Sirius Petroleum Share Discussion Threads

[bronislav] 03/8/2016 11:54

Alfi...who actually owns those assets now afren is no more.?

[dr rosso] 03/8/2016 11:44

Wouldn't be at all surprised to see Sirius-Owena linking up with Sapetro to get funding into the distressed Seme oil field in neighbouring Benin. 110mmb sat there waiting to be extracted. Simple case of restart 8k bopd production.

[1alfi] 03/8/2016 11:42

I wonder if Afren had any gas rich assets

[bronislav] 03/8/2016 11:37

I note president buhari has pledged to keep west Africa supplied with gas ...Given Nigerias own thirst for gas ,which alone is significant plans must be in place to meet demand.In a meeting with the president of Benin buhari explained how new technology would enable them to meet expectations.Got to drill it to get it out of the ground ,wonder what plans they have in place.Whatever they have in place it has to be on a significant scale and with significant capex.

[htrocka2] 03/8/2016 11:07

I'm not so sure about the BTG gas off take deal....I think President Buhari has his own plans for the gas.

[htrocka2] 03/8/2016 10:59

'Wheels within wheels & Cameron's Honours List.
Surely Spencer and Taylor know each other?'


Spencers Knighthood, though initially proposed, was disallowed because of Icaps involvement and fine of £54m as a result of the LIBOR scandal (ref BBC News Radio 4)

[dr rosso] 03/8/2016 10:49

A gas commodity trader is likely to be in on this partnership. It'll be BTG, which already has an offtake/marketing agreement in place. Don't be surprised to hear shortly that BTG and Schlumberger are part of a 20% funding/FMA for not only Ororo, but the OML95 block.

Once in production, the Block becomes the collateral for RBL from a much bigger consortium, poss led by MacQuarie and looking at a $400m 5-year facility (and it sho aint for Ororo).

The 2 blocks, on which Sirius sits, are going to be relied upon for essential supply of the quadrupled LNG that the country needs from 2017-2020 in order to fulfil its prog of econ devpt. Ondo and Lagos States will be the main movers, with industrial complex of power stations, oil refineries, chemical, fertiliser, cement plants all down the coast. Dangote and Olawepu are key men in the process. Nigeria is also being backed by China in an international jv on Lekki FTZ.

[handygandhi] 03/8/2016 10:27

Wheels within wheels & Cameron's Honours List.
Surely Spencer and Taylor know each other?



Navgas is 50% owned by Vitol.


hxxp://www.vtti.com/terminals/navgas-nigeria

[1alfi] 03/8/2016 10:12

Our lack of clarity regarding what happens to the guarantee 55% licence allocation.

[sherl0ck] 03/8/2016 10:04

Their tax bill, their forfeiture, their problem.

[1alfi] 03/8/2016 08:25

It would be a cheap way to get 55% of the licence, if we got guarantee full entitlement

[solarno lopez] 03/8/2016 08:13

Good thought 1Alfi ......from future revenues Aventador

[aventador] 03/8/2016 08:07

How can they have oil revenue it hasn't been funded or drilled yet lol?

[1alfi] 03/8/2016 07:56

Have Sirius agreed to pay guarantee's tax bill out of oil revenue from Ororo field in exchange for a percentage of the field licence or for a greater percentage of the field equity - just a passing thought.

[bronislav] 03/8/2016 07:36

Sirius 40%= shares vehicle.

Owena 28%= asset pipeline.

Unknown(consortium?) 32%=source of development finance.

[drrichard] 02/8/2016 23:38

And from operating update, 22nd April,ht:
.....When funding for the Ororo 2 well has progressed, Sirius expects to be able to conclude the amendment or waiver of certain terms of the FTSA as referred to in the announcement of 22 September 2015.
So, if the waivers (GP and Owena waiving some of their rights, allowing SRSP a participating interest) and ammendments (to the deeds of ownership for e.g.) have been put in place one might expect talks on funding to progress. As they have indicated that they are.

[drrichard] 02/8/2016 23:21

This is why various BoD and others close say "read the RNS" and "it's all in the RNS", ht. You go back and keep looking and then a bit jumps out and you think, how did I not see that?

[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?