Sirius Petroleum Signs Crude Handling Agreement For Ugo-Ocha Terminal

LONDON (Alliance News) - Oil and gas explorer Sirius Petroleum PLC said on Monday it has entered ...

Alliance News 11 February, 2019 | 11:08AM
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LONDON (Alliance News) - Oil and gas explorer Sirius Petroleum PLC said on Monday it has entered a crude handling agreement with the operator of the Ugo-Ocha Floating Storage & Offloading unit.

The Ugo-Ocha oil terminal is located offshore in the waters of the exclusive economic zone of Nigeria, which can store 2.0 million barrels of crude.

The handling agreement provides for crude handling, receipt, storage and delivery, as well as health, safety, and environment compliances.

"We are pleased to have secured this agreement to export our crude production through a secure offshore terminal which is in line with our commercial offshore strategy and provides the most flexible offtake option for our offtake partner," said Chief Executive Bobo Kuti.

Shares in Sirius Petroleum were up 2.7% at 0.50 pence on Monday.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Sirius Petroleum PLC 0.40 GBX 0.00 -
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