Sirius Petroleum Share Discussion Threads

[bronislav] 24/9/2016 17:01

Those ex-directory left the company and their payoff was taken in shares..Of course they could of sold those shares although 25 million at 0.3 equates to circa £75k.Would they be happy with £75k,maybe.without double checking rns,s I believe that kerijawal bought 2million at 4p.

[dr rosso] 24/9/2016 16:26

A straight Owena-Sirius merger, bringing in Schlumberger as initial funding partner, seems the most likely route they'll be going down. The purpose of hiding the main assets could well be to stop outside predators sniffing around.

[sherl0ck] 24/9/2016 15:27

What would stop them ultimately shafting PIs with an ultra-low price sneaky sell off? Hopefully a sense of morality, a genuine desire to create significant value for all shareholders and a keenness to leave a legacy that they can be proud of.

On the question of Ororo deeper sands I would certainly hope we have a pretty good idea of the likely upside. But any prospective resources that require exploration may currently fall outside of Rockflow's CPR remit, as it's the contingent 1C/2C resources which can quickly revert to 1P/2P reserves that will underpin funder's lending decisions.

[dr rosso] 24/9/2016 13:11

We'll find out by the end of October how things are going to pan out. Co. website is saying funding + acquisition = likely rto and operator/producer status.

The scaremongering scenario is surely prevented by official regulations, otherwise every t/o could be done on the super-cheap with the real reward going to an insider group inventing a Noddygas-type shell to get its mitts on the hitherto hidden assets.

Be sure that Gaffney and Schlumberger KNOW what's in Ororo deep. Kuti informed an attendee of this at the 2014 AGM. Furthermore he said that Schlumberger insisted that the findings were not to be publically disclosed.

Why?

[aventador] 24/9/2016 12:56

Rosso when's any of this stuff you keep going on about going to happen?Been years now will it be this year or now next year before we see production?!I can't see it being this year now tbf

[bronislav] 24/9/2016 12:35

Drrosso.. how does that scenario fit with you posting in the last few days of it reaching 20p and according to your post "It will reach 20p"
We can't have it reaching 20p and being taken out for a penny.

[bronislav] 24/9/2016 08:43

Alfi.sirius clearly haven't been about giving us clear and concise facts but more about giving us clues.Simon Hawkins involvement with us is a huge heads upfor me.12 months at Sirius crunching numbers when there are no numbers to crunch.Looks like he is a representative at the pit face..If we already have a consortium that has been ready to step in when the timing is right then it makes 42 Berkeley square just a temporary address until our new offices were ready and not a data room as the consortium would have all they needed to know about us.with the 20/20 gas plan and Nigerias need to harness their gas it wouldn't be too off the wall for the whole plan that Sirius are involved in being orchestrated at governement level.The Nigerian government needs investment ,up until the last eighteen months ,Sirius had no oil men on board just a whole load of financiers .Once the backers and money was in place it was time for the oil and gas experts to get things finalised...Is that where we are now?
The company has stated schlumberger have been around since the beginning and it's fair to assume that the pipeline of assets will have been assessed with cprs and field development plans all in place .

[1alfi] 24/9/2016 08:07

"and demonstrate financial readiness to acquire should an asset that fits our portfolio plans be presented to the company."


From Ninogas website

[1alfi] 24/9/2016 08:00

Who's money is backing Ninogas ?

[bronislav] 24/9/2016 07:42

If we are the consortium target ,and it is not out of the question.What are people's thoughts on who the other consortium members are and why they are remaining anonymous.Seplat have to report as they are listed ,does this suggest the other members are NOT listed?
Does NINOGAS fit as a possible consortium member?

[dr rosso] 23/9/2016 20:42

Pages 12 and 15 show that Seplat still has a $400m deposit in place, and wishes to invest in gas opps. 25% deposit for a $1.6bn t/o of Sirius, you never know.

[dr rosso] 23/9/2016 17:32

More on Block 110 which lies adjacent N. of 95. Cavendish 20 year licence for the mothballed block and Obe Field expired Aug 2016.
Ahmed Mai Deribe’s Cavendish Petroleum is the operator of OML 110 with the capacity to produce about 120,000 barrels of crude oil daily from its OBE 4 and OBE 5 wells.
The block has just been transferred from Delta State territory into Ondo hands.

