to the company and its shareholders than previous arrangements and gives Sirius the ability to conclude its funding with other parties," said Sirus Chief Executive Bobo Kuti.
"We look forward to working with BTG Pactual to market Sirius' crude oil and working with them to market that of other Nigerian producers," Kuti added.
Sirius shares were up 12% to 2.90 pence in opening trade on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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