Sirius Petroleum seeks another extension at Ororo field

5th Apr 2019 11:51

(Sharecast News) - Nigeria-focused oil and gas development and production company Sirius Petroleum announced on Friday that Shelf Drilling's Adriatic-1 rig had reached target depth on its current operation, and was concluding the testing and logging programme.The AIM-traded firm said it was awaiting a further update from Shelf Drilling over the release of the Adriatic-1, which was currently stationed in the adjacent licence to the Ororo field.As it had said in its AIM admission document on 30 November 2017, in order to preserve its current licence, Sirius Petroleum was required to bring the Ororo field into production on or before 1 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 Sirius board said in its statement."The board will notify the market when further updates are received by the company."