On 24 March 2011 Sirius was admitted to AIM as an Investing company to seek opportunities to exploit rights to oil and gas resources located in Central and Eastern Europe and Central Asia, the North Sea and Africa. Having considered a number of potential opportunities, the board of Sirius is pleased to announce that it has decided to focus on the acquisition of Nigerian oil assets with a target minimum recoverable reserves of 20 million bbls. Although the Board will continue to assess other opportunities if they meet its strict investment criteria, the Board has identified several attractive opportunities with valid licences held by a number of oil majors in relation to potential marginal oil field opportunities in Nigeria. In addition, the Board continues to seek other potential assets in order to provide the widest possible range of options for the Company.

The Board is confident that at least one of the fields under consideration will prove to be suitable for Sirius and looks forward to commencing discussions and updating shareholders on progress at the appropriate time.

Tags: Sirius Petroleum