Sirius Petroleum signs well management contract for Nigeria oil field

18th Nov 2016 08:04

(ShareCast News) - Oil and gas investor Sirius Petroleum has signed a well management contract with Add Energy Group, for a multi-well campaign as part of an offshore development in Nigeria.Sirius will drill, complete, and produce wells as part of the contract, which which will start in the first half of 2017.Add Energy had worked with Sirius to secure the drilling contract with COSL Drilling Pan-Pacific, the international division of COSL china, a oil field service provider.Under the contract Add Energy will also provide well management solutions services to Sirius and will extend delayed invoice and payment terms to the company in line with its other project partners.The company hopes to drill on the Ororo Field, which could be expanded to include other potential offshore assets.Sirius chief executive, Bobo Kuti said that having Add Energy leading the operations in the field reinforces the company's confidence in achieving first hydrocarbons in the first half of 2017.Dermot O'Keeffe, Add Energy's chief operating officer, added: "Working together with COSL and our other service providers will demonstrate that, in the oil and gas new world order, pooling resources to develop solution-based results is the way forward."Shares in Sirius Petroleum were down 1.7% to 20.89p at 0842 GMT.