28th Sep 2018 13:08
LONDON (Alliance News) - Sirius Petroleum PLC on Friday said its loss widened in the first half of 2018, as the proposed rig for the drilling programme on the Ororo field in Nigeria is undergoing an extensive maintenance programme.
The stock was down 8.2% on Friday at 0.57 pence per share.
The oil & gas exploration company said pretax loss widened sharply in the six months to the end of June to USD3.0 million from USD992,000 reported for the same period a year ago, due to a rise in administrative expenses.
The results reflect the costs incurred during the period to continue to build the operational Ororo infrastructure, funding the contracted operation team and planning work on the Ororo field, the company explained.
In a separate statement, Sirius Petroleum said the COSL Force jack-up rig has been undergoing an extensive maintenance programme in Dubai.
The programme covers the necessary examination and repair of all major drilling equipment items and systems, including main engines, top drive, hoisting equipment, and mud pumps.
With regards to the proposed rig for the drilling programme on the Ororo field, the company said the process has taken significantly longer than originally envisaged. Sirius Petroleum still expects to begin spudding of Ororo-2 in the final quarter of 2018.
"During the first half of year and to date the shore-based work streams have continued in association with the group's operational partners to make all available resources available for the commencement of the Ororo development programme, pending the availability of a rig to commence drilling in 2018 at Ororo-2," said Chairman Jack Pryde.
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