5th Apr 2019 10:54
LONDON (Alliance News) - Sirius Petroleum PLC said on Friday it will look to extend its licence for the Ororo field, offshore Nigeria, following news of Shelf Drilling Ltd reaching target depth in an adjacent licence.
Sirius Petroleum is focused on producing oil and gas in Nigeria, while Shelf Drilling is an offshore drilling contractor.
On reaching the target depth, Shelf Drilling is concluding its testing and logging programme, and Sirius said it is waiting on news for when Shelf Drilling will release the Adriatic-1 rig from use.
In order to keep its licence, Sirius is required to bring Ororo in production before May 1. The company has therefore decided to seek a further extension to the licence term from the Department of Petroleum Resources in Nigeria.
The department has already granted an extension for the licence on two previous occasions.
Shares in Sirius Petroleum are currently suspended.