Sirius Petroleum Secures Jackup Rig For Nigeria’s Ororo Oilfield

Sirius Petroleum Secures Jackup Rig For Nigeria’s Ororo Oilfield

United Kingdom-listed Sirius Petroleum has stated that it will deploy the COSL Power Jackup for the upcoming appraisal drilling on the Ororo field, offshore Nigeria.

The company said in a statement that it selected the rig following analysis of bathymetry data from a recent seabed survey in the area.

COSL Drilling Pan-Pacific operates the high-specification jackup, an ABS A1 self elevating unit capable of drilling in water depths of 375 feet, about 114 metres.

The Nigeria -focussed company quoted on the Alternative Investment Market (AIM) of the London Stock Exchange, has also confirmed it was in talks with BP Plc over a potential partnership.

It confirmed that the BP talks were regarding a possible offtake and pre-payment facility, which would support the financing of a proposed drilling programme on the Ororo field.

“Discussions with BP, and other parties regarding financing, are ongoing and there can be no certainty that Sirius will reach an agreement with BP regarding the proposed offtake and pre-payment,” Sirius said in a statement.

“The company will provide updates to the market as appropriate,” the statement added
According to the company, it is currently in discussions with BP regarding an offtake and pre-payment facility to support the financing of the company’s proposed drilling programme on the Ororo Field.

The company had also entered into a Financial and Technical Services Agreement (FTSA) with Owena Oil and Gas Limited and Guarantee Petroleum Company Limited in relation to a proposed investment in the Ororo marginal oil field, which is located in Oil Mining Lease (OML) 95, also in Nigeria.

The company is also currently considering a number of opportunities in the oil and gas sector with particular focus in Nigeria.
Sirius Petroleum is an investment company whose shares are quoted on the London Stock Exchange.
Sirius has an agreement in place with Taglient Oil Nigeria Limited, a Nigerian private company owned and managed by Nigerians.

Under this agreement, Taglient has agreed, among other things, to use all its reasonable efforts to seek out opportunities for Sirius to acquire interests in oil and gas fields in Nigeria.

A Nigerian joint-venture company has also been formed and named Sirius Taglient Petro Limited to facilitate the grant of permits and licences to carry out business locally.

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