Sirius Petroleum Share Discussion Threads

[shez20] 17/7/2015 09:23

Can anyone else guess what made up company the next loan/ work on behalf of company/ funding is going to!!!

[sherl0ck] 17/7/2015 09:20

True. 100mln barrel block would make a mockery of Sirius' current mcap......but imagine if that asset is significantly larger than this....and isn't the only one in the pipeline. Our day will come.

[shez20] 17/7/2015 09:20

Am sure they were talking about production for q2 of this year back in December, now it's looking like start of next year!! What exactly have the bod done this year other than dilute us massively on wonga terms lining there pockets!?! Issues are if we are still not at production by start of next year how much more will we have been diluted?

[mrbean5000] 17/7/2015 09:18

proactiveinvestors

nothing of note in it, we need funding and might be in production by 2016 - wasn't that the story this time last year !

[granitetim] 17/7/2015 09:18

Some very sloppy reporting by proactive investor ;)
Surprised at them ;)

[cammy3] 17/7/2015 09:14

Can you quote the source and post link please

[drrichard] 17/7/2015 09:13

Thanks for posting Carre, is it Shares mag?

[carrbradshaw] 17/7/2015 09:05

Maybe getting somewhere at last guys.

[carrbradshaw] 17/7/2015 09:04

Sirius Petroleum aims to be in production by the end of the year
Share
08:42 17 Jul 2015
There are stirrings of life at Sirius Petroleum, which owns the Ororo licence in the Niger Delta.

Sirius is hoping to be in production by the end of the year.
After a period of radio silence Nigeria-focused Sirius Petroleum (LON:SRSP) looks ready to burst back into life.

Those who have followed this AIM-listed oiler will know its major asset is OML 95, also known as the Ororo Licence.

It is teamed up with local partners Owena Oil & Gas and Guarantee Petroleum and owns 40% of the asset.

Ororo is estimated to contain a ‘recoverable’ 10mln barrels of light crude and sits in the shallow waters of the Niger Delta.

Having initially sought debt financing to take Ororo into production, management, led by Bobo Kuti, appears to be close to finding a partner with pockets deep enough for a US$20mln, two well programme on the former Chevron field.

A spokesman for Sirius confirmed: “We are in advanced discussions at the moment [over Ororo]. We are hoping to be able to achieve production by the end of this year, but more likely early next year.”

The plan is to drill 200 metres offset from a hole sunk by Chevron in 1986, piercing the same sands that are productive for fields surrounding Ororo.

There is also the potential to go deeper (not much deeper, perhaps 250 metres) to test a lower lying target that remained untapped originally but which neighbouring wells are now exploiting.

There is much historic information that has been reinterpreted with the help of industry giant Schlumberger that to provide a compelling data set for prospective investors in the asset.

The chances of success, meanwhile, should be reasonably high as Ororo has already flowed oil, albeit almost three decades ago.

The initial rate is expected to be 2,600 barrels a day, which would provide some very tidy cash flow – it might also open up the other avenues, such as reserve-based lending, that could help finance full field development.

Ororo is estimated by analysts to be able to produce 8-10,000 barrels a day comfortably for the next 14-15 years.

It would seem the company has methodically pieced the jigsaw together, including finding an offtake partner in BTG Pactual, though it has taken a lot longer to get to this stage than probably was initially envisaged.

A recent regulatory release reveals it has also signed a technical services agreement with a group called Havoc Partners, issuing 100mln warrants with a strike price of 2p in lieu of fees.

The Havoc team was involved in two notable success stories in the E&P sector – Fusion Oil & Gas and Ophir Energy; the latter being one of the most successful explorers in West Africa.

Principals Jon Taylor and Alan Stein bring to Sirius a wealth of technical and wider industry expertise.

In fact it is understood the pair had been had been looking towards involvement in Nigeria while at Ophir – so Sirius is their option on this particular oil producing territory.

