22nd Sep 2015 10:13
LONDON (Alliance News) - Sirius Petroleum PLC on Tuesday said it has raised GBP1.0 million via a share placing to back its funding commitments for the Ororo field in Nigeria.
The company has issued 250 million shares in a placing and 25 million shares in a subscription, all at 0.4 pence per share. Sirius Petroleum shares were down 14% to 0.475 pence on Tuesday.
Sirius said the funding will back the development of the Ororo field, with plans to submit an application for a well permit and the company set to start work on securing an environmental impact assessment for the project.
"I have set out a near term set of objectives for Sirius which sees all of our plans and recent activity come together and should lead to significant developments that bring Sirius closer to developing the Ororo Field," said Bobo Kuti, Sirius' chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
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