Sirius Petroleum Share Discussion Threads

[dr rosso] 01/2/2016 19:44

Guarantee and Owena are owned by prominent business/political types in Ondo State. Starting with Sirius O&G and Taglient, they'll certainly have built up a substantial stake in Sirius P. Indeed, share transfers have been going on for a long time. Could be that by now they own 75% stake in the assets by going in through the Sirius vehicle.
Combination of accumulated shares and working assets will net them between a quarter of and half of a billion quid. This has been the plan all along. The Corvus cronies will get their 20% cut for executing their role in what is basically a STFU operation for a few Africans to make personal fortunes. Remaining 5% goes to Havoc.

[tim duggan] 01/2/2016 19:43

Stranger things have happened Drrichard.

[drrichard] 01/2/2016 19:22

I guess that if, e.g. HAVOC requested confidentiality they might consider it, esp if one of them stakeholders was regional government, and,new we're in the old, dubious morality pre enlightenment era, Tim?

[tim duggan] 01/2/2016 19:19

Drrichard.you would think that the dpr would flag it but what if the DPR new of something that had to be kept confidential and the drill let the cat out of the bag.What would they do?
The result of the brittania seplat dispute will have been known by the DPR for a good while certainly long before it was made public.

[drrichard] 01/2/2016 19:08

Interesting posts, tonight Tim. Some new thoughts, some rehashed, but still interesting. While I agree that segmental reporting and local subsidiaries might mask a lot of stuff, surely any drilling of Ororo would have been flagged by DPR and in the public domain?

[tim duggan] 01/2/2016 19:01

I wonder how many shares guarantee might have in Sirius and how they might have got them.
The percentage they gave up of ororo will be much better used in someone else's hands but ultimately will benefit guarantee.
A stake in ororo is far less valuable than a stake in a pipeline of assets.

[dr rosso] 01/2/2016 18:51

Blackout on 241 is matched by LEK's total silence on the block. No update on their $1m deposit lodged with OilWorld to take a 1% stake in the field, with an option to increase it to 10% (ie 50% of OilWorld's stake).

A further sneaking suspicion is that, daft as it may sound, Glencore might not have totally gone away. BTG poached the offtake on better terms for Sirius, but big G might not be out of this completely. Whatever, someone in 2013 was willing to stuff £60m and another $60m in, so whatever assets they saw must have greatly impressed this world commodities giant.

[tim duggan] 01/2/2016 18:42

Ororo in a subsidiary.
Segmental reporting.
Did havoc secure a rig and was it moved offshore Nigeria in August/September 2014.
Did ororo 2A indeed get drilled.
Company is well within its legal rights due to the subsidiary to keep this to itself if it has been drilled.
Sirius,s potential substantial pipeline of assets makes it a no brainer and the reason havoc signed up.
Terminology is important ,pipelines usually deliver a flow.deliver a flow of assets in Sirius,s case.
Why would Sirius have access to a pipeline of assets.
Sirius shares will one day be prized possessions.

[dr rosso] 01/2/2016 18:42

Sneaking suspicion that those 2 x 4.5m which look like r/o, could actually be a worked buy order of 9m filled by Cantor taking the share price right down in recent days. A bit strange for a r/o to be put through at the top of the spread.

[dr rosso] 01/2/2016 18:34

You never know. Ninogas might take out Sirius in an all-shares or cash/shares offer. It can get listed that way. We'd all be shareholders in N in that event.

[dr rosso] 01/2/2016 18:20

Correct. The full T&C are here. The client signs a contract which contains a clause which contains an enforcement order which allows IG to take control of the linked ac and force a sale of the collateral shares even tho they are owned by the client.


For reasons best known to himself, our client wanted the shares back as physical stock and transferred £15k worth into a tax-free ac which he had full control over. One can only speculate as to the move but he clearly intended to hang onto those 6.9m rather than risk IG grabbing them.
It might also be that at the point of suspension pre-takeover offer, the SB is closed off at the susp share price not the T/o price which would be much higher. The contract ends.

