Corvus Structured the reverse take over of Sirius Petroleum Plc in July 2008. Since that date the Company has raised $8.5 million via equity placements and has structured a facility with Capinvest to provide or procure debt funding to the Company of at least $80 Million.
Off-take Agreement with Glencore
On the 5th of May, 2013, Sirius Petroleum, announced that it had signed an Exclusivity Off-take Agreement with Glencore, one of the world’s largest global diversified natural resources companies and a major producer and marketer of more than 90 commodities.
Under the terms of the agreement, Sirius has the right to deliver up to 60,000 barrels of crude oil per day (bopd) to Glencore and Glencore has exclusivity to market the crude oil on behalf of the Company for a period of 3 years. Sirius will be entitled to draw-down funds for the development of its oil assets after satisfactory approval from the technical team of Glencore.
Sirius Petroleum is listed on the London Stock Exchange’s AIM. To read more about Sirius Petroleum Click Here.