Sirius Petroleum is an Africa-focused oil and gas development, production and exploration company, focused on building a range of diversified producing and development assets.

About Sirius Petroleum image

Sirius has signed a subscription agreement with Anglo Tunisian Oil and Gas Limited ("ATOG"). Upon satisfaction of certain conditions, Sirius will subscribe for shares in ATOG to secure a 40% economic interest. Furthermore, subject to Sirius satisfying certain conditions and raising sufficient debt finance for the offshore development programme, Sirius will, pending local approvals, be granted an 80% economic interest in the offshore assets held by ATOG.

  • The portfolio is currently producing approximately 1,500 boepd from three onshore licences:
    • One operated by ATOG (Bir Ben Tartar);
    • Two operated by ENI (Adam and Borj el Khadra); and
    • The increased capacity with the newly commissioned Nawarra gas pipeline ($1.2 billion investment by its owner) will facilitate increased production at the ENI operated licences, which was previously production constrained.
  • The portfolio contains gross 2P reserves and 2C contingent resources of c.21 mmboe
  • The licences come with $14m of newly acquired and processed 3D seismic which ATOG holds and has used this to prioritise low risk, step out drilling opportunities. Schlumberger has estimated that the operated onshore exploration licences, Sud Remada and Jenein, contain gross original oil in place of, respectively 472 mmbbls and 100 mmbbls
  • The offshore licences, Cosmos and Yasmin, contain two discoveries which flow tested at 5,700 bopd and 1,200 bopd respectively

About Tunisia

Tunisia borders Algeria to the west, a 1000km Mediterranean coastline forms its northern border and Libya to its south and east. Tunisian culture is diverse and multi-layered, formed over many thousands of years of history across its arts, music and commerce, benefitting from its Mediterranean seagoing links.

The Oil and Gas industry in Tunisia is managed by the Ministry in charge of Hydrocarbon sector, Ministry of Energy and Mines and Energy Transition. The Directorate General of Hydrocarbons (‘DGH’) was established in 1993 under control of the Ministry of Petroleum & Natural Gas and is the structure in charge of the implementation of policies.

The objectives of the DGH are to promote sound management of the oil & natural gas resources, with a balanced regard for environment, safety, technological and economic aspects of indigenous petroleum activity.

The Tunisian government created the country’s state-owned oil company, Enterprises Tunisienne d'Activités Petrolières (ETAP), in 1972. ETAP’s mission is to manage the oil and natural gas exploration and production activities for the Tunisian government. ETAP has worked to attract foreign firms to fund oil exploration, particularly of the country's smaller fields.