Fladgate LLP has advised AIM listed Sirius Petroleum plc on its proposed readmission to trading on AIM as an operating company, contemporaneous with a US$9.5m equity placing and entry into a convertible loan facility of US$12m with London Oil & Gas Limited. The combined proceeds of the placing and the convertible loan facility will allow the Company to drill the Ororo-2 well, offshore Nigeria, and bring it into production in accordance with the Ororo Joint Operating Agreement. Sirius has a 40% economic interest in the Ororo field. The transaction is subject to shareholder approval at a general meeting to be held on 18 December 2017.
Fladgate has acted for Sirius since its incorporation in 2004.The Fladgate team was led by capital markets partner David Robinson assisted by partner John Forde, corporate associates Orit Rioumine Gold, David Lee and Caroline Philipps, trainee solicitor Christopher Wilkinson and paralegal Rebecca Felton.