Sirius Petroleum Share Discussion Threads

[htrocka2] 24/5/2016 13:55

Sherl10ck.

I thought I'd comment on post 51142....


'Perhaps Calvet was little more than a facility set up to show there was access to potential large funding so as to ensure the business was a going concern, whilst the bulk of the loan was really only available as an absolute last resort. Calvet was certainly very keen to maximise their short term gains by taking all the 3 year fees upfront and also happy to lessen their loan by 'allowing' others to participate in working capital funding. I seem to recall that a previous Calvet CL at 3-4p was also only used in part.'


I note that no time span is given for the facility and as you suggest, if the facility was left open specifically for the purpose of allowing SRSP to remain solvent, which is a legal requirement and claim 'going concern' compliance, then one must conclude that Calvet are not going to let this go down the pan.

[flyster] 24/5/2016 13:00

Bring your pitchforks

[jimduggen] 24/5/2016 12:38

Go down to berkely square while your there and ask them what the hell they are playing at

[keysersosse] 24/5/2016 12:32

Good afternoon.

Lovely day in the smoke.

[sherl0ck] 24/5/2016 09:38

Official line was a) he was only ever really part time at best and couldn't commit to doing more as was also balancing running his gallery etc b) brought in to do a certain job in tidying things up/sorting out legacy issues so that any funder/partner would be comfortable with their detailed due diligence. He felt he had largely accomplished this and someone with different experience would be better positioned to meet company's requirements moving forwards.

There's probably a lot more nuance to this and I also have other thoughts that I won't share on a public board. In reality whilst he's worked in finance, he's not an accountant/FD type guy and has little experience of O&G, RBL arrangements etc. Simon H seems like a much better fit.

[sherl0ck] 24/5/2016 09:21

Perhaps Calvet was little more than a facility set up to show there was access to potential large funding so as to ensure the business was a going concern, whilst the bulk of the loan was really only available as an absolute last resort. Calvet was certainly very keen to maximise their short term gains by taking all the 3 year fees upfront and also happy to lessen their loan by 'allowing' others to participate in working capital funding. I seem to recall that a previous Calvet CL at 3-4p was also only used in part.

[jimduggen] 24/5/2016 09:12

Why did stephen fletcher resign from the company?

[dr rosso] 24/5/2016 09:06

The fact that every man and his dog on the inside are wanting shares tells you all you need to know. Fletcher-Kejriwal-Juniper took 75m in lieu of cash for fees, locked in at 2.5p so they couldn't dispose of them into a falling share price

Nobody has been able to explain why the Co. chose Cornhill ahead of the fee-free Calvet loan facility. 167m issued at 0.3p to raise £462k net when 140m at 0.5p would've brought in £700k.

[htrocka2] 24/5/2016 09:04

Just to get back to the San Leon post. Martin Hughes via Tosca, pumps in £16m for less than half the company into an operation that promises 50.3 bscf of gas...yet here we have Schlumberger giving us a top end quote of more than ELEVEN times that.....and that's just for ororo.


Schlumberger Ororo estimate
The P50 – P10 Gas Initially In Place estimated at 396.5 – 557.6 Bscf with Recoverable Gas of 276.9 – 390.66 Bscf (P50 – P10).

[dr rosso] 24/5/2016 08:58

Cornhill take the shares then shuffle them off to their hnw itk clients.
Clever little insider game is played out all across AIM. All very well a handful of Nigerian chiefs sitting on 2bbn O&G, but if you instal a rookie as CEO who goes looking for funding to get the stuff out of the ground, expect the finance vultures out there to eat him alive.

[comedy] 24/5/2016 08:41

strange 500k raised and not 1 holding rns???shorters going to co. to fill in the shares they have shorted???the same game at many aim stocks where the villains wear suits and kid on they have integrity???

[dr rosso] 24/5/2016 08:23

These funders move in and take their pound of flesh. Cornhill moving in for Sirius shares looks a small scale version of Tosca supporting SLE. These guys sure can sniff out value.

[comedy] 24/5/2016 08:21

luv the way rns start we are pleased to....lol stiff pi and the bod is always pleased to announce mythical lala land deals...and at same time need more working capital???? is it the big boys who short us down then provide the funds for the co. and make on the swings???and pis get bummed both ways???

[comedy] 24/5/2016 08:20

lol no lolly today???

[solarno lopez] 24/5/2016 08:02

Doc please digest the announcement carefully you will see that Tosca are effectively paying themselves in order to save their investement unfortunately the money comes at a very high price to the borrower 17% !!!!!!!!!!!!!!

[shez20] 24/5/2016 07:55

Certainly is bron!

[bronislav] 24/5/2016 07:39

Bonjour all.stunning morning in the heart of Manchester.

[bronislav] 24/5/2016 07:39

Bonjour all.stunning morning in the heart of Manchester.

[dr rosso] 24/5/2016 07:22

Onshore Block valued at $2bn. San Leon announcement today shows just how complex things can get when trying to move in for just a small % stake.

[handygandhi] 24/5/2016 07:12

Good moaning all.

[them0se] 24/5/2016 06:46

Bonjour people