Sirius Petroleum updates its shareholders on progress towards completion of the £9.6 million Convertible Loan with Nima International Ltd., an affiliate company of Levant Energy Limited.
The Company has been working closely with Nima to complete the outstanding items relating to the Loan. This work remains ongoing and the parties have therefore mutually agreed to extend the completion date from 16 February 2015 to 16 March 2015. Whilst the Directors remain confident of completing the agreement by this date, there can be no guarantee that this will occur.
The Company has re-appraised the Ororo Field economics in light of current oil prices. The Directors believe there remains significant value to shareholders in developing the asset and bringing the Ororo Field into production. Oil service and rig costs in Nigeria have reduced significantly along with prices, which will mean a lower cost to first oil for Sirius.