Sirius Petroleum has raised $2m in new capital for equipment mobilization deposits for the upcoming drilling campaign at the Ororo field, offshore Nigeria, Offshore Energy Today reported.
Sirius Petroleum’s CEO, Bobo Kuti, said: “We are advancing into the pre-drilling program of activity and hence the requirement for the funds to support the mobilization of key equipment and long lead items.”
According to Proactive Investors, the company stated that the net proceeds of the subscriptions will be used to pay the initial deposits on key equipment and long lead items, including wellheads, ‘Christmas tree’ pipe and valve assemblies, and tubing hangers.
It comes ahead of the beginning of the proposed drilling program in the Ororo field in conjunction with the company’s project consortium partners COSL Pan Pacific Drilling, Add Energy, and Schlumberger.
Sirius Petroleum acts as the technical and financing partner in the development of the field, in which Guarantee Petroleum has a 55% participating equity interest and Owena Oil & Gas as its partner holds the remaining 45% share.
The Ororo field, discovered in 1986, is located within OML 95 in shallow waters offshore Ondo State. The field lies in water depths ranging between 23ft and 27ft.