16th Oct 2014 08:29
LONDON (Alliance News) - Sirius Petroleum PLC Thursday said it has raised around USD20 million in a placing and share subscription, but said it is also looking to raise a further USD5.1 million to put its Ororo oil field in Nigeria into production.
The Nigeria focused oil and gas company said it is also exploring an alternative re-entry scenario into the Ororo field, which may reduce the overall capital expenditure and impact the further funding required. Sirius has a 40% working interest in the Ororo oil field.
The company's shares were trading 4.3% lower Thursday morning at 2.87 pence.
Sirius said that to strengthen its technical capabilities and as part of the concluding of the funding, it is forming a Technical Advisory Committee to assist in advising on the technical aspects of its operations.
"Whilst the initial focus is on the drilling of the Ororo Field, the TAC will also advise Sirius on the technical aspects of the acquisition and development of further assets in Nigeria," the company said in a statement.
It said the responsibilities of the Technical Advisory Committee will include monitoring geological and geophysical interpretation, acquisition and development planning, economic modelling studies and engineering activities.
"As an initial step, Sirius has agreed heads of terms with Havoc Partners to become a technical adviser to the company and under which Havoc will appoint Jon Taylor and Alan Stein to join the TAC," it said.
Sirius said that Taylor and Stein have significant experience in the oil and gas industry, and were the founders and executive directors of Ophir Energy PLC.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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