Sirius Petroleum Share Discussion Threads

[omzy] 20/5/2015 17:56

'the problem is who owns the other 60%?,'

Who cares who owns the other 60% or more to the point who doesn't care !

With reference to the link you provided dated june 19 2014 from the Nigerian Newspaper Leadership the issues regarding owena and ownership of Ororo were already in the public domain. The court hearing regarding ownership had been adjourned until October 9 2014.

Interestingly only six days after the date of this supposed hearing the company RNS that

" it has entered into an Agreement with BTG Pactual Commodites (UK) LLP ("BTG Pactual") relating to the marketing of crude oil from the Ororo Field"

So whatever did or did not occur in court on the 9/10/14, it did not deter BTG Pactual from entering into an agreement with Sirius.

Nor did it deter Stein & Taylor forming a TAC team just over a month later.

Nor does it deter the capitalisation of loans and fees

" announces that it has agreed to issue to unrelated parties an aggregate of 43,888,143 new ordinary shares at pre-agreed prices with an average issue price of approximately 2.25 pence per share, to capitalise loans used for working capital and in settlement of fees and certain creditors." 2/3/2015

"Company has agreed to issue to Juniper 20,000,000 new ordinary shares in settlement of fees to 31 December 2015 .......... In addition, the Company has agreed to issue a further 15,000,000 new ordinary shares in the Company in settlement of GBP150,000 of fees relating to a working capital loan agreement entered into." 1/5/2015

In view of the above and other contributing factors I and others have made previously, I am concluding there is hopefully no longer any problem regarding ownership of ororo.

[htrocka2] 20/5/2015 14:39

Sirius Petroleum have a legal interest of at least 40% of ororo marginal field.


No one is denying this fact....the problem is who owns the other 60%?, ie the controlling majority. Who ever comes out on top will need SRSP to put the field into operation....and SRSP cannot go ahead with their end until the ownership has been resolved....SRSP will be responsible for extracting 100% of the hydrocarbons from the field....every man and his dog is claiming the 60%....with some obscure parties claiming 100% of the field.

[omzy] 20/5/2015 13:48

Hi drrichard - no I have not at this time contacted Advisory. However, I am assuming the 40% acquisition of ororo was the reverse takeover factor that triggered the payment of 61,300,000 shares to Taglient Oil Nigeria Ltd. Given the apparent quality of the legal representation regarding this acquisition and the status/due diligence of those parties that have become involved since the acquisition I am confident that Sirius Petroleum have a legal interest of at least 40% of ororo marginal field.

From re-admission doc
10.1" an agreement dated 23 July 2008 between the Company, Taglient Oil Nigeria Limited(Taglient) and Taglient’s shareholders pursuant to which Taglient agreed, among other things, to use all its reasonable efforts to seek out opportunities for the Company to acquire interests in oil and gas fields in Nigeria. Taglient agreed to provide its services exclusively to the Company. Taglient was paid a fee of £114,250 upon the agreement ceasing to be conditional and a further £153,250 is due upon and subject to the Company completing an oil and gas transaction which constitutes a Reverse Takeover under the AIM Rules. The agreement permits the fee to be capitalised and settled in Ordinary Shares at 0.25p per share (which at the date the agreement was entered into represented a premium of 298 per cent. to the then net assets of the Company). This will result in a further 61,300,000 new Ordinary Shares being issued to Taglient;"

RNS 25/9/2013
"Additionally, the Company will allot 61,300,000 new Ordinary Shares at par to capitalise fees of GBP153,250 due to Taglient Oil Nigeria Limited, pursuant to an agreement dated 23 July 2008 and as re-confirmed at the AGM held on 25 July 2013, the conditions of which have been deemed to be met."

[drrichard] 20/5/2015 13:13

Nice find Omzy. Did you EMail them for more details-like is it case closed and sorted?

