Sirius Petroleum said it had entered into a crude handling agreement with the terminal operator of the Ugo-Ocha floating storage and offloading unit off the coast of Nigeria.
The terminal could store up 2m barrels of of crude.
The agreement provided for crude handling, receipt, storage and delivery, quality assurance, health, safety and environment and regulatory compliances.
'We are pleased to have secured this agreement to export our crude production through a secure offshore terminal, which is in line with our commercial offshore strategy and provides the most flexible offtake option for our offtake partner,' chief executive Bobo Kuti said.
At 8:16am: (LON:SRSP) Sirius Petroleum PLC share price was +0.01p at 0.49p