Sirius Petroleum preps drill rig for delivery to Ororo wells

Nigeria-focused oil and gas exploration and development firm Sirius Petroleum has received preliminary location approval from the Marine Warranty Surveyor for its Ororo-2 and Ororo-3 wells, leading its international rig partner COSL to commence mobilisation of the jack-up rig for delivery straight to the African nation.

COSL has optimised the drilling campaign for Sirius by electing to deploy its Force jack-up rig, a "hot rig" currently located off the coast of the UAE, which once on-station would be ready to kick off drilling at the Ororo-2 well throughout April.

In addition, Sirius has concluded amended terms with COSL for its Force jack-up rig, extending the initial program to cover both the Ororo-2 and Ororo-3 drill programs for a lump sum of $9m, payable in instalments related to drilling milestones, on the assumption that the duration of the work does not exceed 90 days from the spud of the first well in the program.

Bobo Kuti, chief executive, said, "We are delighted to be informed that COSL has finally secured the confirmation from the Marine Warranty Surveyor of the acceptance of the surface location of Ororo-2 and Ororo-3 wells enabling us to announce the mobilisation of the COSL Force jack-up rig."

"This is a milestone for Sirius as we embark with our operational partners on the first of our drilling programs," he concluded.

As of 1210 GMT, shares had gained 4.71% to 0.890p.