Sirius Petroleum Share Discussion Threads

[vatnabrekk] 02/2/2025 15:01

If you're right HT that the 8,000 relates to only a specific area at Abura , and that's a fair analysis of the wording, then why is there zero revenue in the accounts for the whole of 2023? That suggests that overall they didn't reach the critical level average of 10,500 per day overall, which was the starting point.

See rosso's post above 139333.

[htrocka2] 02/2/2025 14:37

vat...read it carefully, try not to jump to conclusion....If I remember correctly, there are about 59 wells on the Aburu Field, some are no longer producing anything and have been abandoned while others, ie; a cluster, that are producing 8,000, has been chosen as the target area for the revised upgraded Field Deveoplment Plan...that as yet, is still to be approved...(there are about four different ways of getting the heavier oil to surface, steam being one option) (The 8,000 bopd, refers to a local group of wells....not the whole field.)



from the AR
'...initially identifying the well targets on the Abura field where average daily production was 8,000 bbl during 2023..

(They're talking about targeting drilling spot(s) around a specific local area where 8,000 bopd is being produced)


'Current production at Abura(THAT'S FOR THE WHOLE FIELD) is now running at c.13,000 bopd as a result of the optimisation of production facilities and infrastructure. Further workovers are programmed to be undertaken during the early part of 2024 to add additional incremental production.'



I just believe the whole communique is poorly worded.

[rosso4u] 02/2/2025 14:16

Exit production at Nov 2024 is given as 10,040.


They are playing around with the figures to suit themselves. The ones which are reflective of the true situation are a) 10,500. We know this to be correct because 3rd party sources pre the arrival of Tende report workovers taking production up a further 1500 from 9000 in 2020. So 10,500 in the 30 June 2023 AR would appear genuine.


What is not genuine is the 13000. That may have been the reading as at 6 Dec 2023 but it is a rogue figure. It could be a temporary output on or around that particular day by opening up the choke valves on wells 4, 8 and 11 ahead of the workover programme.
The figure is not mentioned again, either at the following week's agm nor in the following AR. Instead we are led to believe in an extra 2000 by end-Dec 2023.

Expecting to see a grand average for the year 2023, instead we are met with a mere 8000. Well below the commercial base level, this generates zero income for Tende. Revenue, acc to the FTSA, is dependent on incremental production, not reducing it. Also highly misleading is the "immediate cash flow entitlement" statement, because it omits the condition which triggers entitlement.

The situation is improved for 2024 if we assume that 10,040 is a daily average over the year to date. In other words, 2 successful and one fail workover wells, have added a couple of thousand barrels. Unfortunately for Tende, this again brings forth zero revenue as it still around 500 below the pre-agreed ommercial base level set in the FTSA contract.

All we can hope for is that the new FDP will kickstart the AWP drilling prog and we see the first infill production well onstream by H2. That will tip us over into revenue-generation territory, aided further by infill-2 later in the year, and improved infrastructure flowstation facilities underway.

Progress to date has been pitifully slow, and with no payment whatsoever, largely due to incompetence within the COPDC/NEPL set up, low-hanging fruit turning out to be far less lucrative than imagined. Conflicts among the team have led to the departure of Richards and Day from the Project. With the wells shut in for a period of time, annual production shows in freefall, hence down to av 8000 bopd. Prob around 2.5m barrels, all of which have benefited NEPL. Nonetheless our boys helped themselves to $2m from the loan trough, even awarding themselves a nice brucie bonus for this abject failure.

[vatnabrekk] 02/2/2025 12:17

Not conflicting HT? How can something start at 10,500, and at 13,500 and yet average 8,000 over the period?
That seems very conflicting to me!

[htrocka2] 02/2/2025 10:45

rpat2..

'The only thing hopefully is whoever provided the 50m is a bit more savvy then us muppets'

Sounds like another deal that we're going to end up with 10% of.



rpat2..

'The only thing hopefully is whoever provided the 50m is a bit more savvy then us muppets'

Sounds like another deal that we're going to end up with 10% of.



vat..
'HT, I don't think that answers why they gave us incorrect misleading and conflicting production numbers in two of their updates.'


