AIM listed Sirius Petroleum enters into agreement for investment in Ororo oil field

Our team: David Robinson

Fladgate LLP has advised AIM listed Sirius Petroleum plc on a Financial and Technical Services Agreement 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 95 in Nigeria.

Commenting on the agreement, Ed Johnson, CEO of Sirius Petroleum, said: “The marginal field opportunities in Nigeria make this area of operation very scaleable for Sirius, and the Ororo farm-in would mark the first stage of the delivery of our strategy to derive significant value for our shareholders and partners via the acquisition of high quality marginal field oil & gas assets to build a strong upstream business. The Ororo field itself represents an optimal first asset, with an existing flow test and with a potentially rapid time to first production. Both Owena and Guarantee will be valuable partners to Sirius in its pursuit of its Marginal Fields strategy, and Sirius looks forward to working with both companies”.

The Fladgate team was led by corporate partner David Robinson.

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