Sirius Petroleum Share Discussion Threads

[chris shiherlis] 26/7/2016 22:20

Handy Pandy

[drrichard] 26/7/2016 21:53

And just such a link is exactly the sort of thing that would nicely explain a delayed AGM agenda

[htrocka2] 26/7/2016 21:52

'If there is anything to tell of course.'

They told us about the three wells and the platform....just to confirm that Schlumberger are to drill these wells....is worth, at least, a 15% mark up in the share price

[bronislav] 26/7/2016 21:36

Drrichard .yes my thoughts also....company webcast after to discuss results.Would be a perfect opportunity to tell the world.

If there is anything to tell of course.

[drrichard] 26/7/2016 21:34

More particularly, Bron, if we are having anything to do with them we will see an RNS Thursday to coincide.

[bronislav] 26/7/2016 21:22

seplats results on Thursday .Be worth a read to see if the consortium has any updates.

[drrichard] 26/7/2016 20:55

Indeed, deadly. If the news was medium to long term the AGM would held and would, again, be full of promises, like previous ones. To be postponed suggests
The agenda is time and content sensitive- very good news in the offing
Or news is due, in the short term, such as funding and a spud date, which will make this years's AGM a celebration
Surely cannot be long on either count

[deadly nightshade] 26/7/2016 20:11

Lets keep positive folks, by the end of next week we will surely be wiser to whats unfolding here. The fact no AGM or CPR news has been revealed has got to mean something you would like to think.Well spotted by DR Rosso that guarentee website is still down.

[handygandhi] 26/7/2016 19:54

Chris Sh . . . .
Any chance of a translation into English?

[chris shiherlis] 26/7/2016 19:41

1Risky, average down on the latest news not just randomly otherwise it's a bad idea

Hardly barbaric to suggest is it, you little over reactor




1risky
26 Jul'16 - 11:21 - 53094 of 53108 16 0


Chris you're telling people they're stupid for having an average of 5p. This was all timing, people that cottoned onto this a couple of years ago like myself unfortunately have higher averages.

The fact you claim that the clever technique is to average down on a losing share is simply barbaric. Yes if you did and this goes to 10p of course that's a successful investment. However if I averaged down on every loss I'd ever made I wouldn't even have a laptop to type this message on...

[chasemanhattan] 26/7/2016 19:15

From what I can gather the price has been building on the expectation of a JV deal/funding proposal. I expect any such deal would be announced after the CPR has been finished. Assuming it is favourable this would then put the BOD in a stronger negotiating position. Does anybody have an idea of the expected time frame for the CPR?

[chasemanhattan] 26/7/2016 19:05

Priced in following the 12th of July and 25th of July RNS.

[jasonunchained] 26/7/2016 18:57

Subscription shares tomorrow? What does everyone / anyone think the price will drop to?

[chasemanhattan] 26/7/2016 18:56

When can we expect the CPR? Surely it must be soon...

22 Apr 2016

Sirius Petroleum (AIM: SRSP), the investing company focused on oil and gas exploration and development opportunities in Nigeria, is pleased to provide the following update: the commissioning of a Competent Persons Report (“CPR”); updated volumetrics associated with the Ororo field and formulation of a gas commercialisation strategy; and update on DPR/other agreements and permits.

Competent Persons Report on Ororo Field

Sirius is pleased to announce that it has engaged independent petroleum consultants, Rockflow Resources Limited (“RockflowR21;), to produce a Competent Person’s Report (“CPR”) on the Ororo Field located in OML 95, in shallow waters offshore Nigeria, to assist the Company in its discussions with potential funding providers.

Summary of Rockflow’s analysis:

Rockflow has carried out comprehensive subsurface analysis on the Ororo field, building on the previous work carried out by Schlumberger, which was announced on 10 December 2013.

Following completion of the subsurface review, ahead of publication of the full CPR, Rockflow has reported a gross Mid to High Case liquid hydrocarbon volume range for the Ororo field of 7.65 MMstb – 20.48 MMstb. This compares to previous estimates calculated by Schlumberger of 10.08 MMstb to 12.87 MMstb.

The High Case confirms that significant potential exists on the field, which is located in a world-class petroleum system.

