Sirius Petroleum Share Discussion Threads

[comedy] 22/5/2016 22:16

Take it bobo still not produced yet???

[htrocka2] 22/5/2016 20:52

I thought I'd answer this one..



SIRIUS PETROLEUM - CASHED UP AND READY TO ROLL - SRSP
1alfi - 21 Dec 2015 - 10:47:21 - 41313 of 51058
htrocka - if, as you are proposing, srsp will not legally be entitled to 40% of ororo until the well is drilled and first oil is produced - then, in your view, what will srsp be offering to a joint venture partner in order to raise finance to cost the drilling of that same well.

reply.
10/10/11 SRSP confirms it intends to 'acquire' a 40% interest in Ororo. The FTSA agreement requires a CPR.

31/01/12 Gaffney Cline commissioned for the CPR.

21/06/12 Acknowledged they're still waiting for the Gaffney CPR.

26/11/12 Acknowledged the existence of a 'second block' and talks of 'producing
together' with Ororo.

01/02/13 Acknowledged three oil assets, Ororo, 'First block and 'Second block'
Pryde talks of raising $150m.

10/12/13 'Confirms' 40% of Economic interest.Schlumberger issues an Independent
Assessment as opposed to a CPR.

25/11/14 Again 'confirms' 40% interest in Ororo.

01/05/15 DD on the two 'other' blocks and add, no guarantee of outcome.

22/09/15 Mentions 40% economic interest again.

29/09/15 Confirms 'Assets' (plural)

22/04/16 Asks DPR to ratify 'Participatory Rights and Economical Interests'


Bottom line....Guarantee Petroleum and Owena Oil and Gas own Ororo. SRSP claim a 40% 'Economic Interest'. This is their 'Asset'. They require a confirmed CPR to prove up the asset so as to raise the required finance for the whole field as part of the FTSA agreement.

There are various options that SRSP could have taken, the Del Sigma was a 'Joint Operating Agreement' whereby in 'Working Interest' and 'Participating Interest' deals...all parties contribute a proportional amount towards costs.

An 'Economic Interest' has legal status....however, SRSP must comply with the full FTSA remit to qualify...and one of those articles requires Project Finance.. When SRSP fulfils the requirements of the FTSA it can then legally claim the full 40% 'Economic Interest' entitlement...a bit of a 'catch 22' situation....hence the need for the CPR as a bargaining chip. Hopefully, the ideal scenario would be to suspend then issue a new AD with all the new proposals including Project Finance settlement in place. Without Project Funding Agreement, SRSP will fail to complete its FTSA obligations and may effect the right to its 40% claim...In one of the late rns', SRSP applied to the DPR to change the remit of the current FTSA...the DPR didn't want to know. I wonder what that change was?

In short...SRSP only have a 40% Economical Interest' once Project Finance is in place.

[shez20] 22/5/2016 20:52

Quality Jim!

[jimduggen] 22/5/2016 20:36

He will be there all night then.

That bobo man doesnt produce anything in a reasonable time frame.

[shez20] 22/5/2016 19:49

Give him a chance guys, he is just finishing bobo off ;)

[jimduggen] 22/5/2016 18:59

He knew that the percentage ratification wasnt important as stated in latest rns.

Yes come on alfie let us know whats happening?

Very quick to pull anyone up on any negative posting.

I Ask myself is this for the good of us or bad?

What jv partner could we be engaging with i wonder....ummmm interesting.

[jimduggen] 22/5/2016 18:03

SIRIUS PETROLEUM - CASHED UP AND READY TO ROLL - SRSP
1alfi - 21 Dec 2015 - 10:47:21 - 41313 of 51058
htrocka - if, as you are proposing, srsp will not legally be entitled to 40% of ororo until the well is drilled and first oil is produced - then, in your view, what will srsp be offering to a joint venture partner in order to raise finance to cost the drilling of that same well.

To clarify, my view is that srsp will already have a legal entitlement to 40% prior to drilling. It is a percentage of this 40% that they will offer as a means of collateral to raise finance or engage in joint venture.

.....i like this post. You know more than you let on alfie..

[shez20] 22/5/2016 14:44

Your right Alfi it is our own fault for putting faith in and believing a word that's come out of bobo's mouth! He is just a little squirt in a mans world! I bet he still drops his washing off at his mums every week!

[dr rosso] 22/5/2016 13:40

The people behind the share shuffling antics are not the people who've been contracted in to see O&G flowing.
Quite simple really... if it relists on Ororo AD/cpr, it'll be a 2p platform. if it includes 241, it'll be a 10p patform.

[jimduggen] 22/5/2016 13:29

You see alfi.
You wont be smiling for much longer.

[1alfi] 22/5/2016 13:22

The loss of your money is your achievement jim.

[jimduggen] 22/5/2016 13:16

Bobo has achieved nothing accept for the loss of my money.

[dr rosso] 22/5/2016 13:04

Bit like offering Murray 250 grand to throw a Wimbledon Final. These guys have reputations at stake. Spoke to Mal Brown, recently, known him since late 80s. He's made his way up to a top position in BG. It's not about money, it's about pride in what you do and what you achieve in life.

[x1000] 22/5/2016 12:45

Time for what is the question lol

[bonski1] 22/5/2016 12:21

The time is almost upon us.

[htrocka2] 22/5/2016 12:16

It appears that there is a political agenda to the 'problems' of the Nigerian Delta....they want the IOC'S out.


'The group is said to be intent on ending oil well ownership by forces outside of the region; ..'

[aventador] 22/5/2016 11:42

Still need a ten bagger to get to 2.5p which most are still at a loss funding and slow progress to ororo alone isn't realistically going to hit a ten bagger with amount of shares now in issue 241 is still just a guess and nothing factual based on it so can't put that in the equation until we see facts.On the other hand we've seen it go up 50% in a couple hours with no news at all, so still anything is possible.Be good to see a big rally to a penny before funding news then may get to see 2p before oil flow plus other assets was said last year ororo would be 10p alone ish but we've got more shares in play now so the figures are hard to work out!

[1alfi] 22/5/2016 11:10

If Bobo and srsp are harmonious with Nigeria and in particular the local populations, this company could become very substantial indeed. And I don't think I am the only one to be thinking that. Still very golden tickets in my humble opinion.

[jimduggen] 22/5/2016 11:01

A comedy of errors.

Frustration becomes us all after being invested in this for too long.

comedy keep your chin up.

[carc] 22/5/2016 10:54

My thoughts exactly 1alfie, I was wondering when a certain new poster would switch. Comedic really.

[belson] 22/5/2016 10:46

just do not hold your breath!
i for one have averaged down to under 1p and at 2p would sell half my holding letting the rest ride the wave or drown only time will tell

[1alfi] 22/5/2016 10:27

It would appear that there is good and share price enhancing news heading our way.