Sirius Petroleum Share Discussion Threads

[1sonic] 27/8/2016 17:52

Bron, what's the 16th September?

[bronislav] 27/8/2016 17:18

We will find out soon enough what Sirius has been doing over the last six plus years.i doubt it concerns mid 2017.The sixteenth of sept may well be pivotal.

[carrbradshaw] 27/8/2016 15:45

'Hoping for developments next week' - thought it was more or less guaranteed by the angel of the North!!

[dr rosso] 27/8/2016 15:24

Hoping for developments next week. The Ororo schedule should reveal the field itself capable of producing 10k+ boepd from 3 wells drilled together so as to take full advantage of ppt exemption. But there is more to this marginal than meets the eye. It's strategic location links it to a number of smaller fields whose licences are held jointly by Sirius/Chevron who will participate in a 50/50 PSA to flow into the main production platform being constructed. Looking at about 8 fields being tied in. Smallish flow of 2.5k pd from each makes the fields uneconomic unless they are linked. The oil channels are also known to be interconnected, with Ororo thought to be a mini depocentre. Chevron licence renewed in Feb 2015, so fields such as the linked West Isan (which has a gas compression platform) should be ready to flow again, in line with Ororo starting late Oct. Mid-2017 should see 30k boepd coming out of Ororo/OML95. Field and block lie in Ondo territory.

As does the adjacent block to the NW which is 241. Value undeveloped = $1bn, rising considerably as production kicks in. Similar to OML18 and OPL245.

[dr rosso] 27/8/2016 13:34

Interesting how these Nigerian indigenous Cos operate. Here's Pan Ocean, with 40% lease ownership of 2 oil blocks. Turns out to be a subsidiary of Marathon Oil.


Pan Ocean Oil Corporation (Nigeria) Ltd. provides oil and gas exploration and production services in Nigeria. It offers crude oil and gas. The company was founded in 1973 and is based in Lagos, Nigeria. Pan Ocean Oil Corporation (Nigeria) Ltd. operates as a subsidiary of Marathon Oil Company.

[dr rosso] 27/8/2016 12:34

So what is Owena Energy, a subsidiary? In much the same way that Havoc Oil is a subsidiary of Havoc Partners LLP, one focused on Nigeria and owed $454k by Sirius.

Check out OE on LinkedIn and you come across names, and these ppl feature on Kuti's friendship network. Daramola, Ojo, Agbelusi, Oluwaseyi. Assume that OE is not a hostile entity. Is it a subsidiary which is overseeing OPL241?

[sherl0ck] 27/8/2016 09:41

Owena Oil is likely one & the same as Owena Oil & Gas. Bit like saying Shell instead of Royal Dutch Shell, or Sirius as opposed to Sirius Petroleum.

We'll probably never fathom all the goings on with Owena over the years, especially as stuff has been agreed behind closed doors. All that really matters now is that the prior issue has been resolved, Owena is 100% state owned and Sirius can crack on.

[carrbradshaw] 26/8/2016 20:49

Do you ever lose faith in this company Dr R - I admire your optimism when I despair of the whole drawn out situation - and still we know no more than we ever did.

[dr rosso] 26/8/2016 20:34

Fri cop held at 45. No p&d sell-off.

[dr rosso] 26/8/2016 20:33

SLE 82% up on return. 62m shares @ 29p became 440m shares @ 54p as a result of picking up a 10% indirect interest in the OML 18 producing block.

The asset has completely overwhelmed the dilution. SLE mcap has moved from £18m to £240m overnight on opening up after suspension.


If Sirius has the dilution already factored in, and grabs a greater (40)% share of an asset block similar to OML 18, on production (Dec 2017 for OPL 241) we are looking at a 50x increase in the current share price ie 20p. Chuck in an extra 5p for Ororo/95 and xp for any other acquired asset.

[dr rosso] 26/8/2016 20:11

We still do not know how this "Owena Energy" entity fits into the picture.

[jamie40] 26/8/2016 16:23

Don't be so harsh on yourself Jim, I'm sure you don't smell that bad!

