Sirius Petroleum PLC Ororo Field - MEM Completed

TIDMSRSP

Sirius Petroleum PLC

02 January 2018

2 January 2018

Sirius Petroleum Plc

("Sirus" or "the Company"

Ororo Field - Operational Update MEM completed

Sirius Petroleum (AIM:SRSP), the Nigeria focused oil and gas development and production company, is pleased to provide a further update on the Company's Ororo Field development program.

Sirius has completed a Mechanical Earth Model ('MEM') with the team at Schlumberger Nigeria Limited. The MEM will facilitate a more rigorous completions program on Ororo-2 and Ororo-3, and is designed to maximize the production and reservoir management plans.

The MEM will also be used to help develop the future Ororo Development Drilling campaign.

Ends

Enquiries:

   Sirius Petroleum                                                        [phone] 

Bobo Kuti, Chief Executive

Mark Henderson, Chief Financial Officer

   Cantor Fitzgerald Europe                                         [phone] 

Sarah Wharry

   Gable Communications                                             [phone] 

John Bick [e-mail]

Sirius Petroleum's Strategy and the Ororo Field

The Company's strategy is to target proven opportunities and maximize hydrocarbon production and recovery through the acquisition of discovered assets in Nigeria, with a particular focus on shallow water offshore areas and realise upside potential through appraisal activities.

Sirius's initial focus is the Ororo field, which was originally operated by Chevron in 1986, drilling

Ororo-1 and hydrocarbons were discovered in seven sandstone reservoirs (D1 to D5, F and G). Four of the reservoirs were tested, two produced oil (D3 and G) and two produced gas condensate (D4 and D5). The original Ororo-1 well tested at 2,800 bopd and contains 125ft true vertical thickness ('TVT') of net oil pay.

The Ororo field is located within OML 95 in the Niger Delta, offshore Nigeria, in the western part of the prolific Niger Delta petroleum system. It lies in shallow waters offshore Ondo State in water depths ranging between 23ft and 27ft. The field is adjacent to the Mina, West Isan, Ewan, Eko and Parabe fields, all of which are operated by Chevron.

Sirius has a 40% economic interest under a Financial & Technical Service Agreement has entered into a Joint Operating Agreement ('JOA') in August 2017 with its indigenous partners Owena Oil & Gas (100% state owned entity) and Guarantee Petroleum, who own 27% and 33% respectively. The mid-case gross recoverable 2C contingent resources are 24mmboe.

Sirius has agreed innovative funding and operating partnerships with global industry leaders to execute the drilling campaign to first oil. The initial Ororo-2 well program aims at delivering an initial production of 2,700 bopd in H1 2018.

This information is provided by RNS

The company news service from the London Stock Exchange

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January 02, 2018 02:00 ET (07:00 GMT)