The High Case illustrates that an increase in oil column thickness of the shallow reservoirs (D1, D2, D3) would result in a major improvement of the Estimated Ultimate Recovery (EUR) to 16.63 MMstb. This scenario reflects re-interpretation of existing data rather than any new exploration work. The Gross number of all liquid hydrocarbon reservoirs in this case exceeds Schlumberger’s previous estimates by 59%. It also supports the case that additional prospectivity exists within the licence area, which the Directors expect to be further defined with future appraisal wells and studies.
Highlights

Gross Mid to High Case STOIIP of 48.55 MMstb – 79.65 MMstb
Summary of Ororo field (OML 95) Gross Hydrocarbon Volumes

Recoverable Liquids

Recoverable Gas

MMstb

Bcf

MMboe

Low Case

4.13

52.24

9.01

Mid Case

7.65

99.34

17.13

High Case

20.48

133.95

23.09

Gas BOE conversion factor: 1 barrel of oil equivalent = 5800 cu ft gas

In addition to the volumetrics work, which has now been concluded, Rockflow will incorporate the Company’s Field Development Plan (“FDP”), which sets out the optimal development strategy and project economics, into the CPR. Rockflow will be in a position to issue the CPR in due course once this further work has been completed. The gross volumetrics will be classified according to the Petroleum Resources Management System (PRMS) categorisation within the CPR.

For the avoidance of doubt, the gross volumetric data set out in this announcement is not the net volume attributable to Sirius, which will be further defined in the CPR when issued.

Gas Commercialisation Revenue Stream

In addition to the increased range of oil volumetrics at Ororo, Rockflow has also estimated significant volumes of gas of 99.34 – 133.95 Bcf gas, approximately 17.13 – 23.09 (Million Barrels of Oil Equivalent) gross Mid to High Case respectively.

The potential to exploit gas in addition to the oil revenue has generated interest from international oil and gas companies to secure and purchase such gas in the form of Compressed Natural Gas (“CNG”) and Natural Gas Liquids (“NGLs”), which are produced as a by-product of the crude oil.

As a result, the Company expects the FDP will contain a Gas Commercialisation Strategy utilising a simple containerised Marine CNG solution for delivery onshore for sale. This is expected to be value accretive for the Ororo field, as it represents a further source of revenue, helping to improve the overall economics of the asset. Developing the gas option also reduces the need to flare gas during the early phase of the extended well testing period.

With the potential High Case volumes of gas available, alternative gas monetisation schemes are also being reviewed.

DPR/Other Agreements and Permits

In accordance with the Department of Petroleum Resources (“DPR”) guidelines and regulations, Sirius, together with its partners, Guarantee Petroleum and Owena Oil & Gas (“PartnersR21;), have filed the following permits and agreements as part of its development activities in anticipation of the rig mobilisation for the Ororo field:

Executed a Global MOU with local communities impacted by drilling Ororo, as required by the Ministry of Environment as part of CSR initiatives;
Commenced statutory NNRA licence with approved Radiation Safety Advisor (RSA);
Submitted the Environmental Impact Assessment (EIA Survey) for approval by the Ministry of Environment; and
Submitted the Emergency Response Plan (ERP) for petroleum drilling operations to the DPR.

The Directors also confirm that, further to the announcement on 3 November 2015 in respect of the issue of the well permit for the Ororo 2 well, the Company together with its Partners, is in the process of renewing the well permit, which is due to expire on 26 April 2016 (“Well Permit”). Due to the progress that has been made in respect of certain agreements and permits as outlined above, and the dialogue the Company and its Partners are having with the DPR, although there is no guarantee, the Directors are confident that the Well Permit will be renewed although any decision by the DPR is likely to be after the 26 April 2016.

Whilst an environment of comparatively low oil prices compared to previous years has made it difficult for companies in the Oil & Gas sector to attract funding, the Directors are encouraged to be currently considering several funding options. Although conversations with potential funders remain subject to binding terms being presented, the Directors remain optimistic that the Company will secure the necessary funds to achieve commencement of production.

The Company will update Shareholders in the event that the Well Permit is renewed and as and when binding terms in relation to funding are put in place for drilling off the Ororo 2 well. Licencing obligations update

Further to the announcement by the Company on 22 September 2015 in respect of clarifying the licensing obligations in relation to the Ororo Field, the Directors believe the DPR Well Permit issued on 26th October affirmed the Partners right to continue operations and drill Ororo-2A.