A worst case scenario exists here. In the event of delist the share price would plummet to zero. so incurring a big loss. However, anticipating that event CN would be pulling out of IG, but no way would he be hanging onto the stock.

Any Sirius "closed period" is irrelevant here as shares have not changed hands

[witchywoo] 01/2/2016 18:13

Rosso, that just means his shares in trading account are used as security against the spread bet. Saving you stumping up the initial deposit when opening the bet. I speadbet regularly myself

[drrichard] 01/2/2016 18:08

Notwithstanding DrR, you agree it is not regarded as dealing in the face of good news a' Comin' so does not preclude early news?

[dr rosso] 01/2/2016 18:02

WW and drr, that is not correct. "without needing to sell their shares" is the key phrase.

The new collateral service was introduced by IG in Sept 2014, whereupon a certain client contracted a long SB. It involves creating 2 linked accounts, a margin ac for the bet and a stockholding account where the client can lodge his shares as security on any margin call. The client retains ownership of the shares, but under certain conditions IG can close the bet and force a sale in order for the client's debt to be paid off. IG say they'll seek alternatives to having a client forfeit his collateral. In CN's case, cash was used and he closed the bet through mutual agreement.

Note that Spreadex still owns 88m which are being used as a hedge against a different and more substantial SB taken out before 2014.

[drrichard] 01/2/2016 17:52

Thank you witchy woo. Subject closed, then. He bought stock.
So, since his position vis a vis overall holding is unchanged it should be read as not precluding imminent news as it cannot be construed as insider" knowledge

[witchywoo] 01/2/2016 17:47

from the IG website

"Spread betting allows you to take a position on whether you think a market will rise or fall, WITHOUT HAVING TO BUY the underlying asset."

you don't BUY or indeed OWN the shares in a spreadbet - simples.

therefore if you close the bet but want to maintain your overall position then you need to buy actual shares

1. We know he closed his bet
2. We know his overall position remains the same

Therefore...

[dr rosso] 01/2/2016 16:17

"stockbroking clients can use the value of their investment portfolios as margin on over 10,000 markets that IG Group offers, without needing to sell their shares. Clients will be able to use up to 95% of the value of their shares to cover the margin required to fund leveraged trades. This opens up the opportunity for traders to take more active positions or reduce risk without needing extra capital.

For example, if a client holds a longer-term position in a particular equity which has an earnings announcement pending, they can now use a shorter-term leveraged trade to increase or decrease their exposure to the equity, by going long or short, without having to put additional cash on their account to cover the initial deposit

To open a spread bet or CFD, traders need to put up an initial deposit - a margin which traditionally is paid from cash funds available on the trading account. Now, an IG Group client with a stockbroking account can use their shares as margin to open a spread bet or CFD.

IG has a history of innovation. This launch of a collateral service ..."




The main point is that CN continued to own the 6.9m which were being used as collateral. On exiting the SB with a £17k hit paid in cash, he was able to shift his shares out of the IG client ac.
If a Sirius closed period is operating, there is no problem. He is not re-buying shares as they were never sold in the first place.

[carrbradshaw] 01/2/2016 16:05

Yes - that was one thing said to me on the phone - a lot has changed since before Christmas!!

[tim duggan] 01/2/2016 16:02

Simon Hawkins is old news a lot happened since his appointment.

[1sonic] 01/2/2016 15:59

Granny Tim,

Any chance you are in recruitment?? based in Aberdeen??? Oil and Gas Sector??

[oilbuy] 01/2/2016 15:57

VatacarmaIt's information. Maybe someday you might post something worth while instead of worthless comments.

[oilbuy] 01/2/2016 15:56

Dr RichardI'd be confident it a roll over.

[vatacarma] 01/2/2016 15:07

An oilbuy/cammy ramp that's all comedy

[comedy] 01/2/2016 15:03

roll over done at up end...

whats all the talk about simon hawkins???wasnt he the idiot at afren who led pi's up the garden path before we were stiffed???

[jimduggan] 01/2/2016 14:58

Who thinks I talk a load of bollingers?