Sirius Petroleum in drilling limbo pending Ororo license extension
Sirius Petroleum is still in limbo regarding the extension of its Ororo license, which is located offshore Nigeria, and the subsequent drilling activities on the field.
The license for the Ororo field expired on May 31, 2019. In order to preserve the Ororo license, Sirius was required to bring the field into production on or before May 1, 2019.
Since the company realized it would not be able to do it by the deadline, Sirius decided to seek a further extension to the term of the license from the Department of Petroleum Resources in Nigeria in April. The extension of the license has already been granted on two previous occasions.
According to Sirius’ statement from last Friday, the company is still waiting for the results of the application process. The granting of any extension to the term of the license will require the approval of the Minister of Petroleum whose formal appointment has yet to be made.
The company noted that there would be no drilling activity on the field until an extension was granted. The company added it was optimistic, but that there was no guarantee that an extension to the license would be granted, and therefore the company could restore its economic interest.
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