30th Jun 2015 10:57
LONDON (Alliance News) - Nigeria focussed oil and gas development and production company Sirius Petroleum PLC Tuesday posted a narrowed pretax loss for 2014, and said it believes recent regulatory changes in Nigeria following the election will make it "more attractive to the international community."
The company posted a pretax loss of USD4.0 million for 2014, narrowed from a pretax loss of USD4.8 million in 2013, as a rise in share-based payments was offset by a drop in administrative costs.
Sirius said it has been "actively reviewing" its strategy in light of the current economic climate and lower oil prices. It is in talks to participate in a "significant oil block" in the shallow waters of the Niger Delta Basin on Nigeria's continental shelf, it said, and is in talks with a number of parties over a farm-in arrangement to develop the asset.
Sirius opted to terminate talks with Nima International Ltd in order to "maximise shareholder value through shifting the funding from the group level to the individual asset level through joint-venture farm-ins, and take advantage of Sirius' significant pipeline of assets going forwards," it said.
Shares in Sirius Petroleum are trading down 2.0% at 0.735 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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