I never found the numbers conflicting.....As time went on....the oil grades were deteriorating...as the lower oil grades were extracted..this left the more difficult, higher viscous oil in the ground that could not be extracted using conventional methods....in short...to put it crudely..what is left is close to bitumen....and that's the stuff that this lot are trying to get out of the ground....Nigeria has masses of the stuff....the problem is that it costs about $48 a barrel to extract....that's no use to us....If the 'big-boys' are not interested in the stuff...what the hell are we doing there?




'..the Niger Delta basin has a significant amount of heavy oil reservoirs.'

[rosso4u] 02/2/2025 01:10

If Tende is buying up thousands of tonnes worth of polyethylene/polymers, they need someone and somewhere to store the stuff.

Step in Arcadia Energy (Suisse), who just happen to own 83m Tende shares, acquired at 2p.

[vatnabrekk] 01/2/2025 23:04

What I see as important right now, is communications. We have to find a way to get them to communicate with us and give us honest and accurate updates of what is, or is not, going on in the business. I don't know how we do that, but I believe that is what we need to focus on first and foremost.

As far as salaries and benefits are concerned, although it's seriously annoying that they are ripping us off with absolutely no benefit to shareholders, if there is no revenue and no profits in the foreseeable future, then whether they take out zero or £50M per annum is going to make absolutely no difference to shareholders. So we need to find out about the fundamentals of the business first.

[vatnabrekk] 01/2/2025 19:50

If it's Petropolymer, as I suspect it is, then they are covered by having a charge over all of Tende's assets. We are not.

[rpat2] 01/2/2025 19:29

The only thing hopefully is whoever provided the 50m is a bit more savvy then us muppets

[detective captain sean signal] 01/2/2025 18:51

Rumours will trickle down as we approach the AGM that Angola is almost over the line.The BOD will be all smiles at the AGM, telling us Angola is complete and we're just waiting for the official announcement.Post AGM we won't have any updates for 12 months.Tende will default on the $50m loan and go into administration.We'll never see or hear from any of the BOD again.Sadly, after 10 years, that's my prediction of what's to come.

[bestdeal1] 01/2/2025 18:30

Whilst taking huge salaries and bonus’s for themselves and not only returning zero value to shareholders but actually locking us in.

[vatnabrekk] 01/2/2025 18:27

HT, I don't think that answers why they gave us incorrect misleading and conflicting production numbers in two of their updates.

[htrocka2] 01/2/2025 18:15

vatnabrekk...I'm sure you'll get all the answers your looking for by asking one simple question...'Why was it necessary to submit an updated (Revised) Field Development Plan'



Post year-End Summary

• New Field Development Plan undertaken for OML65 reflecting the updated field studies and sub-surface conducted
during 2024.

[elliotset] 01/2/2025 17:05

Where is the agm please

[ace1976] 01/2/2025 16:01

Seems to be all made up by the rig spotters,I’m sure you were chief rig spotter as well Vanta

[bestdeal1] 01/2/2025 15:03

“…..getting the answers together but liaising with different elements across different counties to get the answers was proving difficult”

What utter bollx.

[htrocka2] 01/2/2025 10:36

I wonder how they'll get round this one.....(will it end up that if you can't beat' em...join 'em....one things for certain...they won't ditch 'em)

Principle Eight(From the AR)
Promote a corporate culture that is based on ethical values and behaviours



(This article claims that (now ex-) Sonangol employee was complicit)

[oliversanvil] 01/2/2025 08:13

Hi everyone, ------------ IN MY EMAIL THIS MORNING.

Questions sent to Tende

I’ve had a few emails asking for an update so here is where we are at. I sent the company a letter with a list of questions that we wanted answers to on the 7th January. Please see attached the letter. I have chased up that letter several times since sending it, each time being told that they are getting the answers together. After a phone call today, I was told again that they were getting the answers together but liaising with different elements across different counties to get the answers was proving difficult. There are some things they can't tell us because of ‘other stakeholders’ and ‘confidentiality’ and that the company was working very hard at the moment on Angola, but that they are unable to say anymore about that either. I said it wasn’t good enough and it's been six years now since delisting. I asked if we would have the answers before the AGM and was told we definitely would. I leave it to each of you if you believe this latest promise.

