Investment company Sirius Petroleum has entered into a $10 million revolving pre-payment facility and commercial offtake agreement for the sales of crude oil produced from Nigeria’s Ororo offshore field with BP.Sirius entered discussions with BP regarding an offtake and pre-payment facility to support the financing of the company’s proposed drilling program on the Ororo field in mid-June.The investment company said on Monday that the deal has now been signed with BP Oil International, a subsidiary of oil major BP.The agreement enables Sirius to draw down up to $10 million, in pre-payment finance following the beginning of production from the Ororo field. The company said that the interest rate on any pre-payment amount drawn down would be charged at Libor +9 percent per annum and will be repaid from crude oil sales.Sirius added in Monday’s statement that it could request that BP provides pre-payment finance for either or both of the first two cargoes of crude oil, each for up to $10 million, scheduled to be lifted in 500,000 barrel parcels or more.The pre-payment facility will be conditional upon the Ororo field achieving certain daily production levels, which are lower than the flow rates previously achieved by Chevron on Ororo 1, which have been underpinned by the recent competent persons report.Bobo Kuti, CEO of Sirius, said: “The revolving prepayment facility and offtake agreement with BP supports the multi-well campaign on the Ororo field. It underpins our strategy to develop Ororo along with our world class oil field service partners COSL, Schlumberger, and Add Energy. In addition, the relationship with BP will enhance our development programs in Nigeria going forward.”The Ororo field, discovered in 1986, is located within OML 95 in shallow waters offshore Ondo State. The field lies in water depths ranging between 23ft and 27 ft.Guarantee Petroleum has a 55% participating equity interest in the Ororo field with Owena Oil & Gas as its partner holding the remaining 45% interest. Sirius Petroleum acts as the technical and financing partner in the development of the field.
“I have to sort those difficulties out, hopefully with my experience, and try to get a few more results on the board, particularly over Christmas and New Year, to make everybody feel more comfortable.”The former Bolton, Blackburn, Newcastle and West Ham boss saved Sunderland from relegation last season despite them being second from bottom when he joined.After dismissing Pardew on Thursday, Parish said his “expansive style of football hasn’t worked” and told BBC Sport the club would now “wind the dial back the other way”.Parish, who co-owns the club with American investors Josh Harris and David Blitzer, said relegation is “so costly” that a change was needed.“The club itself seems to be very ambitious, certainly the chairman,” said Allardyce. “The owners seem to taking the club forward in the right direction. I like the look of the squad.“That’s probably the reason that I am here because I feel that the club could go forward from here and, hopefully, I can help it go forward.”Caretaker manager Keith Millen took Friday’s news conference and told the media that Allardyce would “sort the players out”.Pardew, 55, a former Palace player, was sacked after a miserable 2016 in which his side took just 26 points from the 36 Premier League matches they have played – and are only one point above the relegation zone.The club’s points-per-game tally of 0.72 in 2016 was their second worst in a calendar year – and their form for the year is the worst of all 92 Premier League and EFL clubs.This time last year, Palace were fifth in the Premier League table. However, a 14-game winless run into April resulted in them finishing 15th.Pardew led Palace to the FA Cup final for only the second time in their history, where they lost 2-1 to Manchester United at Wembley.This season, the Eagles are the sixth highest scorers in the top flight but are third in the list of teams who have conceded the most goals.“The strengthening in that [attacking] area by Alan and the club this summer has brought a lot of flair to the team and I think that has brought a few more goals,” said Allardyce.“But the other side is that when we aren’t in possession we have just got to stop conceding goals and make sure the goals that we score win us games. It sounds simple but it’s not that easy – that’s what we have got to try to turn around.”With the January transfer window coming up, Allardyce is also planning to try to add “a little bit more strength in depth”.“The players here are good enough but, if we can add to that, let’s try to do it,” he added.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Crystal Palace have appointed former England boss Sam Allardyce as manager on a two-and-a-half-year deal, a day after sacking Alan Pardew. Pardew was sacked on Thursday with the club 17th in the Premier League after a run of one win in 11 games.Chairman Steve Parish said the club was “fortunate that someone of Sam’s calibre and experience was available”.Allardyce has been out of work since losing the England job after 67 days, in the wake of a newspaper sting.“You generally get a new job because there are difficulties at a club,” Allardyce told Crystal Palace’s website.
“What we lived last Wednesday in terms of emotion, or just simple life, was incredible. We are fortunate, lucky to live it. More than 65,000 people enjoying the most exciting moment, and then in one secon d everybody is devastated.“It was incredible how well we played. But it’s football, it’s life. What’s important is how you behave. You have to fight and it was incredible the way we reacted after going 2-1 down. We had to score three goals and we did that.“We scored another but it was offside by inches. We have to live with these kinds of situations and accept it. Inside it hurts and it’ll be in our minds but looking back is not going to help us to move forward.“It was a tough night but the day after we stand up and move forward. These players have another opportunity to show they’re able to do that.”City were knocked out of the Champions League at the last-16 stage during Guardiola’s first season at the club before a quarter-final defeat to Liverpool ended their campaign 12 months ago.Guardiola believes his players were unlucky to be defeated by Tottenham, but said: “These guys will get back what they deserve.“I don’t know if it will be this season, next season or in three or four years. One day maybe we’ll be in the same position and be more fortunate, more precise to reach the next stage.”Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Pep Guardiola has admitted Manchester City’s dramatic Champions League defeat to Tottenham will “hurt” for some time.City exited at the quarter-final stage on away goals to their Premier League rivals and had a stoppage-time winner scored by Raheem Sterling ruled out by VAR due to offside. Guardiola’s side will take on Spurs once again today, but he admits their defeat against the same opponents on Wednesday will still be in their minds.He said: “You believe it doesn’t hurt or I’ve forgotten it? I would say no. I don’t want the players to forget what they live. It will take time but they have to live with that. They have to play and want to compete with that feeling.