Sirius Petroleum seeks Nigeria licence extension as it awaits arrival of drilling rig

  • Apr 05, 2019
  • Stock Market Wire

Sirius Petroleum seeks Nigeria licence extension as it awaits arrival of drilling rig StockMarketWire.com - Sirius Petroleum said it had requested a licence extension in Nigeria while it waits for a drilling rig to arrive at its Ororo prospect in the African nation.

Shelf Drilling's Adriatic-1 rig had reached the target depth at a nearby operation and was concluding a testing and logging programme.

Sirius Petroleum said it was awaiting a further update from Shelf Drilling regarding the release of the Adriatic-1.

In order to preserve its current licence, the company was required to bring the Ororo field into production on or before 1 May.

'Therefore, given the approaching timeline, the company has taken the decision to seek a further extension to the term of the licence from the Department of Petroleum Resources in Nigeria, which has already been granted on two previous occasions, Sirius Petroleum said.

'The board will notify the market when further updates are received by the company.'

Story provided by StockMarketWire.com

Sirius Petroleum seeks Nigeria licence extension as it awaits arrival of drilling rig StockMarketWire.com - Sirius Petroleum said it had requested a licence extension in Nigeria while it waits for a drilling rig to arrive at its Ororo prospect in the African nation.

Shelf Drilling's Adriatic-1 rig had reached the target depth at a nearby operation and was concluding a testing and logging programme.

Sirius Petroleum said it was awaiting a further update from Shelf Drilling regarding the release of the Adriatic-1.

In order to preserve its current licence, the company was required to bring the Ororo field into production on or before 1 May.

'Therefore, given the approaching timeline, the company has taken the decision to seek a further extension to the term of the licence from the Department of Petroleum Resources in Nigeria, which has already been granted on two previous occasions, Sirius Petroleum said.

'The board will notify the market when further updates are received by the company.'

Story provided by StockMarketWire.com