Sirius Petroleum Takeover Rumours (SRSP)

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Sirius Petroleum Takeover Price

Sirius Petroleum Takeover Forum Posts

I’m in the takeover camp. Just hurry up.
bron you sound like you are in the takeover camp too mate??
Funny.. Nobody's asking you though Jamie are they?I'd say a relist around the same price that Astral suggests and his follow up rises seem realistic. I'm not writing off a complete takeover out the blue though either.
We are pleased to announce that following ongoing discussions with our partners with regards to submitting the company’s AD. Company X entered into additional confidential discussions to takeover our company. Due to the fantastic opportunities we were able to share, as previously mentioned in official RNS notifications in terms of the ‘Block’ and pipeline of assets, company X has offered a full purchase price of 50p per share. Due to the confidentiality agreement, no further details of the bid will be shared. A General Meeting will be held in 14 days time to seek approval to accept the terms of the takeover. The board strongly advise that all shareholders vote to pass these resolutions. Carlsberg don’t do RNSs but if they did!!!!!!
Minichris...I am only speculating but for me it depends what the companys agenda is.If we are to go to production on a medium term basis then what the market is told would differ from what we were told in a takeover scenario.I came to my conclusion that the only people that need to know the details of assets infastructure etc would be schlum cosl BP etc ,if it was a takeout then all we would need to know is the details of the takeout.Sirius have been economical in what they have divulged to the market and for me that will continue in the AD.
" If successful it is likely that Sirius would become the operator and this would trigger a reverse takeover under AiM rule 14 and require shareholder approval. Following this, complementary or unrelated acquisitions in the oil and gas sector may be made." Got to drill ororo first ?
from Sirius website;- This page, last updated June 2017,...................................... Investing Strategy The Company’s objective is to generate an attractive rate of return for Shareholders, predominantly through capital appreciation, by taking advantage of opportunities to invest in the oil and gas sector. The company is currently seeking funding to bring the Ororo field (OML 95) in Nigeria (in which Sirius has a 40% economic interest with its partners Guarantee Petroleum and Owena Oil & Gas) into production. If successful it is likely that Sirius would become the operator and this would trigger a reverse takeover under AiM rule 14 and require shareholder approval. Following this, complementary or unrelated acquisitions in the oil and gas sector may be made.
Exactly swiz. Whilst many are quick to assume an imminent big takeover (and I'm certainly not ruling this out), I heard this same mantra when I first invested around 5 years ago. So I think it's prudent to retain an open mind to all possibilities, including growing the company should the BoD feel that's in our best interests. Some will scoff at the idea and point out that we're just not set up to do so, but everything can change quickly....additional recruitment can be undertaken/or we simply have a seat within a newly formed and incorporated JV and let partners do a lot of the heavy lifting etc. After building a consortium over this past year, something disasterous will have needed to have happened if the share price hasn't moved on in a couple of years time. It might not always feel like it, but I sense a crescendo. The partners are here to get cracking on the opportunities that exist now, not just faff around for a few more years.
Not poss to rto into a State-controlled entity. Co. is doing exactly what it says on the tin. Working alongside FTSA partners become the operator and this would trigger a reverse takeover under AiM rule 14 and require shareholder approval. Except WE will not be the shareholders, and a brand new BoD/Mgement Team will be I/c. aimo
DrRosso how can the Board provide detailed drilling info on something you suggest they'll never actually undertake? Why would they break strict confidentiality agreements and risk jeopardising this entire project to reveal assets we don't yet own and which you claim to already know about anyway? Why in your eyes are the BoD so hapless and disgraceful when you've stated they're about to conclude a takeover, which could be for up to 15p/share? Why do you so look forward to the arrival of the 'real O&G experts' who theoretically won't deliver any value to shareholders whatsoever? "When sentiment is manufactured to negative" Finally, how can you not see that your continual character assassination of the BoD and seeming desire to reveal anything you feel might be sensitive has potentially been far more damaging than Doc Holliday's recently expressed doubts?
No rig no takeover no profit no no hope.
Rumour vs reality..Rumoured Multiple assets bp deal imminent takeover 50p.Reality 1p no funding no deal one asset and sp target of 2p and no idea when we will see first oil
No sir Ian, but I have full confidence you'll get there eventually Rosso you couldn't see a genuine rise pre major announcements if it smacked you in knackers, you've been saying sub 1p placing for 3 months and takeover next week since 2010. Good £400 top up last week though.
