Sirius Petroleum (AIM:SRSP) the investing company focused on oil and gas exploration and development opportunities in Nigeria, updates its shareholders on progress towards completion of the £9.6 million Convertible Loan with Nima International Ltd. (“Nima”), an affiliate company of Levant Energy Limited.
The Company continues to work closely with Nima and its advisers to complete the reducing number of outstanding items relating to the security documents which need to be agreed in order to complete the Loan. This work remains ongoing and the parties have therefore mutually agreed to extend the completion date from 16 March 2015 to 30 April 2015. Whilst the Directors remain confident of completing the agreement, there can be no guarantee that this will occur.
Commenting, Bobo Kuti, CEO, Sirius Petroleum, said “We are working with Nima to conclude this as soon as possible in order to proceed with our plans to bring our first asset into production.”