Upcoming AGM

The AGM is not far away (24th Feb). I plan to be there, I hope as many of you as possible can try and be there as well to apply some in person pressure to the board. Do also in advance of the AGM make the effort to vote on the various resolutions, perhaps thinking about which ones you might want to vote against.

Group update

Thank you to those who have got their shareholding statements and sent them to me. If you haven’t yet done this please do email me with a letter or statement from your brooker with the following information:

Your full name (as the beneficial shareholder)

The name of the broker or nominee platform (e.g., Hargreaves Lansdown, Interactive Investor)

The company name (Tende Energy PLC)

The exact number of shares held

The date of the statement or letter

70+ people declared an interest in this shareholder group with a reported 9% of the company shares. So far 21 people have sent me their shareholding statements totalling over 2% of the company. We need 5% in order to call a meeting or place a resolution so please do continue to send your letter/statements to me.

What to do

Try to get to the AGM and ask questions of the board

Make sure you cast your vote on the AGM resolutions, you can do this in advance, perhaps thinking about which you might vote no on

Send through you shareholding letter/statement

Many thanks to everyone in the group and I hope the next update includes a response from the company…

Barney Pimentel

[htrocka2] 31/1/2025 23:48

Thanks for the reply rosso4u...I wonder if Tende were given all the data before signing the BH Master Service Agreement....(on a fixed term basis)...only to discover later that the field could not be drilled as conventional wells. With the soaring cost of extracting 'Heavy Oil' moving up to as high as $48 a barrel?(Maybe the whole project, like the Tunisia debacle...should be pulled)


dated 2021

'The Company signed a Master Services Agreement (“MSA”) with Baker Hughes for the provision of drilling related services for the further development of the Abura field, representing Phase 1 of the AWP and involving the drilling of up to 9
development wells. Baker Hughes will provide its equipment and services on a fixed price contract basis.'

'


Baker Hughes is nowhere to be seen. Phase 1 AWP 9-well drilling programme has now been re-set under a revised FDP which will be submitted to the Nigerian authorities later in H1, 2025. Complete shambles,'

[riskybisky] 31/1/2025 23:10

It was v easy for me to get my shareholding deets to helix.
Was all there I'm a document on broker website under
my account.

Please take the 3 or 4 mins to get yours over to helix.

If necessary drop broker a text or email... This is what is needed...

Your full name (as the beneficial shareholder)

The name of the broker or nominee platform (e.g., Hargreaves Lansdown, Interactive Investor)

The company name (Tende Energy PLC)

The exact number of shares held

The date of the statement or letter

[htrocka2] 31/1/2025 21:03

rosso4u...as the current 'light'...what do you make the following..


'The Company signed a MSA with Baker Hughes for the provision of drilling related services
for the further development of the Abura field, representing Phase 1 of the AWP and involving the drilling of up to 9 development wells....(posted...July 2021)



From the latest AR

'Following a detailed appraisal of the available data on both the Abura field and the development fields, Owepele and Osioka, it was agreed that there was a requirement to update the dynamic reservoir modelling of all three fields and this work was successfully completed progressively during the year and post year-end, initially identifying the well targets on the Abura field where average daily production was 8,000 bbl during 2023.'




'...71 per cent of the total (Heavy Oil) reserves are domiciled in acreages operated by NEPL,..' (Our Partners in the OML 65 Project.)



Post year-End Summary( from the AR)
• Q1-Q2 2024...
• New Field Development Plan undertaken for OML65 reflecting the updated field studies and sub-surface conducted during 2024.

Personal comment..
'Yes'...the field produced 13k a day at one stage.....then reduced to 8k..with the loose 'low hanging fruit' now cherry picked, we're now left with the 'dregs'...the heavy oil...proving difficult to extract......that's typical of the sort of deals this lot makes. Still...Trafigura must be aware of the situation and still backing them...that's enough for the time being.