Sirius Petroleum announced that following completion of technical due diligence on the Ororo field, the Company has entered into a USD 10 million revolving pre-payment facility ('Pre-payment Agreement' or 'Agreement') and commercial offtake agreement ('Offtake Agreement') in respect to the sales of the crude produced from the Ororo Field, with BP Oil International. The Agreement provides for the Company to draw down up to USD 10 million, in pre-payment finance following commencement of production from the Ororo Field. The interest rate on any pre-payment amount drawn down will be charged at Libor + 9% per annum and will be repaid from crude oil sales. Under the Agreement, Sirius can request that BP provides pre-payment finance for either or both of the first two cargos of crude oil, each for up to USD 10 million, scheduled to be lifted in 500,000 barrel parcels or more. The prepayment 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 ('CPR').