Sirius Petroleum launches fundraising after identifying oilfield opportunity
02 December 2009
Sirius Petroleum has announced plans to raise £1.1 million in a 6p per share placing after identifying its first marginal oil field opportunity in Nigeria.
Since changing its strategy from gaming machines to oil and gas in June 2008, Sirius has been on the look-out for reverse takeover targets in order to fall into line with AIM rules. Last year it told the market that any deal would need to be underpinned by a fundraising to pay for due diligence.
Meanwhile, in October the company began trading an import broker of refined oil products into Nigeria but insisted that it was still searching for an oilfield acquisition in the country.
The search is being led by Sirius director Toby Hayward, the ex-Jeffries and Canaccord Adams oil and gas specialist who brought AIM success story Afren to market in March 2005.
Sirius today declined to give details about the potential oilfield deal ahead of due diligence on the project. However, it strategy involves targeting 20 million barrels of oil in Nigeria through a series of projects. It wants to stump up 100% of the cash to take a 40% legal stake in its projects.
Toby Hayward is leading the search for marginal oilfield opportunities at Sirius
Today’s news comes as the company signed its fourth strategic partnership by way of letter of intent with Nigerian based Frontier Oil Ltd. The two sides now want to identify and negotiate an economic interest in marginal oil and gas field opportunities currently held by Shell Nigeria using Frontier's experience and contacts.
Babatunde Agboola, the chairman of Sirius, said the company was expecting to make further announcements concerning additional interests in marginal fields in Nigeria over the coming months.
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