Sirius’ immediate funding requirements, meanwhile, are being provided by a US$2.3mln (£1.5mln) convertible loan provided by a family investment office called Calvet International.

When it goes into production, Ororo will be eligible for Pioneer Tax breaks, which will help bring to down the already low cost of production.

The chatter on the grapevine is that the firm is chasing something a lot larger than Ororo – an offshore asset with around 100mln barrels of recoverable crude has been touted on the bulletin boards.

Sirius wouldn’t comment on this. But if it succeeds with this larger transaction, the deal would make a mockery of its £12mln market capitalisation (based on a 0.882p share price).

Of course Sirius and its local collaborators would have to joint-venture again.

It might be that its Ororo partner fits the bill, or it may hold another beauty parade down the line.

Either way, things finally seem to be fitting into place for Sirius.

[topgun1000] 17/7/2015 08:55

Hold tight ? I'm holding still not through choice but due to the fact this company has poorly performed and I am now locked in at a massive loss there is no signs at all any key news is close, in fact if more dilution arrives as per that agm report the shares will be going down not up!Get a bloody move on.

[oilbuy] 17/7/2015 08:38

Great price for a 7M sell.

[bronislav] 17/7/2015 08:25

...hold tight to those golden tickets folks....

[granitetim] 17/7/2015 08:23

Why have they no institutional backing with hard csah on the table after all these years?

[granitetim] 17/7/2015 08:22

Don't doubt the Antenna lol
=============================================================================

Antenna2
24 Nov'11 - 13:01 - 4525 of 34523 0 0

ronson. There is a big deal to be announced. Hopefully the end of december, but may go into January. I know we are all disappointed when we see the price ticking off but i can assure you the deal is very big indeed and will give Sirius net. 10s of millions of barrels. All in my honest opion. Good luck to all.

ronson333
24 Nov'11 - 15:11 - 4526 of 34523 0 0

thanks antenna

carrera91
24 Nov'11 - 15:12 - 4527 of 34523 0 0

Just topped up at 9p bargain levels again here!

[jenny tulwought] 17/7/2015 07:19

7Million 4 seconds from the end of yesterday's session. Looks like s 'sell' sadly.

[4627192] 16/7/2015 13:31

Just out
Mcap 15m

6m deal



Alliance News

Jubilee Platinum Shares Surge As It Sells Non-Platinum Assets
Thu, 16th Jul 2015 13:11

LONDON (Alliance News) - Jubilee Platinum PLC on Thursday said it has struck a deal to sell its non-platinum assets at Middelburg in South Africa for ZAR110.5 million, or around GBP5.8 million.

Jubilee said it has sold the assets to Main Street 1347 Pty Ltd, a special purpose vehicle created to acquire the assets. Main Street will acquire Jubilee Smelting and Refining Pty Ltd, a Jubilee-owned subsidiary which owns the Middelburg Smelter Complex, and Power Alt Pty Ltd, which owns the power plant at the site.

The proceeds from the sale will be used to fund the capital required for the construction and commissioning of Jubilee's Dilokong chrome mine platinum surface-processing project, also in South Africa.

Shares in Jubilee were up 12% to 2.16 pence on the news, one of the best performers in the AIM All-Share in early afternoon trade.

By Sam Unsted; [e-mail]; @SamUAtAlliance

Copyright 2015 Alliance News Limited. All Rights Reserved.

[granitetim] 16/7/2015 13:08

Is £20k a lot of money? The fact that I didn't lose that anyway has no relevance ..but hey if that's your theory then I'm happy that your happy ;)

[dluk] 16/7/2015 11:21

Massive late reporteds

[solarno lopez] 16/7/2015 11:13

it has moved

[granitetim] 16/7/2015 11:12

Rich nob...

[granitetim] 16/7/2015 11:01

Short from 5p and telling how it is..

[thundercat1] 16/7/2015 10:40

All these buys and the price still hasn't budged manipulation still in full force.