The company is currently seeking funding to bring the Ororo field (OML 95) in Nigeria (in which Sirius has a 40% economic interest with its partners Guarantee Petroleum and Owena Oil & Gas) into production. If successful it is likely that Sirius would become the operator and this would trigger a reverse takeover under AiM rule 14 and require shareholder approval. Following this, complementary or unrelated acquisitions in the oil and gas sector may be made.
allan i found that site last night when i was flicking about trying to find this rig, at 10.30ishpm it still said enroute last tracked on the 16th, so its been updated since last night plus it says its contracted out. this is two sites now saying its drilling. interesting in the past when it said about the bod getting paid up when drilling starts, but i think it has since changed to when we get first oil not sure?? also interesting in the full year results is bobo's 10 million 5p share options where it says they can be completed even if there is a reverse transaction, is it right that they could mean a reverse takeover if it happens??
How after 7 years have our oil and gas company not informed us they are drilling the oil field? Takeover surely and soon...
I hope for all of you it's a takeover and not just fake rumours to keep the suckers in.If it's a struggling drill setup then there's plenty of time before they get there act in orderThe accounts will answer all questions, the final piece of the puzzle....How much salary they've taken this year compared with the year before.....yawn
Tomorrow's accounts headline - 'SRSP loss widens, funding talks continue' Funding shortly.....Blah blah blah, share price rallies to 2p boooommm, last chance to top up, last orders, this is gonna fly now, takeover Friday, big orders coming in now, just a tree shake ..... wish i still had my spreads. GLA you all deserve it!! Could do with some more rumours now.
interesting last post dr rosso, if payments are now on production rather then drilling how may this effect the idea of a takeover here if oil has now got to be in production? thats a lot different to payment when drill bit turns
Sorry avent, market got the better of me today. Beats the best of us some times.So the next pump and dump is scheduled for the 'rig mobilisation' rns, due soon by the lse tampers, everyone pile in, gets over 1.2 and everyone sells out, getting a bit repetitive now. We need funding or a takeover!!
In all honesty bum I'm just bored, been told it's next week every week since last summer.To discover the rig might now be being loaded in Singapore was a bit of a let down when I was hoping it was in Nigeria already to go.If it's taken 3months since the survey to start loading a rig makes me really hope for a takeover because otherwise oil flowing in 2017 looks a long shot at this speed.6 weeks delivery, 6 weeks installation, 40 day drill, 2 months analysis before we see any flow rates.Why is there still 10k offloads days before a 100% lock out and rise.Why are there rumours and pumps and dumps.Just want news, bored off my man tits!! Glad the weathers good though because it's the only bit of sun I'll be getting this summer.I think I'm becoming a frustrated long term holder - even my booommms leave me feeling empty.
Final chances for a top up tomorrow, don't want to be missing this one, straight rise into takeover now, choo chooooo
Didn't someone once quote:-'Countries would go to war over 241'Imagine the SP if Ororo is the Hub for 95, additionally Sirius get their hands on the other fields within 95. Add 241 and maybe 2012? With a proven record of getting these into production, if there is no takeover this company will be a monster with world renowned partners pumping billions of $'s into the Nigerian government in taxes and providing dividends to shareholders with a massive market cap.
Bumhammer - no takeover I'm afraid but you can dream
Bobo said that the JOA will be announced 'in due course'.... I'd like to point out an important aspect of announcing an earlier JOA (2010)...(this was also done before drilling.) from 2010 Results * Entered acquisition and joint operating agreement with Del Sigma Petroleum Limited for development of the Ke marginal field, which led to Sirius shares being suspended from trading on AIM as this would constitute a reverse takeover. (this was posted during the suspension period) personal comment....there's too much news due within the next thirty days....the only way to get this all out, without losing control of the via a suspension. (my opinion only)
Thanks Bron/Sol. The key issues I've had with any takeover scenario are from a process and value perspective. I.e. how we sell assets we don't yet own & and could we realistically secure a decent enough price against current 2C values? But the more I reflect, I can see that there are potentially viable answers so I retain a very open mind. In fact, I do see why it makes much more sense to some. Whatever the chosen route forward, it's very clear that we're far from a typical O&G company....and accordingly, my expectation on the potential value that can delivered to shareholders is also far from typical.
Takeover shez - the news flow has begun
Pipeline I agree its got to be a takeover - Just where is the news on Seabed Survey.... In fact where is any news...... Its going to come in a flurry then bang the big one! Vito are you for real dude?
Pipeline .I think there may be other scenarios alongside a takeover ,just to go into production I doubt..
Takeover, got to be
Obv that the 5 years have been spent on assets additional to the smokescreen marginal. 2 adjacent blocks, monster gas, multiple partners. Production? Yes, they'll finally get round to drilling O2 in June, but production, no. Highly likely that the takeover offers have already been penned, such that Sirius will never see a drop of oil, as per the original intent. £600m does it for me. That's 16p on full 3.8bn, 20p on 3bn out. aimo
Yes becoming cash generative is very transformational but that does refer to the AIM rules requiring share holder approval to change sector. Agreed funding triggers the farm in to the asset, the farm into the asset triggers a Reverse Takeover
bumhammer - If successful it is likely that Sirius would become the operator and this would trigger a reverse takeover under AIM rule 14 and require approval Funding and JAO conclusion!!!