[omzy] 20/5/2015 12:37

Taken from the ADVISORY Legal Consultants web site - advisoryng.com

Who We Are

ADVISORY Legal Consultants is a specialist boutique law firm based in Lagos, Nigeria. We provide bespoke transactional, regulatory and legal advisory services to businesses and projects in Nigeria’s energy, resources and infrastructure sectors.

By focusing on a niche area, we are in the forefront of sector trends and developments. Our specialism offers our clients a deep knowledge and understanding of our focal sectors that goes well beyond legal issues. In Nigeria’s fast evolving market place, this is a value–add for our clients.
ADVISORY was founded in 2011 by a former General Counsel of the Chevron Companies in Nigeria and a former partner at a leading commercial law firm in Nigeria with the aim of establishing a consultancy firm that offers specialized legal expertise to discerning clients. Both founders have had the unique opportunity of advising on some of the most topical projects and regulatory developments that have occurred in our focal sectors within the past twenty years. Leveraging on their unique expertise, combined with those of a carefully selected team of highly specialized professionals, we present our clients with a very unique and difficult-to-rival assemblage of specialist lawyers for their matters............................................................


Members of our team possess the following oil & gas experience:...............................................................................................
Advised Sirus Petroleum Plc. regarding its acquisition of 40 percent interest in Ororo field located in OML 95

[thundercat1] 20/5/2015 12:10

He said the same to me, problem is can you trust anything they say.I would have thought at this stage license issues are probably not an issue prob another scare tactic or rumour mill which helped crash the sp, tradings dead now not even big trades or sells last couple of days are we now at the calm before the storm, everyone seated?

[x1000] 20/5/2015 11:58

Send an e-mail to John Bick. He will confirm that there are no ownership issues/licence issues and that it is simply a matter of getting funding completed.

[thundercat1] 20/5/2015 11:45

Ht rocka why don't you ring the company and ask about these license issues your obsessed with and get some clarification?Surely without any license this would have been a no go from day one so it doesn't add up.

[htrocka2] 20/5/2015 11:33

ropot...

There's a tenuous link between that story and SRSP...in that IMDC who claims 70% of Owena Oil and Gas, were given the rights to construct the Terminal...that has mysteriously ended up in the hands of Dangote.





'Owena Oil & Gas Limited is a private company duly incorporated in Nigeria in 2001 and jointly owned by the Ondo State Government (OSG) and Integrated Mineral Development Company Limited (IMDC). Sometime in year 2001, IMDC a firm of Mineral Development consultants and Investors approached the Ondo State Government under the governance of late Governor Adebayo Adefarati for the purpose of providing the Ondo State Government with Consultancy, Technical assistance and finance for the development of Oil and gas businesses that will include but not limited to establishment of a petroleum refinery...'


ps..The press, depending on what version you read, have quoted, in some cases, that Owena Oil and Gas is a subsidiary of SHELL, in others, as an Ondo State Vehicle.....and others as a Private Company. This is the basis of the problem and dispute.

[thundercat1] 20/5/2015 10:40

Let's hope we haven't got another 2-5 year wait, thought this was all tied up soon tba, possible we won't be the owners then if Ophir or whoever is lined up take the reigns then it will be down to new owner to get the fields ready for production we take the pay off hopefully sooner the better once all the unknown issues etc have been sorted out.

[ropot] 20/5/2015 10:28

Africa’s richest man and President, Dangote Group, Alhaji Aliko Dangote, has said his oil refinery will process 650,000 barrels of crude oil per day.

The completion of the plant, expected to come on stream in 2017, will see Nigeria having one of the largest petroleum refineries in the world.

hxxp://www.punchng.com/business/business-economy/dangotes-oil-refinery-to-process-650000bpd/

NewCo takes over Sirius, and then spends the required time and money to prepare our fields ready for 2017 ?

[them0se] 20/5/2015 10:23

Can you wait that long Rich?

[chris shiherlis] 20/5/2015 10:09

They are likely delaying until Africa's richest mans new refinery is built and these two large assets might be lined up with icap energy to feed that, hence the delay.

