Sirius Petroleum Share Discussion Threads

[carados] 16/8/2016 20:28

A few more posts today than normal for srsp today on Twitter which I take as a good sign☺

[carados] 16/8/2016 20:25

Doc holiday on Twitter #srsp has said rumours in the city regading srsp☺ If to be believed though☺

[shez20] 16/8/2016 19:58

What's your obsession with gran about dn?

[deadly nightshade] 16/8/2016 19:30

granlDIM has been filtered more times then a coffee machine, go and do one granlDIM you are now filtered by me. Should be a interesting next 3 days here i feel.

[drrichard] 16/8/2016 16:53

double post

[drrichard] 16/8/2016 16:53

Nice finish to the day, and on small volume. Oil up as well. As Chris said, come on SRSP, man up And do the deed.

[witchywoo] 16/8/2016 16:01

there was this from a while back...

Edison Investment Research Ltd v Sirius Petroleum plc (2015) Central London CC.
Acted for successful Claimant in trial of its claim for fees due in connection with its valuation of an AIM-listed company with existing and future/ contingent extraction rights in various blocks in Nigerian oil fields.

Source:

look under notable cases towards bottom of page

[drrichard] 16/8/2016 15:40

Do you recall Antenna posting something re a court ruling and adding a "smiley". I recall several went google mad trying to find a reference but we all failed. Presume this is what it referred to?

[htrocka2] 16/8/2016 15:06

1alfi

The confirmation that srsp acknowledges Owena to be a 100% Ondo State vehicle is the first news 'release' I've heard since the debacle went to court on October 9th 2014.The fact that no news emanated from the outcome was amazing as the story was covered by nearly twenty publications in Africa. This implied that reporting restrictions were applied. Also interesting were the claims that mis-appropriation of funds and assets had taken place yet no one ended up going to jail, being fined or sacked from office. In the end, the dispute seems to have been a disagreement between the Ondo State Governor (Dr Mimimko) and the Ondo State Commissioner regarding the legal status of State property......which seems to have been resolved.(It appears the Commissioner won) In short...the sale of all State property MUST be approved by Federal Authority (a minor detail that the Governor over looked)





(Although it seems that Dr Mimiko failed in his attempt to take control of Owena Oil and Gas, it doesn't detract from the fact that he tried to sell 40% of the company to SRSP).

[dr rosso] 16/8/2016 14:14

On arrival of AD, we should see a rerate to 2p. Prob several million going out to placees at the new price. With all those 2p warrants in place, the msg is clear to all those who will settled in. The Co. is now an O&G producer. So get producing and you'll share in the profits as the share price rises accordingly.

So what's holding up the AD-CPR-AGM?

[dr rosso] 16/8/2016 14:09

Likewise Havoc. Owed $454k as at Dec 2015, and they too won't see a cent until oil flow or change of Co. ownership ie t/o.

[dr rosso] 16/8/2016 14:07

Bobo salary continues to accrue at the rate of $200k p.a. Whilst he might be spending a lot of time on beaches, where's he getting the cash from? Nothing doing from Sirius until oil revenues come in.

[drrichard] 16/8/2016 13:39

DrR, as Sherlock reminded us, our relationship with Ondo State is key and this is what allow Jack P to say that "the focus of the Company is on acquiring assets not readily available to other international companies through our unique knowledge base, technical and commercial competencies and our deep relationships in Nigeria".

Quite how this will pan out in practice is what we are agog to find out!

[granltim] 16/8/2016 13:33

No updates..There won't be until cash runs out again,then you will get one !!
Issue of equity..
#foolsandmoney

[1alfi] 16/8/2016 13:33

ht - "The trial was Sept 2014,"

Such operators would in addition be required to show proof of access to a minimum of $15M – $20M backed by a bank guarantee on or before 30th January 2015 - See more at: hxxps://dpr.gov.ng/index/fg-sets-march-2015-as-deadline-for-non-performing-marginal-fields-2/#sthash.HwkTw1e9.dpuf

ht - in addition to the partners potential 'frozen assets' in Sept 2014 the company were required 4 months hence to produce proof of access to $15-$20 mill funding by Jan 30 2015.

And not long afterwards a collapsing oil price to deal with

Got to give the board some credit for engineering their way through this

[dr rosso] 16/8/2016 13:30

The Ondo article contains a statement by the Commissioner that Ondo State is 100% owner of Owena. This is reaffirmed in a recent Sirius rns. So no change there.

However still not clear. What is the 40% referring to? Is it a stake in Owena or is it a stake in the Ororo Field? Is it an economic, participatory, working, legal interest or what?