Pete, I know that, 2C becomes 2P when "pending development". Therefore something pending development isn't developed. What I pointed out was most acquisitions are based on PDP reserves not PUD reserves. Therefore a bigger fish is likely to require SRSP to have both booked 2P and production. Not a takeover target when it hasn't even drilled its first well on its first field development. But its certainly much closer to that now than any other time in its history. Granted its not exclusively the case though when you think of the Thai's buying Cove, but that's verging on exceptional circumstances and not really applicable to marginal field development. Regards, Ed.
Pete, Yeah you might think its poor that most M&A is based on 2P and production. Most farm-outs are based on 2P/2C without development or even prospective usually when the owner/operator needs funding. If you want to see the highest price for a takeover of SRSP it needs 2P and production. Bumhammer, Yes of course the wells will be suspended until the FDP is in place and infrastructure. They could then move the rig to another field with Ororo fully appraised and pending development if that's what the consortium of vendor finance partners think that's the best option and best use of the rig. Its what's been hinted at by the company to date. Regards, Ed.
Ed, What's to say they prove the fields/Blocks/zones etc up - pop Christmas trees on top but not open the valves immediately. Then, the whole producer, RTO can be put on hold too. They've hit oil as per RNS but not commenced production. They could then drill another and do the same, only turning on the taps when they want to. By doing that, they maximize the revenue during the tax-free period. Even without going into production, this could then be taken over? As for Aventador dealing in facts, please don't make me laugh. He bought into this like a sheep based on a rumor this was a planned takeover years ago. His sentiment here blows like the wind and is most certainly someone not to listen to.
Understandable bronislav, regarding salaries, the directors could take cash AND issue share options if going down production. It's not unreasonable for the board to also accept payment once cash positive and not based on funding. Funding partners aren't going to be giving a penny so the board can pay salaries from 2010.Maybe the board don't really care right now and a bigger picture is in hand. A takeover would clear all outstanding balance sheet items and give them a share incentive too.It's about completion of the joa which was to be completed in due course in jan and for aim rules, a month before drilling (end of June) Got to go speak tomorrow
I would prefer 25p but if it's a takeover and to get a result so we can all move on and all in profit. If we go into production then I'd like to see 30p / 40p / 50p but I've had enough now. You never know they might surprise us all.
Yep one would hope for a takeover DRRosso.
Dr Rosso I'm with you there i'm hoping for a takeover! If funding if required will be done at highest possible price to save dilution and get the best deal for share holders - Cornhill are no longer!
3 billion dollar question butch! If it's a takeover why would they??? Who knows apart from the bod and Bick
Be very interesting to see what they've been up to all these years! They've kept the fourth partner secret for a reason along with all the assets. Time to hold not sell! The share will surprise us and the market once all is revealed. 7 weeks left until end of H1. The volume is just gathering pace day by day.
Gas and oil to be split into two seperate entities in the upcoming PIB.and the nnpc restructered .Some doubts about the passing.of the PIB next week although some of the legislation could be put through with the rest to follow at a later date.It seems it was on track to be passed through parliament in april but some issue with a member of the parliaments health. If it passes one would think its all systems go for sirius be it production or a takeover,if it doesnt pass it will be interesting to see how it impacts us and what the company's next move would be...we can drill a well without being suspended so talk of a suspension suggests that end game is a possibility.after six long years it seems like the next six weeks could be an exciting time for shareholders and the reasons behind our numerous subsidiaries becoming clearer.
BH - just curious as to whether he is indeed part of the current Board / a non-Director / part of a new structure etc. I can see the rationale behind arguments on both the takeover & longer term production sides of the fence. I'd be happy with a quick result that takes away any exit decisions, but I also see the benefit of significant longer-term growth potential. Bron - Simon could have been working on some pretty complex project finance across Ororo and other potential assets. RBL & debt structure modelling and negotiations, consortium/JV financing etc.
Six weeks timeframe for a drill? If so we should be in for some news soon...subsea survey one assumes is completed so today would be a good day to update.Those close to the government will have been briefed on the likely passage of the PIB and it isnt beyond the realms of possibilty that powerful people with influence are connected to sirius.News of survey,choice of rig and specific date to spud with diluion tagged on .Lets have it sirius. Conversely ,if we dont get news before the six week deadline for a six week drill then I would then be convinced it is a takeover or similar.
Never known a company like this! All cloak and Dagger! i'm in and stuck in but believe all will pay off! Next AGM will be fun!!!!!!
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P:41 V: D:20171022 02:49:41