Sirius Petroleum Share Discussion Threads

[htrocka2] 02/8/2016 22:58

The penny just dropped on this one...


sept 2015..rns
'In addition to applying for the Well Permit, Guarantee Petroleum, Owena Oil & Gas and Sirius (together "the Parties") intend to apply to the Ministry of Petroleum Resources in Nigeria to legally ratify Sirius' 40 per cent. participatory interest in the Ororo Field. This is subject to the amendment or waiver of certain terms of the FTSA, which have been highlighted by a recent review of the FTSA by the Parties, in order to confirm each of the Parties rights and economic interests under the FTSA, which comprises Sirius' 40% interest, Guarantee Petroleum's 32% interest, and Owena Oil and Gas' 28% interest.'(end of quote)


In the original FTSA, SRSP had a 40% ECONOMIC INTEREST.....that would mean that initially Guarantee P owned 55% and Owena 45% of the Licence between them....however, as SRSP prosed to the DPR to ratify the above percentage on a new basis, being that the 100% now be split THREE ways as oppose TWO implies that SRSP have moved up a gear and instead of mere Economic interest are now 40% OWNERS of the field.....In which case it would be more than possible for SRSP to become the new field Operator.(which makes me think that if bobo said this months ago...did he also know of Guarantees demise at the same time?)


(the word 'Participatory' which replaced 'Economic'....and the bottom two lines regarding interest percentages.... was a give away...along with the term 'Partners')


Sirius 40%, Guarantee Petroleum 32%, Owena Oil and Gas 28% = Partners

[dr rosso] 02/8/2016 22:35

Never mind that proposed 40% Sirius, 32% GP, 28% Owena. NewCo (merged S-O) will own and operate the lease, 100%. Schlumb might cut a 20% net profit arrangement in return for funding, but won't share ownership. imo. Bring it on.

[sherl0ck] 02/8/2016 22:22

Owena as operator would make sense if Sirius is to RTO with them. If not, surely Sirius/Newco has to become operator. Bobo has stated we'll be a high quality operator and as the key financial and technical partner, we're the de facto operator anyway. My guess is that application for operatorship has more than likely already been made and approved....or at least from a regulatory perspective, it's approved in principal but dependent upon the formal change in business status from investment company to E&P / operator.

[htrocka2] 02/8/2016 22:14

'In the absence of a designated operator, who can apply for the drilling permit'


I'm going to put my cynical hat on and say that the DPR, which is a Central Government entity will award the operators licence to Owena , the Ondo State vehicle, which, as a consequence, will in turn be indirectly under the control of Central Government......thereby keeping everything 'in house' so to speak.

[sherl0ck] 02/8/2016 22:13

Drill permit can be easily resecured following funding confirmation, which may well tie in with the unveiling of a new operator. Folk should recognise by now that we are often only told about stuff after the event. So the first we learn of a new CPR is the release of updated volumetrics at least 3-4 months after Rockflow were engaged.....and we learn of the Ororo licence being successfully extended even though we weren't explicitly told that an application was made etc. Who knows what other discussions, applications and agreements have already been undertaken with the DPR/federal government? No doubt we'll find out soon enough. I fully anticipate a resoundingly successful outcome.

[htrocka2] 02/8/2016 22:06

bron...


'Hope so because the wait has got beyond tedious and has crossed the line into extremely painful.'

I've been playing this game for more years than I care to remember. What intrigues me about this company is that over the years many minnow companies on the AIM either get swallowed up or fail to make the grade and within a couple of years from floating.... vanish. Not SRSP.....in my book, they've broken all the rules....they're still here. This is not a 'normal' AIM company. Since SRSP's inception, I've been with $100m companies with the highest paid CEO on the AIM...that have now vanished, yet SRSP are still here. I'm going to see this through to the end ...just out of curiosity.

[bronislav] 02/8/2016 21:55

So the percentages were changed with owena picking up an increased percentage.Perhaps this change in percentages was a precurser to a new partner picking up that new revised guarantee percentage .guarantees original percentage would of been up for grabs otherwise after their tax issues caught up them...It would appear that they knew when those percentages were changed that guarantee were on their way out.

[dr rosso] 02/8/2016 21:44

In the absence of a designated operator, who can apply for the drilling permit?

[sherl0ck] 02/8/2016 21:27

Regardless of the exact ins & outs of why GP no longer exists, 32% of a highly prospective marginal field and operator status is potentially back on the table and up for grabs again. This is hugely significant and I'm certain it was well worth waiting for, particularly if it now allows the entrance of a new partner to provide development capex in return for a seat at the table.

