Sirius Petroleum Plc

(“Sirius” or “Company”) 

JV Partnership OML 65

$80m Development Funding Secured

Update: Proposed AIM Admission

 

London, 14 May 2021: Sirius, the Africa focused oil & gas development company, is pleased to update shareholders on the Company’s transaction in Nigeria and its intended IPO on London’s AIM market.

Nigeria Transaction

In November 2020, the Company announced that it had signed legally binding agreements in relation to a proposed Nigerian transaction. Further to this, Sirius will become a 30 per cent shareholder in the joint venture company, COPDC Petroleum Development Company Limited (“COPDC”), which has executed agreements with NNPC (Nigeria National Petroleum Corporation) regarding the development of the OML 65 licence, onshore Nigeria.

$80m Development Funding Secured

Commenting, Bobo Kuti, CEO of Sirius Petroleum Plc, said: “We are delighted to be partnering with COPDC to operate the OML 65 block and to lead the redevelopment of what is a very substantial asset. This is a transformational, low risk transaction for Sirius shareholders, delivering material near-term production and cash flows and we are particularly pleased to have secured funding from a tier-one global trader.”

Update re: Proposed AIM Admission

We also write to update you on progress towards the Company’s proposed AIM Admission and are pleased to report that this process will be advancing over the coming weeks, to incorporate the most up to date documentation on the Company’s portfolio of African assets and audited financial accounts for the year ended 31 December 2020. We are working with our Nomad, auditors, legal and professional advisers to conclude this process and will provide a further update as soon as the final stages of the timetable for the IPO are confirmed.

We would like to thank shareholders for their continued support during this extended period and look forward to concluding the next stage of the Company’s strategy to build a portfolio of Pan-African production, development and exploration oil & gas assets.

www.siriuspetroleum.com

 

ir@siriuspetroleum.com

 

Ends.

 

[1] According to the Gaffney Cline CPR dated May 2021