Sirius Petroleum (AIM: SRSP), the Nigeria-focused oil and gas development and production company, announces that Shelf Drilling’s Adriatic-1 rig has reached Target Depth on its current operation and is concluding the testing and logging programme. The Company is awaiting a further update from Shelf Drilling regarding the release of the Adriatic-1, which is currently stationed in the adjacent licence to the Ororo field.
As previously disclosed in the AIM Admission Document of 30 November 2017, in order to preserve its current licence, the Company is required to bring the Ororo field into production on or before 1st May 2019.
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. The Board will notify the market when further updates are received by the Company.
Source: Sirius Petroleum