TIDMSRSP

RNS Number : 3023E

Sirius Petroleum PLC

03 November 2015

3 November 2015

Sirius Petroleum Plc.

("Sirius" or the "Company")

Well Permit Approval

Sirius Petroleum (AIM:SRSP), the investing Company focussed on oil and gas development and production opportunities in Nigeria, is pleased to announce that Guarantee Petroleum, one of Sirius' local partners in the Ororo Field, has received approval to drill the proposed Ororo-2A well on the Ororo Field ("Approval") from the Department of Petroleum Resources ("DPR") in Nigeria. The Ororo-2A well is Sirius' first appraisal well in the Ororo Field, and is named according to the chronological number of the drilling sequence for the field.

Sirius has been working closely with the DPR and its partners, Guarantee Petroleum and Owena Oil & Gas (together with Sirius, the "Partners") and, whilst no Marginal Field licences have yet been formally renewed, the Directors believe that the Approval from the DPR confirms that the Partners have met the necessary licence obligations on the asset to allow them to commence operations on the field. The Approval will expire six months from the date of issue, being 26 October 2015, at which point Guarantee must seek revalidation on behalf of the Partners, if drilling has not commenced.

Commenting, Dr. Samuel Omobomi, Chairman of Guarantee Petroleum, said: "We look forward to developing the Ororo Field to first oil with Sirius Petroleum and Owena Oil & Gas and concluding the initial work programme on our shallow offshore asset."

Commenting, Bobo Kuti, CEO of Sirius Petroleum, said: "I am delighted that we have been able to reach this major milestone towards developing the Ororo Field and building significant value for shareholders."

Enquiries

 
 Sirius Petroleum plc            +44 (0) 20 3740 7460 
  Bobo Kuti / Jamie Bligh         www.siriuspetroleum.com 
 Cairn Financial Advisers 
  LLP 
  Tony Rawlinson / Emma Earl     +44 (0) 20 7148 7900 
 Merlin Partners LLP 
  Ashleigh Ruxton                +44 (0) 20 7484 0901 
 Cantor Fitzgerald Europe 
  David Porter / Sarah Wharry    +44 (0) 207 894 7000 
 Gable Communications Limited    +44 (0) 20 7193 7463 
  John Bick                       Email: srsp@gablecommunications.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

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November 03, 2015 02:00 ET (07:00 GMT)

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