Sirius Petroleum Share Discussion Threads

[chris shiherlis] 18/6/2015 09:17

lol no offence intended buddy light hearted fun pal x

[sherl0ck] 18/6/2015 09:07

Having just jumped off the spinning bike, I take offence to the fatty reference!!

[chris shiherlis] 18/6/2015 09:01

Master of Disaster, Dr Rosso and fatty Fatty Fatty Bom Bom Sherlock making all this stuff up lol

We'll be still readin all this guff in 2058

[sherl0ck] 18/6/2015 08:15

So with such large prospective farm in fees I think it's fair to say that funding has to be linked with a takeover. Still can't imagine a £9m mcap company raising this level of debt with a view to then move to long term production......not when they could have raised money at a far higher share price and started drilling a couple of years ago. Talk of time dragging on = opportunity cost of missed production revenues, is only really of any consequence to the Board if they don't have their eyes firmly set on a big takeover. Personally I think that's always been their raison d'être from the start.

[trigsy12] 18/6/2015 08:14

The mythical 241.Doc you seem to be well informed.How can we actually own 241 if its currently(as far as anyone knows)being decided by a court of law who is the owner which bares no mention of srsp.Doc help me out on this one pls Im still a freshmen at this game.Thxs.

[dr rosso] 18/6/2015 07:53

15 months from May 2014 agreement sounds about right to me judging on other similar large O&G deals in Nigeria. Whoever is coming in needs to show $15m deposited in escrow for Ororo, and $50m+ farm in fee for 241. At that point we`ll see a PSC, but it won`t be with Sirius, it`ll be with NewCo but they have to go through Sirius to get it.

[chris shiherlis] 17/6/2015 23:53

241 Is the one they always wanted that is the valuable jewel.

The partners need to see that farm in fee and a plan to develop before they are happy, we need to convince Ophir that it is in their best interest to loan us the money via the back door to secure the farm in and then revert to them once that is complete, or we need to finance that ourselves and judging by the funding nonsense of that it could be harder than we are all led to believe.

Block is key everything else is nonsense.

Will it drag for another year or will these people do what they are supposed to do and get this deal done.

Havoc brought in to do the analysis of the oil and the legal team nailing down the paperwork. Not an easy process but they have had quite long enough.

[chris shiherlis] 17/6/2015 23:49

About time this lot told us the truth, stalling for time whilst the DD is done by Ophir. We need money to farm into 241 and after that we'll be snapped up by Ophir, Farm in to the block is key. No farm in no value here. Maybe hidden behind closed doors of these subsidiary companies meaning we may never know and simply get a take out RNS. Lets bloody hope so hey.

[htrocka2] 17/6/2015 23:11

All we've got to do is get it out of the ground..

[dr rosso] 17/6/2015 20:22

In-house Swiss set-up, not to be confused with Calvert International. Simply a means of accumulating shares for its owner. Withdrew a £1.5m loan facility convertible at 2.5p only to come back a few months later with a replacement that converts at sub-1p.

[rchanter99] 17/6/2015 19:42

Who are Calvet anyway? I have just read that they already had a 1.5mil deal with Sirius in 2013.
Therefore I am not sure we can assume anything based on the amount and/or source of the funding.

[dr rosso] 17/6/2015 15:54

The £200k is for working capital at the Nigeria end. The remainder is irrelevant, simply a share-collecting mechanism.

[the drewster] 17/6/2015 12:28

But they have only lent £200k ... any more being at their sole discretion.

Suspect the 70m shares they got in exchange (and sold?) have swelled their coffers sufficiently to lend a little more, but who knows.

[granitetim] 17/6/2015 12:21

butchmeister
Posts: 293
Off Topic
Opinion: Strong Buy
Price: 2.40
RE: Part of buying into this compan..
10 Dec '14
you really are an idiot bore off along with the other idiot, development of the fields alone will see the share price far far higher than todays levels alone.
If i was you i would be buying in now at this ridiculous low level not being a bit*h.

[the drewster] 17/6/2015 12:18

He probably took a truly enormous stake at 2.3 to average down?

Though he has reported vanity trades in the past which amounted to around £200, so perhaps not.

[granitetim] 17/6/2015 12:04

Dr Rosso 10 Dec'14 - 10:41 - 28925 of 28925 0 0

Bottomed at 2.3p. The march forward starts here. Several ppl are in on the spreadbet stunt. Note how they are still trying to keep the focus on Ororo rather than the bigger assets which Havoc will be acquiring. Should get well completion schedule news on Friday, fully funded.

[htrocka2] 17/6/2015 08:54

The last funding requirement was for a strange amount of £1.5m...are Calvert saying in effect...enough is enough....this is your lot, there's no more after this?...what happens when/if they come to the end of this drawdown and they're still no further forward?

[mrbean5000] 17/6/2015 08:41

the whole funding issue is smoke and mirrors imho - they're playing a game, and we will be the last to find out the true nature of said game. Maybe we can get some answers to direct questions at the AGM...

[htrocka2] 17/6/2015 08:04

euclid... what I found strange was that when SRSP were looking for an extra $5m so as to complete a financing package and move forward....there were no takers, yet Calvert had no problem advancing £1.5m at a later date for unrelated issues.

[chris shiherlis] 17/6/2015 05:20

About as much oil being drilled from Sirius than is in my BMW in fact 5 litres less.

[sherl0ck] 16/6/2015 23:57

Yeah I'm sure Sirius are really concerned about carrying expensive capex costs ....probably about as concerned as they are about actually drilling a well!

[htrocka2] 16/6/2015 22:24

Euclid5... I'm in the same boat you are..my concern is that after five years there's nothing 'set in stone' and they're currently attempting to raise cash for the umpteenth time for..... 'projects the company is considering'


from the rns.
'This facility is separate to any project funding and will allow Sirius to continue due diligence in respect of projects that the Company is currently considering.'

[euclid5] 16/6/2015 21:35

Regarding Shell/Chevron have just completed the sale of four off shore blocks. Blocks 71 and 72 in which the respective company had a 45% holding, were sold for $300m.

There must of been a CPR with some proven oil reserves otherwise why would any co pay $300m for just an exploration oil asset with nothing proven as yet

The other issue is SRSP has not confirmed if they now legally own this asset & if so what will they pay for it - it's just a formal discussion But nothing confirmed in an RNS release so they may not even be in discussions about this

why is it taking forever & a day to release this

They will also dilute s/holders more when/ if they buy up these other assets Plus they will carry expensive Capex costs as part of their work commitments

"Sirius having 'exclusivity agreement' in an oil block with significant 2p reserves"