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.
|
Relevant Companies
For more company information click below:
Headlines
31 August 2010
30 August 2010
27 August 2010
20 August 2010
18 August 2010
13 August 2010
09 August 2010
06 August 2010
30 July 2010
29 July 2010
28 July 2010
27 July 2010
26 July 2010
23 July 2010
23 July 2010
22 July 2010
21 July 2010
19 July 2010
16 July 2010
12 July 2010
09 July 2010
08 July 2010
07 July 2010
06 July 2010
05 July 2010
02 July 2010
06 May 2010
13 April 2010
24 March 2010
23 March 2010
23 March 2010
23 March 2010
23 March 2010
23 March 2010
23 March 2010
23 March 2010
23 March 2010
22 March 2010
22 March 2010
22 March 2010
22 March 2010
22 March 2010
22 March 2010
22 March 2010
22 March 2010
22 March 2010
22 March 2010
22 March 2010
19 March 2010
19 March 2010
» See all News
Features
31 August 2010
28 July 2010
23 July 2010
13 April 2010
24 March 2010
22 March 2010
19 March 2010
19 March 2010
18 March 2010
16 March 2010
15 March 2010
12 March 2010
11 March 2010
08 March 2010
05 March 2010
05 March 2010
» See all Features
Round-Ups
27 August 2010
20 August 2010
13 August 2010
06 August 2010
30 July 2010
23 July 2010
16 July 2010
09 July 2010
02 July 2010
19 March 2010
19 March 2010
12 March 2010
12 March 2010
05 March 2010
05 March 2010
28 February 2010
Popular
31 August 2010
28 July 2010
30 August 2010
27 August 2010
04 December 2009
18 August 2010
30 July 2010
26 July 2010
29 July 2010
20 August 2010
01 February 2010
23 March 2010
08 July 2010
19 July 2010
27 July 2010
09 August 2010
|