Sirius Petroleum PLC Schlumberger ISM Agreement (1706S)

TIDMSRSP

RNS Number : 1706S

Sirius Petroleum PLC

19 December 2016

19 December 2016

Sirius Petroleum plc

(the "Company" or "Sirius ")

Schlumberger Integrated Project Service Agreement

Sirius Petroleum (AIM: SRSP), the investing company focused on oil and gas exploration and development opportunities in Nigeria, is pleased to announce that it has entered into another milestone contract for the provision of an integrated services management (ISM) contract with Schlumberger, the world's leading oilfield services company.

As part of Sirius' shallow offshore development strategy in Nigeria, the contract is for a multi-well campaign, which will commence in the first half of 2017. Schlumberger will provide Sirius with a comprehensive package of managed and integrated products and services including directional drilling services, logging, completion and production fluids, cementing and pumping services, well intervention and stimulation products and services, well testing services, wellsite communications and data and software solutions. The contract envisages a drilling programme on the Ororo Field and can be expanded to include other potential offshore assets.

About Schlumberger

Schlumberger is the world's leading provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. Working in more than 85 countries and employing approximately 100,000 people, Schlumberger supplies the industry's most comprehensive range of products and services, from exploration through production and integrated pore-to-pipeline solutions for hydrocarbon recovery that optimize reservoir performance.

Vendor Finance Consortium

Following the execution of the agreement with Schlumberger, the Company is now in advanced discussions to finalise the participation of the last member of the Vendor Finance Consortium and intends to announce further details in due course regarding the final elements of the financing and operational service agreements.

Bobo Kuti, CEO of Sirius, commented:

"We are pleased to add another leading global industry service provider along with COSL and ADD Energy to our Vendor Finance Consortium. Schlumberger's experience, technology, and information solutions will enable us to optimise reservoir performance."

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

Enquiries:

   Sirius Petroleum                                                          [phone] 

Bobo Kuti / Jack Pryde

   Cantor Fitzgerald Europe                                            [phone] 

Sarah Wharry / Craig Francis

   Gable Communications                                                [phone] 

John Bick [e-mail]

This information is provided by RNS

The company news service from the London Stock Exchange

END

AGRDGBDDXSBBGLI

(END) Dow Jones Newswires

December 19, 2016 02:00 ET (07:00 GMT)