Scandoil  

Sirius Petroleum reviews corporate strategy


Published May 4, 2015
Sirius Petroleum-2

Sirius Petroleum updates its shareholders having reviewed its strategy with regard to its pipeline of assets and funding for the Ororo Field.

Ororo Field located in OML 95

In light of the current share price and economic climate, the Directors have reviewed the potential dilution to shareholders in raising USD $25m through a combination of new equity and a convertible loan structure to fund the Ororo-2 well. The Sirius Board has concluded that whilst the Ororo Field remains profitable at the current oil price, if the funds needed were raised directly by Sirius Petroleum Plc there would be significant dilution of existing shareholders interests and this would not be in the best interests of the Company's existing shareholders. On a fully diluted basis, the existing shareholders would own only a small minority of the Company's enlarged equity post investment.

Consequently the Directors of Sirius, in conjunction with Nima International Limite, an affiliate company of Levant Energy Limited, have agreed to consider alternative funding structures for the Ororo Field. These include Nima providing funding to Sirius Ororo ('OML 95') Limited, a wholly owned subsidiary of Sirius which directly owns OML 95, or obtaining funding at the project level. The Directors are also considering a range of alternative structures including debt structures, which are less dilutive than the proposal previously considered.

Tags: Sirius Petroleum




Advertisment:

Add a Comment to this Article

Please be civil. Job and promotion will not be added into the comment page.

(Use Markdown for formatting.)

This question helps prevent spam:

+ Larger Font | + Smaller Font
Top Stories

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us
Stats

 

sitemap xml