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Sirius Petroleum PLC (SRSP)

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Monday 15 September, 2014

Sirius Petroleum PLC

Marketing Agreement

RNS Number : 6084R
Sirius Petroleum PLC
15 September 2014
 



15 September 2014

Sirius Petroleum Plc.

("Sirius" or the "Company")

 

Marketing Agreement with BTG Pactual Commodities

Termination of Existing Off-Take Agreement

Sirius Petroleum (SRSP:LN) is pleased to announce that it has entered into an Agreement with BTG Pactual Commodites (UK) LLP ("BTG Pactual") relating to the marketing of crude oil from the Ororo Field and other marketable product from other fields owned by Sirius Petroleum (the "Marketing Agreement").  

Under the terms of the Marketing Agreement, BTG Pactual has the exclusive right to market all Crude Oil from the Ororo Field, for an initial period of twelve months from the date that Sirius first makes any Crude Oil available to be marketed, and thereafter on a rolling twelve month basis unless otherwise terminated. BTG Pactual is hereby appointed Sirius' exclusive representative to perform all necessary marketing, negotiation, sales and contract execution in relation to the sale of its Crude Oil, from the Ororo Field and other fields subsequently owned by Sirius.

BTG Pactual may also market other physical crude oil of Nigerian origin sourced by Sirius from fields which it does not wholly or partially own. Sirius has agreed with BTG Pactual to split equally the proceeds from the marketing of any crude oil from sources introduced by Sirius outside of its own production.

Sirius previously entered into the Glencore Exclusivity Off-Take Agreement in May 2013 and the Company and Glencore have now signed a Deed of Termination to this agreement by mutual consent. Sirius has entered the Marketing Agreement with BTG Pactual to ensure that Sirius has a marketer for its petroleum products and to provide Sirius with the flexibility to conclude funding arrangements with third parties.

Commenting, Bobo Kuti, Chief Executive, said:

"I am delighted that we have entered into this Marketing Agreement with BTG Pactual, which offers significantly more advantageous terms to the Company and its Shareholders than previous arrangements and gives Sirius the ability to conclude its funding with other parties. We look forward to working with BTG Pactual to market Sirius' crude oil and working with them to market that of other Nigerian producers."

Enquiries:

Sirius Petroleum plc  

Bobo Kuti / Jamie Bligh

+44 (0) 20 3740 7460

www.siriuspetroleum.com

Cairn Financial Advisers LLP

Tony Rawlinson / Paul Trendell

+44 (0) 20 7148 7900

 

Cantor Fitzgerald Europe

David Porter / Richard Redmayne / Sarah Wharry

+44 (0) 207 894 7000


Gable Communications Limited

John Bick


+44 (0) 20 7193 7463

Email: [email protected]

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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