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Sirius secures In-Country Rig for Ororo Field

08 Oct 2018

Sirius Petroleum Plc

(“Sirius” or the “Company”)

Sirius secures In-Country Rig for Ororo Field

Sirius Petroleum (AIM: SRSP), the Nigeria-focused oil and gas development and production company, announces that it has decided, by mutual agreement with COSL, to abrogate its agreement with COSL for the supply of a jack-up rig for the drilling programme on the Ororo field, OML 95.

Sirius has sourced and signed an agreement with Shelf Drilling Limited (“Shelf”) to supply its Adriatic I jack-up rig which is scheduled to become available during November and is in close proximity to the Ororo field. The Company’s operational budget for the Ororo drilling programme as disclosed in the Company’s admission document published on 30 November 2017 remains unchanged. The proposed rig is fully certified, currently concluding a well campaign with another operator utilising Schlumberger services and equipment on board the Adriatic I, and meets the specifications required for the Company’s proposed drilling programme at Ororo-2 and Ororo-3.  As previously announced, the Company and its operational partners, Schlumberger and Add Energy intend to achieve the spudding of Ororo-2 at the earliest possible time during Q4 2018.

Bobo Kuti, CEO of Sirius Petroleum plc, said:

“We are delighted to have sourced a drilling rig which is currently on station in the Niger Delta and is ahead of schedule on its current drilling programme, hence has become available. It meets our technical criteria for the Ororo field drilling programme and we look forward to working with our operational partners Schlumberger and Add Energy on commencing the Ororo drilling programme.”

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