12th Sep 2014 08:12
LONDON (Alliance News) - Sirius Petroleum PLC Friday said its still in discussions with its financiers about obtaining the extra funding needed to bring its OML 95 licence in the Ororo field, offshore Nigeria, into production, and has asked the subscribers of its recent placing to extend the deadline by which it needs to secure the extra money.
Back in July, the Nigeria-focused oil and gas producer said it had conditionally raised gross proceeds of USD20 million through a placing and subscription to help develop its OML 95 licence.
It said the cash would be put towards its initial well at the OML 95 licence, in which the company has a 40% interest, as part of a proposed three well programme targeting daily field production of roughly 6,000 barrels of oil.
The company is aiming to put its first marginal field into production by the first quarter of 2015.
However, the fundraising was conditional upon the company raising further funds on or before September among other requirements.
Sirius Petroleum said Friday that the discussions are progressing well but had not yet been concluded, and it has requested that the placees and subscribers of the conditional placing and subscription extend the date in which all the conditions need to be met.
"We have made significant progress with the further funding required to develop the Ororo field and in securing funding partners who we believe can support our strategy to build the asset base of our portfolio," said Chief Executive Bobo Kuti in a statement.
Sirius Petroleum shares were down 4.3% at 2.80 pence Friday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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