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INVESTMENT
Sierra Leone invites

investors to its fifth
petroleum licensing round

Sierra Leone has opened its fifth petroleum
licensing round, inviting investors to explore and
develop its 63,000 square km of highly prospec-
tive acreage in the oil and gas sector.
This move is part of the West African coun-
try’s efforts to advance its burgeoning oil and gas
industry and attract new investors.
During the Invest in African Energy recep-
tion in London on January 26, the head of the
Petroleum Directorate of Sierra Leone, Foday
B.L. Mansaray, called on investors to take advan-
tage of the country’s upstream potential.
Mansaray highlighted what he called com-
petitive fiscal conditions, stable government,
and high-quality data available in Sierra Leone Governance and Management: Sirius holds a The immediate subsurface plan is to review
as reasons for investment. 30% interest in the joint venture operating com- and update the existing static and dynamic mod-
Sierra Leone has a working petroleum system pany, COPDC, and the process of integrating els of the Abura field, incorporating the latest
supported by small-scale oil and gas discoveries, the management teams has commenced with production and pressure history available. The
including the Venus-B1, Mercury-1, and Jupi- Sirius appointees, Dami Onaiide and Bobo Kuti, updated history-match of the dynamic model
ter-1 wells by Anadarko and the Savannah-1X appointed respectively as Managing Director will then be used to optimise the location of
well by Lukoil. Exploration in the country began and Vice-Chairman. Other Sirius appointees this year’s planned development wells. The data
nearly four decades ago but was put on hold will be joining the management of COPDC in gathering requirements from these first wells
around 2015/2016. due course. will also be studied to ensure the necessary res-
Now, the Petroleum Directorate is inviting The conduct and execution of the OML 65 ervoir information is available in order to plan
investors to engage through block and technical FTSA is overseen by a Management Committee the future development of the shallower unde-
data acquisition. (ManCom), including 4 representatives from veloped reservoirs. The focus for the first two
bna/IntelliNews, 27 January 2023 COPDC and 4 representatives from Nigeria wells will be infill production from established
Exploration and Production Limited (NEPL), reservoir horizons.
Sirius Petroleum formerly NPDC. The ManCom is responsible directly after the upcoming ManCom, after
In-depth drilling well design will commence
for the high-level review of the financial, opera-
announces operational tional, environmental and sustainability perfor- which a detailed basis of well design (BOD) will
mance of the OML 65 FTSA as well as approval be produced, from which the long lead items,
and commercial update of budgets and work programmes. well heads, casing type and other equipment and
Under the terms of the OML 65 FTSA, the materials will be identified and orders placed.
Sirius Petroleum, an African focused oil & gas day-to-day management and administration of Discussions are already ongoing with suppliers.
production and development company, has the FTSA is overseen by the OML 65 Joint Pro- This BOD will then be discussed and shared
provided a group operational and commercial ject Management Team (JPMT) which consists with the Baker Hughes OML 65 technical team,
update ahead of the Company’s Annual General of eight members: 4 from COPDC and 4 from allowing them to structure their operational per-
Meeting. NEPL. The COPDC operational team is led by sonnel and ensure all equipment is ready to be
OML 65: On December 14, 2022 the Com- Victor Ekong, who has over 25 years of senior deployed. Discussions are also ongoing regard-
pany announced the completion of the OML management experience in upstream oil and gas ing fit for purpose, drilling rig requirements, and
65 transaction under which the Company ful- with IOCs in Nigeria. Ekong is supported by sea- 3 suppliers have been identified, with contract
filled all conditions precedent to drawing funds soned subsurface experts spanning geoscience negotiations due to start within the next 28 days.
under the senior loan facility of up to $200mn, and engineering, with significant operational Proposed Angola Acquisitions: In May 2022
which was previously executed with Trafigura, experience in Nigeria, including with IOCs. the Company announced its partnership with
including the approvals previously secured from Abura Field, Phase 1 Development Pro- Somoil SA, the largest privately owned Ango-
Nigeria’s national oil company NNPCL regard- gramme: We are currently in the process of lan oil company. The Sirius-Somoil consortium
ing commencement of Phase 1 of the OML 65 reviewing technical information related to signed Sale and Purchase Agreements (SPA)
Approved Work Programme (AWP). historic production and well performance and with Sonangol, Angola’s state-owned oil com-
The Company’s senior loan facility, combined studying the subsurface reservoir models and pany, to acquire participating interests of 8.28%
with subordinated loan facilities of $15mn with a materials in preparation for the commencement and 10% respectively in the producing Angolan
range of international institutions, provides the of phase 1 of the AWP, which will focus on the offshore Blocks 18 and 31 and a 25% participat-
funding required to undertake the anticipated further development of the producing Abura ing interest in the exploration Block 27, for a
OML 65 AWP. field. total consideration of $335.5mn.

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