Sirius Petroleum has provisionally raised approximately $20,000,000 by way of a placing and subscription and the board is currently seeking to raise a further $5,100,000 (the "Further Funding") in order to put the Ororo Field into production. A long stop date of 7 November 2014 is set for the placing and subscription and the Further Funding may or may not be concluded by that date. In addition to these ongoing discussions, the Company is exploring an alternative re-entry scenario into the Ororo Field, which may reduce the overall Capex and impact the Further Funding required.
To strengthen Sirius's technical capabilities and, as part of the concluding of the funding, the Company is forming a Technical Advisory Committee (TAC) to assist in advising on the technical aspects of its operations. The TAC will comprise a team of experts from the Oil & Gas industry to actively advise the Company on the optimum development of its assets. Whilst the initial focus is on the drilling of the Ororo Field, the TAC will also advise Sirius on the technical aspects of the acquisition and development of further assets in Nigeria. The responsibilities of the TAC include monitoring geological and geophysical interpretation, acquisition and development planning, economic modelling studies and engineering activities.