Sirius to focus on Nigerian oil assets

Sirius Petroleum plc, a marginal oil and gas investor, has announced plans to focus on the acquisition of Nigerian oil assets.

The firm’s board says that, having looked at a number of potential opportunities, it has decided to concentrate on Nigerian assets, setting a minimum target of 20 million barrels in recoverable reserves.

So far, the board has identified a number of possibilities involving valid licences held by oil majors in relation to potential marginal oil field opportunities in Nigeria. It is confident that at least one of the fields under consideration would be suitable and anticipates being able to start discussions in the near future.

Sirius will continue to look at other opportunities should they meet its investment criteria and is continuing to seek other potential assets to increase the range of options open to the company.

Sirius was admitted to AIM in March this year as an investing company exploiting rights to oil and gas reserves in Central and Eastern Europe, Central Asia, the North Sea and Africa.

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