Sirius Petroleum Share Discussion Threads

[jimduggan] 24/11/2015 21:02

They are supposed to get oil for guarantee petroleum. Not get taken over.

If they can't even serve their purpose then who the hell would take them over!!!!!

Let's get real

[1sonic] 24/11/2015 20:30

So Dr Rosso what does all this mean? RTO? If so how does all this work?

[dr rosso] 24/11/2015 19:12

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;
10.2 an agreement dated 23 July 2008 between the Company and Sirius Oil & Gas Limited (SOGL). SOGL is a British Virgin Islands private company in which Corvus Capital Limited has an 18.2 per cent. shareholding and in which Mr Kuti (a director of the Company) holds 11.4 per cent. Under this agreement, SOGL 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, to conduct initial due diligence on potential acquisition
targets and to assist in the raising of funds. SOGL was paid a fee of £145,000 upon the agreement ceasing to be conditional, leaving a balance of £130,000 due. 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 52,000,000 new Ordinary Shares being due to SOGL on Admission but which it will direct be issued to its beneficial owners

[dr rosso] 24/11/2015 19:09

Thank you for clarifying this point, MC and Bori.

SOGL (BVI) entered into a services agreement with the Company in July 2008 (summarised in paragraph 10.2 of Part 3 of this document) under which it is entitled to be allotted 52,000,000 new Ordinary Shares. Such new Ordinary Shares will be issued to SOGL’s Shareholders on Admission.

SOGL holds 10,545,455 Ordinary Shares for Corvus and 6,590,909 for Olukayode Kuti. SOGL will direct that its existing shareholding and the 52,000,000 Transaction Shares due to it on Admission be issued directly to and transferred to, respectively, its beneficial owners on Admission.

SOGL originally held 58m SRSP, so in total this independent BVI entity snapped up 110m shares. Corvus 10m of 58m is indeed 18%, whilst Kuti's 6m = 11%. Collins pocketed a few as well.
We could assume from this that the main holders of SOGL were Nigerians based in Ondo State who allowed SRSP to gain initial access to the oil blocks. As MC succinctly puts it, 110m SRSP shares gifted to SOGL for doing fuk all.

At some point SOGL held 110m and Taglient 109m SRSP shares, which was around 20% of the Co. Where are those 219m now? Knowing the huge O&G assets to which SRSP was allowed access, it is highly unlikely they've been sold.

[boricom] 24/11/2015 18:05

One thing is clear, Sirius BVI is not part of the Sirius group. Sirius BVI was just one of the parties involved in setting up the group.

[mrmclellan] 24/11/2015 17:05

How come no suspension yet????? The world's gone mad.

[minichris] 24/11/2015 17:02

What profits? The bvi was the fixer...

[1alfi] 24/11/2015 16:55

Who are the beneficial owners ? See re - admission document part3 section 10.2

[dr rosso] 24/11/2015 16:41

Haha... researching the same as you ...

Sirius Oil & Gas Limited (’Sirius’; ) and Taglient Oil Nigeria Limited (’TaglientR17; ):

Sirius, a newly formed British Virgin Islands private company, has agreed to seek out opportunities for the Company to acquire interests in oil and gas fields in Nigeria, to conduct initial due diligence on potential acquisition targets and to assist in the raising of funds; and

Taglient is a Nigerian private company owned and managed by Nigerian nationals who have considerable knowledge and contacts within the Nigerian Oil industry. Under this agreement, Taglient has agreed to seek out opportunities for the Company to acquire interests in oil and gas fields in Nigeria;

Taglient has agreed to provide its services exclusively to the Company. Taglient will be paid a fee of £114,250 upon the agreement ceasing to be
conditional and a further £153,500 upon and subject to the Company completing an oil and gas transaction which constitutes a reverse takeover under the AIM Rules.
The second agreement is with Sirius, a newly formed British Virgin Islands private company in which Corvus Capital Inc has a 18.2% shareholding and
Adrian Collins (a director of Corvus) a 8.6% shareholding. In addition, proposed director, Mr Kuti, holds 11.4% of Sirius. Under this agreement, Sirius has 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, to conduct initial due diligence on potential acquisition targets and to assist in the raising of funds.

[minichris] 24/11/2015 16:14

DrRosso

The BVI is not associated with the PLC or Subsids in any way other than it sharing a director and (at some point) holding shares in the PLC.

They cant transfer assets to it, as its not part of the PLC companies.

[dr rosso] 24/11/2015 16:11

There are 3 Nigerian-registered subsidiaries, each of which has been set up as an operating Co. for a particular group of oil assets.
Sirius Ororo OML 95 Ltd
SRS Petroleum Ltd
Sirius 2012 Ltd

Sirius Energy Trading Ltd is dormant UK-based

[htrocka2] 24/11/2015 16:10

For all we know, Corvus could have set it up themselves



'SO&G is considered to be part of a Concert Party with Corvus Capital Inc and others (the "Concert Party")'

[minichris] 24/11/2015 15:57

We need to know who the 62% shareholder of SO&G BVI is, then we would have a large part of the jigsaw completed.

Bobo 11.4%
Corvus 18.2%
Adrian Collins (a director of Corvus) a 8.6%

@epe dokita is this what your hinting at?

[dr rosso] 24/11/2015 15:26

SIRIUS OIL & GAS LIMITED

Company number 04886636

File for this company

Company Overview for SIRIUS OIL & GAS LIMITED (04886636)
Filing history for SIRIUS OIL & GAS LIMITED (04886636)
Officers for SIRIUS OIL & GAS LIMITED (04886636)

Registered office address
16 Great Queen Street, London, WC2B 5DG

Company status
Active

Company type
Private limited Company

Incorporated on
3 September 2003

Accounts overdue

Next accounts made up to 31 December 2014
due by 30 September 2015

Last accounts made up to 31 December 2013
Annual return

Next annual return made up to 3 September 2016
due by 1 October 2016

Last annual return made up to 3 September 2015
Nature of business (SIC)

74990 - Non-trading company

Previous company names
Name Period
EVENT DATA CORRELATION LIMITED 03 Sep 2003 - 02 Sep 2008

[epe dokita] 24/11/2015 15:05

Drill deep minichris

[minichris] 24/11/2015 15:04

Doc was alluding to millions being hidden in SO&G (the UK one) as the share prices were listed in the CH filings. They were the original prices paid whilst they were a private company.

[the shuffle man] 24/11/2015 14:58

Is this not all irrelevant as Global Gaming I think became a cash shell as it failed and SRSP was borne from this so those values are worth nothing ?