Add Energy Secures a Well Management Contract with Sirius Petroleum Ltd
18 Nov 2016
Sirius Petroleum (AIM: SRSP), an investing company focused on oil and gas exploration and development opportunities in Nigeria, has awarded Add Energy a Well Engineering and Operations Management ("Well Management Contract") for a multi well campaign as part of Sirius' shallow offshore development strategy in Nigeria, commencing in the first half of 2017.
The Well Management Contract provides Sirius with the engineering and operational capability to drill, complete, and produce wells in 2017 and Add Energy was instrumental in working with Sirius to secure the drilling contract with COSL Drilling Pan-Pacific Limited.
Under the terms of the Well Management Contract, Add Energy will provide its well management solutions services to Sirius and as part of the agreement will extend delayed invoice and payment terms to Sirius in line with the Company's other project partners. The contract envisages a drilling programme on the Ororo Field and can be expanded to include other potential offshore assets.
Bobo Kuti, CEO of Sirius, commented: "We are delighted to have secured this important Well Management contract with Add Energy, one of the world's leading drilling project management companies. Having Add Energy leading the operations in the field reinforces our confidence in achieving first hydrocarbons in H1 2017."
Dermot O'Keeffe, Add Energy Chief Operating Officer, commented: "We are looking forward to working in collaboration with Sirius Petroleum to enable the Company to reach first oil in 2017. Working together with COSL and our other service providers will demonstrate that, in the oil & gas new world order, pooling resources to develop solution-based results is the way forward."