Sirius Petroleum Share Discussion Threads

[htrocka2] 20/5/2025 20:15

I missed the crux of the Equinox involvement with the Tende/Angola deal...however...I picked this point up and noticed the Trafigura/Equinor link....it maybe holding things up?







'Who in their right mind would sign that kind of contract?'

The only way I can see this working is....It's Trafigura money...Trafigura are pulling the strings here. Knowing that this is not a quick turn round, Trafigura are de-risking their involvement in high risk projects, transforming losses from their own books by calling them 'investments' and pumping cash into projects via a third party.....and still being 100% in control.(I'm sure that Trafigura would have done their homework on this project prior to backing it)...All these parties are known to each other...and I'm sure they communicate and make clandestine deals on a 'first name ' bases.

[bronislav] 20/5/2025 20:15

Unless there is no conflict Doc.NNPCL and Tende to become one and the same?.

[dr rosso] 20/5/2025 20:06

Tende Energy Nigeria ltd. The legal practitioner is Tominiyi Owolabi. He is one of Nigeria's top lawyers in a first class firm. TO also happens to represent NNPC and several of its subsidiaries. Surely there's a conflict of interest here. He cannot represent both Tende and NEPL in the same deal.

[bronislav] 20/5/2025 19:50

Larson the boss at atog yet we have controlling interest.

[bronislav] 20/5/2025 19:47

Got to be more to it Doc.

[dr rosso] 20/5/2025 19:40

"During the year ended 31 December 2022 the Group signed a facilities agreement with Trafigura PTE Limited for up to $200m to be utilised in respect of OML65 activities. The Group drew down $10,000,000 of this facility in 2022 year on which costs of $834,000 were deducted. The costs are amortised over the period of the loan resulting in an effective interest rate of 20.24% being applied. The loan was repayable over a period of 2.5 years commencing from June 2023. In 2023 the terms of the loan were renegotiated with repayments now due in 11 quarterly instalments commencing in March 2024. A further $25,000,000 was drawn down in the year with no costs. Interest of $3,339,000 (2022: $77,000) was recognised during the year and interest of $1,884,000 (2022: $Nil) was paid. The loan is secured against OML65 cashflows."


Tunisian oil revenue covered the operations there. There's nothing else, no 65 cash flow. $25m drawn down. How do they even start to pay off the interest racking up at 20%? Whilst Tende is drowning in debt, funding the field, NEPL receive a full 3-year's worth of proceeds from Abura's 10k bopd production. Who in their right mind would sign that kind of contract?

[aventador] 20/5/2025 19:14

So are we gonna be quids in by Christmas ? Hmm

[bronislav] 20/5/2025 18:06

Vat Bank of new york and barclays etc Nominees with the clout will have their finger on the pulse.Unless they have a clever way of splitting small shareholders from the significant shareholders then it's not overly obvious how we will miss out.unless you opt for a premature sale at 1p

[vatnabrekk] 20/5/2025 17:35

Bron, that's one of the (many) things that I'm concerned about. It really is too much to believe that the COPDC-Tende JV is having to bear all of the operating costs of the OML65 production and yet receiving zero revenue for their work, for two or perhaps three years. No company would ever agree to that, nor could any company ever survive doing that!

So I have been pondering for some time, where is the proceeds for the oil going? Is it going into NNPC's coffers, or is it being filched off somewhere that's not to our benefit?

And who's paying the interest and repayments for the funding that has been drawn down to pay for the operations?

[bronislav] 20/5/2025 17:33

The percentage in Tendes favour is clearly the security.

[vatnabrekk] 20/5/2025 17:28

Doc, and to think that the AR was signed off by the auditors!!
Maybe we ought to have a quiet word with them!

[bronislav] 20/5/2025 17:00

If they can lie about tunisia maybe they are lying about revenues going through Mauritius from Nigeria and not just from oml65.

[bronislav] 20/5/2025 15:39

I will repeat it so that aventadors distracting post doesn't get in the way.
ATOGMIDCO.confirmation statement
Tende own 340 TENDE midco shares and JAMES LARSON OWNS 327.
We have the controlling interest.
James Larson is an extremely astute businessman with the money to prove it.

[ace1976] 20/5/2025 15:35

Bloody hell Aventdor don’t waste your time on here when on holiday

[oliversanvil] 20/5/2025 15:32

You guys tende to put a lot of enery into supposition

[bronislav] 20/5/2025 15:18

Looks like we have the controlling interest of ATOGMIDCO and larson close behind.

[vatnabrekk] 20/5/2025 14:46

HT, they have told us lots of lies, surely you must be aware of that if you've been reading the posts on here?

[oliversanvil] 20/5/2025 14:40

Smoke and more smoke!

[1sonic] 20/5/2025 14:21

Meanwhile over to
Companies house Atog Midco… confirmation statement

[htrocka2] 20/5/2025 10:57

vat...I do not have access to the technology...but I'm sure that some poster on this thread have.....Ask AI.....'Will Tende Energy survive?'