Sirius Petroleum Share Discussion Threads

[dr rosso] 23/6/2015 13:17

Zoomable. Go SSE from Ororo to find 88 then again for 86


Feb 2015
The Nigerian government has approved Chevron’s eight-year-old request to renew licences for its operated OMLs 83, 85, 88, 89, 90, 91 and 95 for a period of 20 years

[sirianbotham] 23/6/2015 13:11

Just out of interest. Seems to be a tricky business buying an oil block in Nigeria.

[dr rosso] 23/6/2015 13:11

Anyone care to work out the total number of shares that`ll be going out to

a) Calvet
b) Greenlands
c) Havoc
d) Juniper

Calvet have already got 70m so those are included in the current total of 1.25bn.

Then we need to add on the options..

d) Ds around 70m + another 25m due to H&H
e) Consultants around 30m
f) Emmef, still another 70m at 10p


Rough guess, we`ll be up around 2.3bn, with prob another 200m to go to NewCo. But remember that Sirius % share of 241 comes in at a massive $12bn NAV. Plus other assets.
I`m sticking with $1.

[sirianbotham] 23/6/2015 13:10

27/5

This week in Nigeria, a judge nullified Chevron's sale of its 40% interest in the oil mining leases to the Seplat Consortium of Nigeria, ruling that no sale can take place until Brittania-U's lawsuit against Chevron is resolved. The consortium includes the Seplat Petroleum Development Company, Amni and Belema.

hxxp://www.worldoil.com/news/2015/5/27/chevron-to-release-documents-in-lawsuit-over-nigerian-oil-leases

[sirianbotham] 23/6/2015 13:09

Well, while the parties insist on their positions, the industry is waiting for the Supreme Court to adjudicate on the matter and provide clarity.

The case was heard at the Supreme Court on Tuesday February 24, 2015, following an appeal filed by Brittania U praying the apex court to grant an interlocutory injunction requesting Chevron to stay action on the transfer of assets OML 52, 53 and 55 to Amni, Seplat and Belema oil respectively.

After listening to Rickey Tarfa, SAN, the presiding justice, Hon. Justice Fabiyi of the Supreme Court of Nigeria made some introductory remarks, which have since been interpreted to mean victory for either party depending on whose version you listen to.

The justice had called on D.D Dodo, SAN and Rickey Tarfa, counsels representing Seplat and Brittania U respectively, to as senior members of the bar, advise their clients on the need to respect the authority of the court as the case was ripe for hearing and not take any action that would over reach the case.

Barrister Sunday A. Adedokun in explaining the justice’s remarks said: “What the Justice has done is to ask the counsels to prevail on their clients to abide by the letters of the law.”

And so the contending parties will now wait for the apex court to decide. But while they wait, it has become germane to ask how an ordinary transaction led to a Lagos High Court, the Appeal Court and now the Supreme Court.

[dr rosso] 23/6/2015 12:56

All in it together. If Buhari is coming in with a squeaky clean attitude to Nigerian oil production, everything will dry up.

[oppl] 23/6/2015 11:45

I don't think Nigeria is corrupt enough to deal with those two goons...

[drrichard] 23/6/2015 11:43

Ha, KeyserSosse, now him and Bernie E would make a great team wouldn't they?

[keysersosse] 23/6/2015 11:37

Dr Richard - I think we need to get Sepp Blatter involved here instead of seplat.

Same result, brown envelopes greasing sweaty palms.

[drrichard] 23/6/2015 11:32

Back to the numbers then:
According to the above 52 is still not accounted for
Are we after 86 and 88 as just announced for sale?
Or have we talked to Seplat and taken the 53 and 55 in another deal?

[keysersosse] 23/6/2015 11:31

hxxp://www.oilmapng.com/blocks_page.php

[dr rosso] 23/6/2015 11:28

KS Put the http into capitals

The US oil major, it was learnt, plans to divest 40 per cent from Oil Mining Leases (OMLs) 86 and 88, both located in shallow waters off Bayelsa State, bringing to seven the number of oil blocks sold by Chevron since 2013.

Chevron had sold its stakes in OMLs 52, 53, 55, 83 and 85 in a string of divestments carried out by the IOC within the two-year period.
After the sale of OMLs 86 and 88, Chevron would have disposed of all the shallow water assets it inherited after the acquisition of Texaco in the late 1990s.

"the giant Chevron operated Apoi-Funiwa field in OML 86 (estimated to have discovered 600 mmboe and is one of the largest discovered shallow water fields in Nigeria"

Surely they cannot go for another whole block?

[keysersosse] 23/6/2015 11:26

hxxp://seplatpetroleum.com/operations/oml-55/

[dr rosso] 23/6/2015 11:25

Seplat took 53 and 55 in Feb 2015. OML55 was owned by Belema Oil, a nonentity created by Rivers State. It is Ondo equiv of Owena. Ironically it contains Del Sigma`s Ke Field which is still not producing.



Sirius may well be going after one further asset to add to 95 and 241. More likely to be one of those marginal fields sat on by a penniless operator than a whole block.

[drrichard] 23/6/2015 11:22

And this suggests the Chevron deal might be done??
..."Chevron had sold its stakes in OMLs 52, 53, 55, 83 and 85 in a string of divestments carried out by the IOC within the two-year period...."

[keysersosse] 23/6/2015 11:17

Well bless my Armani undies

hxxp://www.thisdaylive.com/articles/chevron-to-sell-two-more-oil-blocks/212899/

[dr rosso] 23/6/2015 11:15

We will find out before AGM. People already starting to cotton on to why Havoc has committed to a def contract. This is not about a marginal field, Ororo.

[adoctor] 23/6/2015 11:05

bye bye all

[them0se] 23/6/2015 11:05

ADoc - So is it fair to say yesterdays RNS is the green light we've been waiting for?

[them0se] 23/6/2015 11:02

Chris - do you mean shopping at Pound Stretcher with staff benefits?

[chris shiherlis] 23/6/2015 10:56

So it looks like I won't have to shop at Pound Stretcher any longer. I can get rid of me string vest and holey old pants and get meself a new outfit.

Yipppeeee!!!

[sherl0ck] 23/6/2015 10:56

Perhaps Sirius take a small 10% minor stake in these 3? Will need to research a bit more.....

[them0se] 23/6/2015 10:38

Could be why this has been delayed Adoc longer than we all hoped for