[jimduggen] 26/8/2016 15:49

About to drop back to march levels.

Nothing changes with this pile of dung

[6cer] 26/8/2016 15:29

Brent now $50.67 per barrel !

[htrocka2] 26/8/2016 14:38

Apologies for an old item, however, although Owena Oil and Gas is an acknowledged 100% owned State entity....Dr Mimimko is still pulling the strings. My bet is that his 'owena Energy' are managing the State Assets (in return for an 'economical interest')

[dr rosso] 26/8/2016 14:16

SLE rns just released. Note EGM/AGM on the same day. EGM is needed first to get the OML18 business approved.



26 August 2016
San Leon Energy plc
Notice of Annual General Meeting

San Leon Energy (AIM: SLE) is pleased to announce that the Company's Annual General Meeting will be held on 20th September at 11.30 am (or such later time as the extraordinary general meeting convened for the same day shall have concluded or adjourned) in the Herbert Park Hotel, Ballsbridge, Dublin 4, Ireland.

[dr rosso] 26/8/2016 13:48

Pre-Mimiko scandal of the attempt to sell Ondo's $1bn rated oil block 241 to a private Co. for just $37m.

Recent Sirius rnss are important in confirming that Owena is 100% owned by Ondo State.

[dr rosso] 26/8/2016 13:35

Ezekiel “Supo” Shadiya.


New CEO?

[htrocka2] 26/8/2016 13:11

rns's continually refer to projects (plural) after Ororo.

?? on other acquisitions (2018)


Commenting, Jon Taylor, said: “We are delighted to work with Sirius on their opportunities in Nigeria. The Company is focused on selected marginal field developments and has access to strong potential deal flow. We look forward to collaborating with Sirius’s technical team in Lagos initially to put the Ororo Field into production and then on subsequent projects.”



Commenting, Bobo Kuti, CEO of Sirius Petroleum, said: “I am delighted that Jon Taylor, Alan Stein and Havoc Partners have agreed to advise Sirius on its technical operations, taking an active role working in collaboration with Schlumberger and our Nigerian technical team. The breadth of experience this team brings will help Sirius to mitigate the technical risks associated with drilling the Ororo Field, whilst advising us on our best strategy with regards to our pipeline of assets.”




ps '- have got used to delays here over the last six years - why's now any different'...because time is no longer on their side.

[dr rosso] 26/8/2016 13:07

Proof of the pudding is in the eating. Let's see what the 4 trading days show next week.

If this was another rinse and repeat 10% p&d trick, the share price should be showing in high 30s by Fri pm result of the buy at 40/sell at 44 crew.

[carrbradshaw] 26/8/2016 13:03

So you think we're going to see an admission document in September - I don't think so - this will run way behind schedule as usual - have got used to delays here over the last six years - why's now any different!!

[dr rosso] 26/8/2016 12:41

Easy calc. SLE paying £170m for 10% of OML18 = block value of £1.7bn.
SLE is being rerated with 440m shares @ 50p = £220m.

Tbh, I'd be quite happy to see 1bn consideration shares going out in Owena rto.
4bn shares in issue.

Sp movement predicted as follows, with or without rto---

2p on forthcoming AD and Ororo schedule (Sept 2016)
5p on Ororo/95 5k boepd (early 2017)
10p on 241 revelation (early 2017)
20-25p on 241 in production (end-2017)
?? on other acquisitions (2018)

[carrbradshaw] 26/8/2016 12:06

Let's pray for a straight take out - puts us all out of our misery!!

[dr rosso] 26/8/2016 12:03

Straight takeout seems unlikely, tho possible. I certainly do not rule out a reverse subsidiary merger with Owena, in which case Sirius shareholders move in by default on Ororo and 241. No farm in fees.

Who'll be running show? Put your money on GVL as Chairman and a Chevron Nigeria MD moving in as CEO. Chevron's Scott is already pencilled in as Field Development Co-Ordinator.

Whatever transpires, this is big. Very big.