Additionally, having previously announced that the Company and its Partners would apply to the Ministry of Petroleum Resources in Nigeria to legally ratify Sirius’ 40 per cent interest in the Ororo Field, the Directors no longer consider that this step is necessary. According to recent DPR guidelines, approval by the Minister of Petroleum Resources (the “Minister̶1;) is required for assignment of any right, power or interest in an Oil Prospecting Licence (“OPL”), Oil Mining Lease (“OML”), Marginal Field (“MF”) or Oil and Gas Pipeline Licence (“OGPL”) as required under the provisions of the Petroleum Act Cap P10 Laws of the Federation of Nigeria (“LFN”) 2004 (“PA”) and of the Oil Pipelines Act Cap O7 LFN 2004 (“OPA”) respectively. However, the Company entered into the FTSA agreement, which sets out Sirius’ 40 per cent economic entitlement with its Partners prior to the introduction of these aforementioned guidelines and therefore the Directors are of the opinion that Ministerial approval is not required. When funding for the Ororo 2 well has progressed, Sirius expects to be able to conclude the amendment or waiver of certain terms of the FTSA as referred to in the announcement of 22 September 2015.

Basis of preparation of volumetric calculations

All volumetric calculations are based on independent mapping undertaken by Rockflow Resources International (“RockflowR21;) using data provided to Rockflow. The reservoir properties input to the volumetric calculations and the associated volume uncertainty ranges are based on Rockflow’s experience and the statement on risking in this announcement represents the independent view of Rockflow.

The volumetric estimates presented in this announcement have been prepared in accordance with reserves definitions presented in the Society of Petroleum Engineers’ Petroleum Resources Management System.

As is expected to be reported in the CPR, although 3D seismic data are available for the field, its quality is rather poor, so the structure of the trap is only moderately imaged. This, together with the fact that only one well has been drilled in the Ororo Field and hydrocarbon contacts could not be defined, leads to significant uncertainty with regards in-place oil and gas volumes. These have been calculated probabilistically.

Review by Competent Person

In accordance with the guidelines of the AIM Market of the London Stock Exchange, the technical information contained in this announcement has been reviewed and approved by Tom Gunningham MA (Oxon) CEng MEI, a chartered petroleum engineer and reserves auditor for Rockflow Resources, who has over 27 years industry experience and meets the criteria of a qualified person under the AIM guidance note for mining and oil and gas companies.

Bobo Kuti, CEO of Sirius, commented:

"We are delighted that Rockflow has independently confirmed the significant potential of the Ororo field over and above our initial expectations. It is also an important precursor to attracting the necessary funding. We are pleased to have identified additional potential revenue streams through gas commercialisation which is in line with Nigeria’s policy on gas flaring and also our objective to be a high-quality operator".

[1sonic] 26/7/2016 18:56

Oluf, that's bull mate as you posted Friday the 22nd you got back in at .27 you are a muppet

[olufemisudem] 26/7/2016 18:49

I learnt the hard way and fortunatly due to sitting here like a beggar with no legs for a year i got to know when to jump in and make most of my cash back.

From 0.80 i averaged down to .42 sold and came back in at .25.

[deadly nightshade] 26/7/2016 17:23

well granny if you ever close the short it should raise the share price all of about 0.0000000000000001p enjoy your short while it last hopefully when big news comes you will end up like the folk who shorted san leon energy they are bricking themselves for the day sle shares are relisted

[olufemisudem] 26/7/2016 16:57

They will learn granit

[granltim] 26/7/2016 15:40

Well deadly lightshade you have some foresight.. I have been short from 5p and holding. Now my friend you can do the maths even on a small punt,but it wasn't small. ;)

[1sonic] 26/7/2016 15:36

Notice those two prats started typing garbage whilst a trade at 2.58pm went through at 0.40 but isn't showing yet! lets see what it is later....

[deadly nightshade] 26/7/2016 15:05

granltim you come across as a bitter old man who staked his 100 pound weekly pension on this share 5 years ago and has been crying ever since. dry your eyes mate you need to get out more how about trying a weekly trip to the oap lunchun club lol

[olufemisudem] 26/7/2016 14:52

Thing is granit, you never been wrong.

Its obvious it will go down again.

With srsp it always does.
Agm or egm. Cpr or no cpr.
Until oil out of ground it wont sustain a rise