" "They'd have started production by December 1, 1997," says a source at the Department of Petroleum Resources. "They were hoping to flow the crude through Chevron facilities in the North West OML 95." Cavendish sources say that the refusal by Chevron to allow use of its facility will boost the production cost of the field by $2 per barrel. The Obe field, located in 20 meters water depth in OML 110, holds 10 million bbl of oil estimated recoverable reserves. Cavendish recently reported highly encouraging results on Obe-4, the first development well to be drilled on the structure. The well was drilled to a total depth of 9,315 ft, confirming the productive potential of two oil-bearing reservoirs. The well flowed an average of 9,500 b/d of 39 degree API oil. Cavendish and technical advisor Tuskar Resources of Dublin went ahead to complete the well as a dual-zone producer. The field was originally discovered by Japan Petroleum in 1973 with the wildcat well, Obe-1, which flowed 3,500 b/d. The second well, Obe-2, tested only 507 b/d from thin sands, forcing Japan Petroleum to leave the field as sub-commercial. Cavendish's first well on the field was Obe-3, which was drilled on behalf of Japan Petroleum in 1994 by Conoco. It flowed 1,850 b/d of 34 degree API oil with net reservoir pay of 56 ft. Conoco opted out of the partnership in 1995, citing the field as extremely marginal."



Tuskar long since gone. The Sirius-Chevron deal on the NW fields in 95 make 110 a target for acquisition as the infrastructure facilities are in place for use.

[cornishtrader1000] 23/9/2016 16:56

Dont forget 2012 doc

[solarno lopez] 23/9/2016 16:14

Unfortunately not it was a headline I passed over quickly as I am not involved with Afren

[minichris] 23/9/2016 16:02

Got a link please Sol?

[solarno lopez] 23/9/2016 15:52

According to a report this week there is not much value in Afrens remaining assets

[minichris] 23/9/2016 15:49

Talking of possible blocks @DrRosso -

Billi Folahan is never far away from some form of Chevron divestment. Sadly he never seems to be on the winning end. Bicta, Brit-U etc

Odd one out is 110 as it was never a Gulf/Chevron asset as far as I can tell.

Coincidentally OPL332 was "returned" by BG (directly south of 241) and OPL454 (directly north of 241) seems un-awarded since the early 2000's, wonder if the board have considered a cheeky bid?

Would end up controlling the whole area, are the Afren assets still knocking about too?
Simon H would know all about those.....

[dr rosso] 23/9/2016 13:14

Acc to BK, Ororo standalone field in its own right is worth £100m. 2bn x 5p.



Had a re-listen.
6.40 Cornhill took the £1m placing
7.30 60-day well campaign (drill)
10.00 FTSA contract : GP and Owena have divested 22% and 18% respectively to give Sirius a 40% economic interest in Ororo
19.30 Next 6-12 months, very confident, very exciting

General theme is that once production kicks in, esp with the PPT-exemption, the Co. becomes cash-rich very quickly and swiftly opens up opps to acquire and develop a string of other assets. RBL also mentioned.

[dr rosso] 23/9/2016 12:38

OML 110 sits between OML95/OPL241 and the coast. It has just been handed back to Ondo State by Delta State. The Obe Field lease is owned by Cavendish but they no longer have financial partners and so production has ceased and the project mothballed. Chevron refused to let Cavendish use their pipeline infrastructure. Location and state make it a target for Sirius. Credit to minichris for this one.


Of more pressing importance is the reason why the Gaffney Report on Ororo deeper sands/reserves has been covered up. Sirius has all that data but chose not to pass it over to Rockflow for inclusion in the recent cpr.

From Dec 2013 RNS containing Schlumberger's assessment
"Ororo-1 well did not encounter any hydrocarbon water contact in any of the seven hydrocarbon bearing reservoirs which suggests that the contacts are located down dip of the Ororo structure."

Highly likely that Gaffney-Sirius-Schlumberger-Havoc all pretty much know by now where that crucial owc is. Schlumberger will drill down through G to prove it up. Should result in a tripling of reserves if other nearby fields are to go by.

[bumhammer] 23/9/2016 12:22

Dr Rosso - Block 110?
First I've heard of that one..
Explain please

[solarno lopez] 23/9/2016 11:20

I like the theory Doc to the extent I will buy a few more