Sirius Petroleum Share Discussion Threads

[htrocka2] 03/2/2016 12:44

Sherlock...would they be allowed to be issued to the Stock Exchange for trading?

I appreciate that shares do drop below par and continue to trade but not so sure about issuing more without a re-structure.

(I was referring to shares only)

[sherl0ck] 03/2/2016 11:59

HT - I think you recently mentioned that the Directors wouldn't be able to issue the warrants approved at AGM due to the current share price being below nominal value. My understanding is that they can do this at any time as long as any new equity is issued at 0.25p or above. Personally I would anticipate that this news would be tied to the announcement of funding.

[thundercat1] 03/2/2016 11:51

Exactly how longs all this gonna take surely we won't have another year of silence and zero movement again!

[mrms wiser] 03/2/2016 11:38

That's an interesting scenario Doc and sounds plausible. I hope you're right. But why can't they just give us a hint of what's happening. If all the shares are now in the right hands it can't be in anyone's interests to have the price languishing where it is.

[dr rosso] 03/2/2016 11:21

Clues to what Sirius has been up to can be found by looking across at the nearby Aje Field.


Aje-4 was drilled in 2008. Oil and gas accumulations were reevaluated and the field was declared commercial. Field development entered its first phase in 2014 with a $220 million investment. Yinka is operator with 25% interest in the field. Partners include Vitol 24.05%, First Hydrocarbons Nigeria Ltd. 16.875%, Energy Equity Resources Ltd. 16.875%, Panoro Energy 12.19%, and Jacka Resources Ltd. 5%.
The FDP involves a three phase development programme. Phase 1 will focus on the Aje Cenomanian oil reservoir and include the drilling of two subsea wells and a leased Floating Production Storage and Offloading vessel ("FPSO"). Initial Production of 41° API oil from these two wells is estimated at 11,000 bopd and is due to commence by January 2016. Phase 2 of the FDP will see two further wells drilled which is expected to increase total Cenomanian oil production to 19,000 bopd. Phase 3, which will target the development of the Turonian gas condensate reservoir, is currently in the planning stage. Phase 1 is underway with works on the FPSO and subsea equipment on-going. Drilling of the new well is on course to commence in the near term 2015, after which production equipment will be installed, ahead of first oil, by year end.


MXO stepped in to take over Jacka's 5% investment right in the Aje asset. The logic behind it is here... hxxp://www.mxoil.com/nigeria-timeline.asp


A mini-version of SRSP in that all the pre-production work has been completed. It now boils down to finalising the funding in order to complete the well.

Sirius is different in that it has a FTSA with its partners, the key one being Owena. Sirius' role was to bring in the technical expertise ie Havoc contracted to drill and manage the well. Also to oversee STF/LTF. There is no PSC. Sirius holds exclusive investment rights. Sept rns.. "economic interests under the FTSA, which comprises Sirius' 40% interest, Guarantee Petroleum's 32% interest, and Owena Oil and Gas' 28% interest."

Same story as MX really, the difference being that Sirius has gone through the confetti stage of share distribution to new holders of stock whilst fleecing existing pis. Nonetheless SRSP pis who have averaged down should still benefit substantially on asset revelations/production.

It should be very obvious by now that current and previous Ds have never been in control of block/field management. Nor had they any say in drilling or FDP. That lies at the Nigerian end. In order for that to be exercised, control of Sirius has to pass over to the new group who will be the majority shareholders, bringing in their own D and Snr Mgement teams to work the assets.

The key, as with MXO, lies in the assets. Sirius has a 40% interest as opposed to MX's 5%, so the stakes are much higher, as too are the assets' reserves which remain covered up.

To conclude, the FDP strategy lies outside Sirius present D's hands. Their task would now appear to have been completed. We await the outcome at 42BS and the change from an investing holding parent Co. into an Ondo production Co. under new owners operating through Nigerian subsidiaries.

If the new brigade wish to sell off Sirius, existing shareholders get the t/o cash offer. If they take it into production, we remain holders in an oil producer working huge assets

[thundercat1] 03/2/2016 11:01

I didn't it was Chris you helmet.

[htrocka2] 03/2/2016 10:57

Related article.

[jimduggan] 03/2/2016 10:54

Yes it's an unjust world when thunderprat names a list of unwanted posters :(

[granltim] 03/2/2016 10:39

MX Oil. Investors Should Run a Mile….

[sherl0ck] 03/2/2016 10:32

MXO news yesterday on potentially selling their 5% stake in Aje (OML 113) was interesting. $18m (minus $3.5m committed costs) is a handsome return on an investment with a stated $31 project break even. Now the deal might not close / or the purchaser walks away after the $3.5m is covered, but either way it shows that even with low POO there is an attractiveness to offshore Nigerian assets, particularly those on the cusp of production.

The first Aje production well is targeting 11k bopd (550 net to MXO) rising to 19k bopd on phase 2 (950 net to MXO). These net numbers are pretty small in comparison to Sirius' 40% of Ororo, let alone our asset pipeline, so there's a great opportunity for Neal, Kuti, Hawkins & co to build a company with a model that fully accounts for low oil prices. As & when POO moves back to a more reasonable level, we'll be in a great position.

[bumhammer] 03/2/2016 09:47

Topgun posting a list of useless posters.. The irony.

[thundercat1] 03/2/2016 09:29

A lot of reptiles on that list fortunately most have crawled back under there rocks.What's the big trade this morning..?

[chris shiherlis] 03/2/2016 09:20

some right fruit cakes on there, pat mustard uk was a vicious fiend.

[jimduggan] 03/2/2016 07:50

I am 35 semi retired and I live in a mansion on Belsize Park

Why?

[jimduggan] 02/2/2016 21:45

Hopefully if drrosso is correct hopefully the Nigerians will be back soon

[jimduggan] 02/2/2016 21:44

Rns Friday IMO