Seems to me like a number of potential stumbling blocks have been removed with the internal Owena issue resolved, 900m warrants renegotiated down, Lekoil writing off their 241 investment and now GP gone. In retrospect one can see that we probably couldn't have pressed the button prior to these being resolved. I wonder if the way forward is now completely clear or if there's anything else we and our Nigerian stakeholders need to tackle.

[1sonic] 02/8/2016 20:20

I would say once the brakes are off volume alone will get the share price to 0.6 then news, then more volume will keeping going north.

[sherl0ck] 02/8/2016 20:16

Sol - looks like a delayed reported buy to me. Brought down to fulfil it at 0.32p and then the bid/ask moved back up again.

[1sonic] 02/8/2016 20:15

Thanks Chase.

[chasemanhattan] 02/8/2016 20:08

Sixth to an eighth of a penny realistically at this stage.

[1sonic] 02/8/2016 20:04

Chase, are you talking about 6p / 8p or a sixth and eighth of a penny?

[chasemanhattan] 02/8/2016 19:51

I wouldn't worry too much. Seems as though the profiteers on the push above 0.4 have now cleared the decks. Focus is firmly on CPR and announcement of working with a Funding Partner(s).

Always difficult to put a price target on such announcements but I note SOU has more than doubled in 4 weeks off the back of a drill update and the confirmation of a funding partnership with Schlumberger.

Would 0.6 - 0.8p be realistic....?

[solarno lopez] 02/8/2016 17:34

Is the late reported 3 mill a buy or a sell ?

[deadly nightshade] 02/8/2016 17:32

granlDIM i am trying to work out what your purpose in life is. This share it to small and not liquid enough to be shorted to any great value. YOu say that these 200 million shares will be dumped asap but that is also bull because there would be no massive benefit in doing that either. I have a idea what your all about but will keep that to myself.

[olufemisudem] 02/8/2016 17:32

Guarantee petroleum struggling, oil struggling and apparently srsp are in a stronger than ever position!!

Oh ok. Whatever. Pull the other one, granitetims on the other end of it

[shez20] 02/8/2016 17:31

Post of the day bron!

[bronislav] 02/8/2016 17:18

Htrocka..Sirius will know where they stand on the guarantee situation.With an offer of funding on the table the powers that be in Nigeria will in my view not be going back to the drawing board.Everything points to drilling the three wells in the short term.Hope so because the wait has got beyond tedious and has crossed the line into extremely painful.

[htrocka2] 02/8/2016 16:54

Aventador
Rocka why keep posting year old stuff ?



1alfi
2 Aug'16 - 11:18 - 53368 of 53375 0 0
'...... The partners never applied for an appraisal well permit.




'year old stuff.....posted today'
'The Ororo-2A well is Sirius' first appraisal well in the Ororo Field,........'

ps...Bron... I doubt that SRSP would be allowed to make statements regarding Guarantee P.

It seems we all function on different wave lengths...

[bronislav] 02/8/2016 13:03

Alfie..yes ,it's clear that the share price has been played to suit trades and not anything to do with volume of trades .Everyday the trades can be matched up bar a few and real,pi volume is non existent which is how the company want it irrespective of what the company line is about wanting the share price as high as possible.Sirius is controlled from Nigeria and not from London in my view.The hints about the demise of guarantee have been there for a while now so I don't buy into the oh what a suprise about guarantee ,Sirius for whatever reason choose not to rns for shareholder clarity and in one sense that may not be such a negative,their reason for silence may be fully justified.Schlumberger again have been hinted at for as long as I can remember and when I have brought that theory to the board at times I was quickly shot down.Schlumberger and Sirius rns,d would do wonders for the share price so if the powers that be wanted this share price going north it would not take much from the company to achieve that....My belief is Sirius are involved in a huge operation being finalised and whatever is needed for that plan to succeed will be offered because Nigeria will be the one to benefit most ,li kkle old Sirius are just the vehicle .Low share price ,bag as many shares as possible and wait till the butterfly emerges .

[granltim] 02/8/2016 12:57

Oil price enters 'bear market' amid latest production push
Aug 2, 2016
US benchmark more than 20 per cent down from June peak after dipping below $40 threshold in Monday trading

[olufemisudem] 02/8/2016 12:48

Lol. Trust? You are a hypocrit