Sirius Petroleum Share Discussion Threads

[epe dokita] 24/11/2015 22:34

Focus on gas. Drill deep.

[1sonic] 24/11/2015 21:47

Yeah its not just about the oil!

[carc] 24/11/2015 21:47

So if Corvus wanted to sell out to raise capital for a new investment, they could sell their stake in the BVI company to someone who knows what the deal is behind the scenes. II? New suitor?They would still make a huge profit if all is indeed rosy with what we're not told.But there'll be no way to see who the buyer is, or if a transaction even took place?Thinking back to the Corvus Capital website 'glitch' where SRSP we're know were to be seen for a couple of days....It could have already happened.

[htrocka2] 24/11/2015 21:36

With respect, but our resident poster jim who keeps screaming for oil may be barking up the wrong tree..Buhari has lost interest in oil....and wants gas. Hence another reason for the appraisal well


'two further zones tested gas, and eight zones remain untested. Chevron acquired both 2D and 3D seismic over the Ororo Field;'











'The Ororo Field was discovered in 1986 with the drilling of the Ororo-1 well by Chevron, which penetrated 197 ft of hydrocarbons in twelve sandstone reservoirs at points close to the crest of each reservoir structure. These consist of 72ft true vertical thickness ("TVT") of net gas pay and 125ft TVT of net oil pay. The Ororo-1 well tested at c. 2,200 barrels of oil per day ("bopd") from a single zone, and ca 600 bopd from another; two further zones tested gas, and eight zones remain untested. Chevron acquired both 2D and 3D seismic over the Ororo Field;'

[1sonic] 24/11/2015 21:31

you seem as lost as the rest of us Dr Rosso... the clock is ticking... I believe 1st of December all will come together!

[dr rosso] 24/11/2015 21:22

Well, dunno about selling pressure because someone was mighty keen to take $1.6m worth of 0.4p shares recently. Can't imagine they're offloading at 0.3p.

No doubt the tunbridge wells set was in on it for 140m of the 275m that went out.

More important perhaps is what the money has been used for. $25k was the application fee for the permit. Leaves $1.35m unaccounted for .....

[1sonic] 24/11/2015 21:15

Ok Ruedolf many thanks. reading these bloody posts, go from one thing to another and hard to keep an eye on whats really going on...

[minichris] 24/11/2015 21:06

1sonic It means nothing without any proof of who now owns those shares. Should they be in an "wealthy company looking for assets" hands then yes they could be used to help RTO. But the chances of that are slim.They could be in the hands of PI's or where ever lost shares go when they are sold...

[jimduggan] 24/11/2015 21:02

They are supposed to get oil for guarantee petroleum. Not get taken over.

If they can't even serve their purpose then who the hell would take them over!!!!!

Let's get real

[1sonic] 24/11/2015 20:30

So Dr Rosso what does all this mean? RTO? If so how does all this work?

[dr rosso] 24/11/2015 19:12

10.1 an agreement dated 23 July 2008 between the Company, Taglient Oil Nigeria Limited(Taglient) and Taglient’s shareholders pursuant to which Taglient agreed, among other things, to use all its reasonable efforts to seek out opportunities for the Company to acquire interests in oil and gas fields in Nigeria. Taglient agreed to provide its services exclusively to the Company. Taglient was paid a fee of £114,250 upon the agreement ceasing to be conditional and a further £153,250 is due upon and subject to the
Company completing an oil and gas transaction which constitutes a Reverse Takeover under the AIM Rules. The agreement permits the fee to be capitalised and settled in Ordinary Shares at 0.25p per share (which at the date the agreement was entered into represented a premium of 298 per cent. to the then net assets of the Company). This will result in a further 61,300,000 new Ordinary Shares being issued to Taglient;
10.2 an agreement dated 23 July 2008 between the Company and Sirius Oil & Gas Limited (SOGL). SOGL is a British Virgin Islands private company in which Corvus Capital Limited has an 18.2 per cent. shareholding and in which Mr Kuti (a director of the Company) holds 11.4 per cent. Under this agreement, SOGL agreed, among other things, to use all its reasonable efforts to seek out opportunities for the Company to acquire interests in oil and gas fields in Nigeria, to conduct initial due diligence on potential acquisition
targets and to assist in the raising of funds. SOGL was paid a fee of £145,000 upon the agreement ceasing to be conditional, leaving a balance of £130,000 due. The agreement permits the fee to be capitalised and settled in Ordinary Shares at 0.25p per share (which at the date the agreement was entered into represented a premium of 298 per cent. to the then net assets of the Company). This will result in a further 52,000,000 new Ordinary Shares being due to SOGL on Admission but which it will direct be issued to its beneficial owners

[dr rosso] 24/11/2015 19:09

Thank you for clarifying this point, MC and Bori.

