Sirius Petroleum Plc, on Friday said there will be no drilling activities at the Ororo field in Nigeria as it awaits licence renewal.
The licence to the Ororo field expired at the end of May whilst Sirius has decided to seek a further extension to the term of the licence from the Department of Petroleum Resources in Nigeria.
On Friday, the oil and gas development and production company said the granting of any extension to the term of the licence will require the approval of the Minister of Petroleum, whose formal appointment has yet to be made.
“While the company remains optimistic, there can be no guarantee that an extension to the licence will be granted, and therefore that the company can restore its economic interest,” Sirius said in its statement Friday.
The Ororo field contains an estimated 35.5 million-44.1 million barrels of oil and 7.84 billion cubic meters, bcm-11 bcm (277 billion cubic feet bcf-390 bcf) of gas in place. Sirius operates the licence with a 40 per cent stake, along with partners Guarantee Petroleum 33 per cent and Owena Oil & Gas 27 per cent.