African-focused oil producer Sirius Petroleum has been boosted after a new evaluation of its Ororo field in Nigeria showed higher oil levels than previously expected.
A new report by Schlumberger showed the offshore field contains between 35 and 44 million barrels of oil – potentially more than double the amount previously expected.
Recoverable oil from the first well on the field is estimated at up to 12million barrels, with testing flowing at 2,800 barrels per day – several hundred boed higher than predicted.
Sirius, which has a 40% stake in the field, said it would now begin development work to begin further drilling.
“The independent assessment of the oil in place in the first of our portfolio of assets to be exploited, the Ororo field, indicates a greater asset base than we had originally expected,” said Sirius chef executive Bobo Kuti.
“The long awaited decision to proceed with this development is a major first step for the Company, from which it can build value for shareholders.
“Schlumberger has been involved in the project from the earliest stages of the Ororo Field and, due to the results from the field evaluation, we are now in discussions with Schlumberger to provide project management and drilling services to accelerate our development activities on this asset in order to get it to first oil.”
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