[dr rosso] 20/5/2015 09:37

Those involved on this baby can take their payoff from the most ridiculous loan deal I've ever seen. Calvet front will distribute 330m at whatever the takeaway price is, a tad above 0.45p at a guess. Say 45p? £140m swag to share out should sway any stubborn types.
OML136 being geared up for 2017 production looks to be part of a LNG super-project in this part of the basin where Sirius holds 2 lucrative blocks.
Kulczyk's OML42 just been given an operator licence. Things seem to be moving at long last.

[granitetim] 20/5/2015 07:47

Looking promising for a drop today!

[solarno lopez] 20/5/2015 06:50

The Eland deal almost fell at the 12 hour due to the sellers wanting more and the buyers ready to get on a plane home

[arabelle22] 20/5/2015 01:04

With reference to kulcyk.i believe is invested in oml 42 which neconde energy has just been granted operatorship of oml 42 of which kulcyk has businesses tied in .maybe his pile of money went in there.just my thoughts.

[dr rosso] 19/5/2015 22:28

"It is expected that gas in OML 136 will reach the market by 2017, which is when the Brass LNG project is scheduled to come on line. A crucial reason for the farm in by TOTAL of this gas prone acreage is for Conoil to piggy back the French multinational giant so as to effectively monetize the assets."


Huge LNG project underway, includes 241 and 95 where Chevron block licence has just been renewed. Modular refineries to be constructed.

[granitetim] 19/5/2015 19:06

Rich yet mugs ?

[htrocka2] 19/5/2015 15:38

We live in a world where news and communication is instant...hence secrecy is paramount. Take oml 136 as an example, on the southern periphery of Ororo and has a newly discovered gas reserve with a gross thickness of 160 meters and is described as 'huge'. Oil fans out from 'basins',Ororo is part of this 'hub'. Quite a few people with inside knowledge are aware of what Ororo contains....hence, every one with this knowledge are trying to lay claim to the field. Production tests on a well in OML 136 was flowing at about 24 Mmcf/d on a 16/64” choke.




OML 136 is just south of Ororo (press+ to enlarge the diagram)

[ropot] 19/5/2015 13:54

What were Eland's reasons for the secrecy?

[dr rosso] 19/5/2015 13:46

Worth knowing that the Eland deal on OML40 was conducted over a period of 15 months in complete secrecy under a codename Project Mangrove.

[ruedolf] 19/5/2015 13:20

" Dr Rosso 19 May'15 - 11:47 - 33447
Jimjam's Yoruba msgs translate as "Do not sell, we are alive and kicking" Outsiders are not welcome. "

Jimjam can be safely ignored as being yet another false prophet / wind up merchant as his previous predictions fell at the first hurdle .....

"jimjam22 - 30 Mar 2015 - 19:18:06 - 32022
All that will happen.
SRSP will shock you all within 3 weeks, first shock small. Second shockwave is big... there will be more shocks... but a bit more protracted. no morw from me till the first.. "

[4ceer] 19/5/2015 13:06

Outside of the current court case, what other assets do srsp own ?

[rchanter99] 19/5/2015 12:10

Everything published on 'tinternet seems to suggest that the Ororo field is owned by Owena and Guarantee 45/55, including the DPR website.

Sirius supposedly purchased 40% of Ororo in 2011 I think? Seems like enough time for the DPR to update its website.

The news reports suggest that a Sirius employee paid $450,000 to a government employee for 40% of Owena's 45% share.

Guarantee Petroleum have published a statement on their website that they own Ororo jointly with Owena, and that Sirius have no interest in it.

It all seems pretty "murky" to me. Not trying to have a go by the way, just trying to get it all straight in my head.

Whose 40% did we actually buy? Guarantee's (who publicly state that Sirius don't own Ororo), Owena's (who nobody seems to know who actually owns it) or a bit of both?