- Sirius Petroleum said it was in advanced stages of discussion on funding that would enable the company to executive a minimum work programme at its Ejulebe field in Nigeria.

The conclusion of a funding transaction was conditional, in part, on Sirius having arranged debt funding for the Ejulebe field.

'The proposed debt provider views the transaction positively and has agreed that the transaction should now proceed on the basis that Sirius be both the borrower and guarantor of the proposed facility,' the company said.

The transaction would now constitute a reverse takeover of the company under AIM rules.

The company's shares had consequently been suspended from trading with immediate effect.

At market close: [LON:SRSP] Sirius Petroleum PLC share price was 0p at 0.4p

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