SOGL (BVI) entered into a services agreement with the Company in July 2008 (summarised in paragraph 10.2 of Part 3 of this document) under which it is entitled to be allotted 52,000,000 new Ordinary Shares. Such new Ordinary Shares will be issued to SOGL’s Shareholders on Admission.

SOGL holds 10,545,455 Ordinary Shares for Corvus and 6,590,909 for Olukayode Kuti. SOGL will direct that its existing shareholding and the 52,000,000 Transaction Shares due to it on Admission be issued directly to and transferred to, respectively, its beneficial owners on Admission.

SOGL originally held 58m SRSP, so in total this independent BVI entity snapped up 110m shares. Corvus 10m of 58m is indeed 18%, whilst Kuti's 6m = 11%. Collins pocketed a few as well.
We could assume from this that the main holders of SOGL were Nigerians based in Ondo State who allowed SRSP to gain initial access to the oil blocks. As MC succinctly puts it, 110m SRSP shares gifted to SOGL for doing fuk all.

At some point SOGL held 110m and Taglient 109m SRSP shares, which was around 20% of the Co. Where are those 219m now? Knowing the huge O&G assets to which SRSP was allowed access, it is highly unlikely they've been sold.

[boricom] 24/11/2015 18:05

One thing is clear, Sirius BVI is not part of the Sirius group. Sirius BVI was just one of the parties involved in setting up the group.

[mrmclellan] 24/11/2015 17:05

How come no suspension yet????? The world's gone mad.

[minichris] 24/11/2015 17:02

What profits? The bvi was the fixer...

[1alfi] 24/11/2015 16:55

Who are the beneficial owners ? See re - admission document part3 section 10.2

[dr rosso] 24/11/2015 16:41

Haha... researching the same as you ...

Sirius Oil & Gas Limited (’Sirius’; ) and Taglient Oil Nigeria Limited (’TaglientR17; ):

Sirius, a newly formed British Virgin Islands private company, has agreed to seek out opportunities for the Company to acquire interests in oil and gas fields in Nigeria, to conduct initial due diligence on potential acquisition targets and to assist in the raising of funds; and

Taglient is a Nigerian private company owned and managed by Nigerian nationals who have considerable knowledge and contacts within the Nigerian Oil industry. Under this agreement, Taglient has agreed to seek out opportunities for the Company to acquire interests in oil and gas fields in Nigeria;

Taglient has agreed to provide its services exclusively to the Company. Taglient will be paid a fee of £114,250 upon the agreement ceasing to be
conditional and a further £153,500 upon and subject to the Company completing an oil and gas transaction which constitutes a reverse takeover under the AIM Rules.
The second agreement is with Sirius, a newly formed British Virgin Islands private company in which Corvus Capital Inc has a 18.2% shareholding and
Adrian Collins (a director of Corvus) a 8.6% shareholding. In addition, proposed director, Mr Kuti, holds 11.4% of Sirius. Under this agreement, Sirius has agreed, among other things, to use all its reasonable efforts to seek out opportunities for the Company to acquire interests in
oil and gas fields in Nigeria, to conduct initial due diligence on potential acquisition targets and to assist in the raising of funds.

[minichris] 24/11/2015 16:14

DrRosso

The BVI is not associated with the PLC or Subsids in any way other than it sharing a director and (at some point) holding shares in the PLC.

They cant transfer assets to it, as its not part of the PLC companies.

[dr rosso] 24/11/2015 16:11

There are 3 Nigerian-registered subsidiaries, each of which has been set up as an operating Co. for a particular group of oil assets.
Sirius Ororo OML 95 Ltd
SRS Petroleum Ltd
Sirius 2012 Ltd

Sirius Energy Trading Ltd is dormant UK-based