Just what is the relationship between OOG and Sirius? When anyone figures it out, move onto Owena Energy. What is this group, in which Bobo has linkedin friendships?


What most would agree on is that, ultimately, this O&G venture is an Ondo State enterprise to acquire IOC divests and develop them. One day we'll find out where Sirius fits into the plan. Ondo runs this show, make no mistake.

[1alfi] 16/8/2016 12:45

t m harry - last years was not submitted until the 24 nov, so plenty of time before it becomes a problem

[htrocka2] 16/8/2016 12:37

It was reassuring to read that srsp confirmed and acknowledged that Owena Oil and Gas are 100% State owned as this is the only source we've had since the outcome of the trial, however, that was not always the case. There have been many, many articles surrounding the disputed ownership Owena. The most curious one (and the most balanced reporting) is in the article below that claims that SRSP intended to purchase 40% of Owena Oil and Gas from the outset......this is where it all began. (and makes me wonder if SRSP made deals with the right/wrong people)





A few days ago I posted an article referring to Owena's AGM...The website that makes reference to opl241 and Ororo...is not the Ondo State website but belongs to other owena claimant.(the Lagos contact address gives it away)


If memory serves me correctly, the Nigerian High Court issued an asset freeze on all dealings with and by Owena Oil and Gas untill the dispute was resolved...With SRSP now acknowledging the 100% ownership, the 'freeze' must be off.. The trial was Sept 2014, then postponed over a legal aspect so presumably the conclusion must have been reached as little as 18 months ago.

The asset 'freeze' may have been a contributing factor for lack of traction on Ororo.

[thirdmanharry] 16/8/2016 12:26

SRSP has not filed an annual return for 2015 and its Confirmation Statement (which should have been filed on 30/07/16) is also overdue. Isn't it is a criminal offence not to file these documents at Companies House? What's going on?

[1alfi] 16/8/2016 12:14

Why did Sirius secure an exclusive and potentially very valuable relationship with Ondo/Owena almost 5 years ago and why have they been able to retain this?

Sherlock - I think progress was very much slowed down due to the legal conflict regarding ownership of Owena. Add onto that the threat of losing marginal field through lack of obligated progress, a general election and the fall in oil price.

Why did Government give Sirius and partners a Field Licence when on paper the partners do not demonstrate the Licence renewal requirements ???

[sherl0ck] 16/8/2016 11:32

If whilst during the London 2012 Olympics you told any long term SRSP holder that the Rio 2016 Games would likely come and go and there would still be no CPR or funding news on Ororo, none would frankly believe it possible. Tokyo 2020?!

Staying positive however, 53782 is one of the most important recent posts. I doubt most folk have grasped the significant implication of this and why the Company has opted to/been allowed to clearly state it now. Cross reference this with continual talk of our asset pipeline (I.e. 0/6/15: "Sirius' current assets and the significant pipeline of assets available going forward."), recent mention of "several COMPETING vendor finance opportunities" and consider why has this 'failing' O&G company been kept afloat for so long? Why did Sirius secure an exclusive and potentially very valuable relationship with Ondo/Owena almost 5 years ago and why have they been able to retain this? I suspect I was tantalisingly close to the answers as I casually strolled past 42BS yesterday....

[chris shiherlis] 16/8/2016 10:28

Need this to work or i will have to buy a tent to live in. Get a move on bobo you buffoon. Lapping up all these holidays whilst his shareholders struggle on with large losses and unlimited delays. Pull your finger out.

[dr rosso] 16/8/2016 09:17

CPR? I'm still waiting for the Gaffney one from March 2012 !




Given the high quality of 3D seismic available over the field, Sirius and its partners have asked GCA to assess these lower sands before fully reporting on the Ororo Field.



These deeper sands represent potentially significant upside compared to Sirius' original evaluation of the field, although there can be no guarantee these sands are fully present, or will prove productive, until drilled and tested. In addition to the progress with the Ororo Field, the Company continues to make very good progress with the work being carried out by its business development team in identifying and assessing a number of potential additional opportunities in Nigeria.



Commenting, Ed Johnson, CEO of Sirius Petroleum, said: "We are grateful for the patience shown by our shareholders who have been expecting a CPR on the asset for some while now. However, given the new information and data, we believe additional evaluation is warranted in order to design an optimal development and recovery plan for the Ororo Field. We intend to report fully on the Ororo Field once the additional mapping and evaluation has been completed. We continue to be satisfied with the progress on Ororo, including our assessment of the optimal development plan and service providers, and remain excited by our business development activities. We look forward to reporting further progress in due course"