Sirius Petroleum Confident About Ororo Field Despite Widened Loss


LONDON (Alliance News) - Sirius Petroleum PLC's loss widened for the first half of 2017, hit by costs incurred as it continues its evaluation and planning work on the
Ororo field in Nigeria.
Sirius' pretax loss for the first half to June 30 widened to USD992,000 from USD702,000 the same period last year, with operations costs at the field rising to USD963,000 from USD698,000. No revenue was posted for either period.
Sirius's operations included a seabed survey around the Ororo licence area and the provision of offshore service vehicles from Tidewater Marine International, Inc.
During the period it raised GBP2.0 million through a placing at 0.75 pence per share and a further GBP70,000 at 0.50p.
Sirius said these funds were used to pay initial deposits on key equipment and long lead items, and the second placing paid off a GBP70,000 loan to Calvet International Ltd.
Since the period end, Sirius said it entered into a USD10 million revolving pre-payment facility and commercial off take agreement with BP Oil International, a subsidiary of BP PLC, regarding the sales of the crude produced at Ororo.
It said on August 16 it announced a joint operating agreement had been signed by Sirius and its partners Owena Oil & Gas Ltd and Guarantee Petroleum Company Ltd to enable it to transition from an investing company to an operating company, subject to shareholder approval.
Looking forward, Sirius said it is confident it will be in a position to commence the development of the Ororo field.

Shares in Sirius Petroleum remain suspended.

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