Sirius Petroleum Share Discussion Threads

[granitetim] 11/5/2015 14:26

Wonder what happened to poor old carrera ?
Another mis-guided devotee

[dr rosso] 11/5/2015 13:28

"there was a report on Sirius having a farm in agreement with MPI"


Not so. The Sirius article is pretty much a repeat of the block info given out in their rns. There is no ref to M&P in the article.

[jarrow3] 11/5/2015 12:52

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[drrichard] 11/5/2015 12:46

Sherlock, here is the original Gumbo post on LSE
I am not invested here but I do have shares in Maurel & Prom Nigeria on the Paris stock exchange. I was browsing for news on MPI and looking at news in last 12 hours and there was a report on Sirius having a farm in agreement with MPI. It may be old news or it may be interesting. I thought I would post as some of my TSTR buddies are in here.

[the prophet] 11/5/2015 12:32

I blame it all on the starter of this thread, 'cashed up and ready to roll', commentators curse! Pushing 6 yrs on soon....

[x1000] 11/5/2015 12:29

Anyone else think we could be looking at a few years here before getting a return on our investment ?

[sherl0ck] 11/5/2015 12:26

MPI now have about 20% of Seplat following their IPO. Anyone have a copy of the info in Upstream and particularly the specific mention of MPI in relation to Sirius?

[htrocka2] 11/5/2015 12:26

If OPL241 = 3bbn to Sirius ... and the Company confirms that this is 'the other potential asset'...then 'ORORO 95 ltd' will/has be put on the back burner until all issues are resolved.

[dr rosso] 11/5/2015 12:13

What could be the other African-centric Co. interested in the block? Upstream is referring to a farm-in deal.......




Historically, Maurel & Prom was based in Bordeaux and was one of France's largest family-run shipping and foreign trade houses. It had trading interests throughout the French colonial empire, which included trading houses in Saint-Louis, Senegal, and modern Guinea, Gambia, Mali and Ivory Coast. The company changed its focus to agribusiness in 1986. It pivoted to oil exploration and production in 1998.[2]

Maurel & Prom is now a holding company with fewer than 400 employees. It is involved in international exploration and production of hydrocarbons, including the drilling of offshore oil and natural gas in Africa and the Caribbean. The company has drilling contracts in the Democratic Republic of Congo, Gabon, Tanzania,[3] Peru[4] and Colombia. The company holds a 45% stake in Seplat, a Nigerian oil company, that was formed in 2009.[5]

[dr rosso] 11/5/2015 10:56

Ororo and tie-ins = 300mmb to Sirius
OPL241 = 3bbn to Sirius

[sherl0ck] 11/5/2015 10:48

htrocka2 - have you come across any other listed companies that received funding at a pure project / subsidiary level without giving up equity (assuming this is still a little different to a main holding Plc taking on debt?). This scenario feels to me like a precursor to full sale, in which case the funder takes everything anyway.

Of course if there are still issues with Ororo that will impinge on any form of funding in the short term, it's a purely theoretical exercise anyway whilst this is parked and all parties then switch to focus on other opportunities.

[sherl0ck] 11/5/2015 10:29

First proper mention of the block in nearly 3 years was surely significant and could indeed herald a change of approach and priorities. After that amount of time to conduct ROV, seismics and analyse data, they surely have a pretty good idea what's going on (strongly hinted at with the mention of 'significant 2P reserves' on 1/5/15 as opposed to 'number of compelling characteristics' on 21/6/12), so technical due dilligence could merely be Havoc/Schlumberger finalising plans alongside a larger farm-in partner. Reveal the asset in all its glory, farm in and sell off.

[dr rosso] 11/5/2015 10:27

JOA finally confirmed by DPR. Eland have been taking a risk up to now as the NNPC agreement hadn't been signed off.

[htrocka2] 11/5/2015 10:22

Let's hope they don't issue more shares...as I doubt that £1.5m will be enough.

[dr rosso] 11/5/2015 10:19

"commencing full technical due diligence. The Company is in discussions with two African-centric parties with regards to a farm-in arrangement to develop the asset. This asset has significant 2P reserves and existing wells have been drilled."

Looks very much like change of plan. Stuff all this hanging around over the smaller field and lets get cracking on our enormous block. Interesting that Kejriwal's Juniper (45m) and Corvus' Calvet (330m) have just arrived on the scene to secure a big shedload of shares for themselves.
Taking shares in advance. Why the rush, boys?

[dr rosso] 11/5/2015 09:40

There is obviously some kind of ongoing dispute over the Ororo Field in OML95, be it with Guarantee, NNPC or DPR. The STF cash is sorted and Havoc team is ready to drill, except that the money has not been made available for drawdown.

There seems to have been a change of plan, borne out of increasing frustration. The much larger OPL block asset is being brought forward, and it looks as if they are going for farm-in sooner than expected. The idea of first getting oil flowing from Ororo, with the funders taking a % of the asset, before moving in on the other block may have been dropped. If so, this is no bad thing because the block is considerably more valuable than Ororo. The hurdle to be overcome is that they won't have oil revenue which is partially required to get the block into production.

NewCo could do us all a favour, farm in with added cash for drilling, and reveal the reserves. Reverse the process, Block first, Ororo second. There is no further dd to be carried out on the Ororo field.

The RNS referring to "technical due diligence", I take to mean that preparations are now being made for OPL 241 to be brought into production, with Havoc focusing on drilling arrangements here.

[htrocka2] 11/5/2015 09:32

Calvert are still pumping these...and want the shares and control. With talk of farmees, another block, further due diligence by the company...maybe, just maybe the 'other block' has now taken priority.

'Commenting, Bobo Kuti, CEO said "Both the Ororo Field and other potential assets are key development targets for the Company...'

As seen from the above...After four years, the 'other potential assets' have now come into the equation and have equal ranking and both are now 'key'. The elimination of the 'long stop date' implies that Nima and the 'Ororo 0MLl95' Project, being separate from the 'other potential assets' are waiting for an unknown date before committal.(All my opinion only)

[drrichard] 11/5/2015 08:52

Nice idea htrocka2. Could just be.

[htrocka2] 11/5/2015 08:44

'another block'

Maybe the Owena dispute is still on going and as yet unresolved hence the reason for shoving OML95 into a subsidiary while in the mean time concentrating else where. I'm only guessing, but as the company are keeping shtum about the situation, speculation is all I can go on. We never did get to hear the out come of the High Court hearing.

[sherl0ck] 11/5/2015 08:05

I assume 'another block' is still OPL 241, in which case we've surely done a fair amount of due diligence already, so farm in could be imminent.

Chris S - why the change of tune from your posts last week?

[bronislav] 11/5/2015 07:28

Gone by August in my view ...purely speculation 😜

[chris shiherlis] 11/5/2015 07:16

Another 3 years doing nothing on another block. Brilliant.

[mrbean5000] 11/5/2015 06:50

i just registered, full article...


London-listed Sirius Petrol­eum is in talks to farm in to shallow-water acreage off Nigeria.

The company said it “has been in discussions with regards to participation in a significant oil block located in the Niger Delta and is reviewing data and geological reports and commencing full technical due diligence”.

Sirius said it is in talks with two “African-centric parties” about the deal, which would give it access to “significant proven and probable reserves”.