Ororo marginal oil field Update

abarrelfullabarrelfull wrote on 26 Mar 2012 08:30
Tags: nigeria sirius upstream

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Further to the announcement of 31 January 2012, the board of directors of Sirius (the “Board”) is pleased to provide an interim update on the Competent Person’s Report (“CPR”) commissioned on the Ororo marginal oil field (the “Ororo Field”) from Gaffney Cline & Associates (“GCA”). Progress continues to be satisfactory, and additional data have been procured to support the potential for incremental sands deeper in the field which were not penetrated by the Ororo-1 well. As a result, Sirius has asked GCA to undertake additional analysis with a view to quantifying the potential upside from the additional sands, which has led to a longer timescale in producing the report than initially envisaged.

The Ororo-1 well was drilled by Chevron to approximately 10,000ft, encountering a number of productive sands down to what are known as the G sands. After examining data from neighbouring wells and nearby producing fields, it was ascertained that a number of these fields are producing from sands deeper than the G sands, which were not penetrated by Ororo-1 due to depth. Given the high quality of 3D seismic available over the field, Sirius and its partners have asked GCA to assess these lower sands before fully reporting on the Ororo Field.

These deeper sands represent potentially significant upside compared to Sirius’ original evaluation of the field, although there can be no guarantee these sands are fully present, or will prove productive, until drilled and tested. In addition to the progress with the Ororo Field, the Company continues to make very good progress with the work being carried out by its business development team in identifying and assessing a number of potential additional opportunities in Nigeria.

Commenting, Ed Johnson, CEO of Sirius Petroleum, said: “We are grateful for the patience shown by our shareholders who have been expecting a CPR on the asset for some while now. However, given the new information and data, we believe additional evaluation is warranted in order to design an optimal development and recovery plan for the Ororo Field. We intend to report fully on the Ororo Field once the additional mapping and evaluation has been completed. We continue to be satisfied with the progress on Ororo, including our assessment of the optimal development plan and service providers, and remain excited by our business development activities. We look forward to reporting further progress in due course”

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