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Sirius Petroleum calls in Schlumberger for 2017 drilling campaign

Published: 21:30 19 Dec 2016 AEDT

Offshore rig
Schlumberger is a world leader in its field

Sirius Petroleum (LON:SRSP), the investing company focused on the Nigerian energy sector, has contracted oilfield services giant Schlumberger for a multi-well campaign next year.

Schlumberger will provide Sirius with a comprehensive package of managed and integrated products and services on an offshore drilling programme, scheduled for the first half of next year.

The contract envisages a drilling programme on the Ororo Field and can be expanded to include other potential offshore assets.

"We are pleased to add another leading global industry service provider along with COSL and ADD Energy to our Vendor Finance Consortium. Schlumberger's experience, technology, and information solutions will enable us to optimise reservoir performance," said Bobo Kuti, chief executive officer of Sirius.

In a separate announcement, the company said it is to raise £850,000 through a placing of shares at 0.5p each.

Sirius’s shares were up 3.1% at 0.567p in mid-morning trading.

“This is a very encouraging development in our view, effectively establishing a collaboration with one of the world's leading oilfield services company,” said Cantor Fitzgerald, which rates the shares a ‘buy’ and has a target price of 2.3p.

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