StockMarketWire.com - Sirius Petroleum said it had agreed to acquire a 75% stake in Precision Energy Tetra 109 from Precision Energy Group.

The Sirius joint venture had in turn agreed to acquire a direct 40% equity and up to 80% economic interest in Tetrarch.

Tetrarch was an 80% shareholder in Tetra Energy Services, which had entered into a petroleum services contract with the owners of the licence in Nigeria known as OML 109.

There was only nominal consideration payable on the acquisition, which was conditional upon, among other things, Sirius sourcing for the Sirius JV $40m in external debt funding.

"The proposed acquisition would be a significant addition to the Sirius portfolio and we look forward to working with the co-owners of the asset and our operational partners to boost production on the Ejulebe field,' chief executive Bobo Kuti said.

'We are also excited to explore the EJ-WSW prospect, which, if successful, could potentially add material reserves.'


At 2:39pm: [LON:SRSP] Sirius Petroleum PLC share price was +0.05p at 0.73p



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