Sirius Petroleum Share Discussion Threads

[dr rosso] 02/9/2016 22:06

Here's the archived version of that web page, as at March 2016
(address needs slight adjustment, knock off the hxxp when it shows)

and here it is, as now



Hey ho, the investing strategy has been quietly updated, and completely altered!

Full operatorship (fuk off GP) and rto beckon ....
The stated acquisition is Ororo, so it can only be with Owena. What's more, Sirius gets 241 by default.

Cat is out of bag. Suspension?

[dr rosso] 02/9/2016 21:53

Taken from website

"The company is currently seeking funding to bring OML 95 in Nigeria (in which Sirius has an indirect 40% interest with its partners Guarantee Petroleum and Owena Oil & Gas) into production. If successful it is likely that Sirius would become the operator and this would trigger a reverse takeover under AiM rule 14 and require shareholder approval. Following this, complementary or unrelated acquisitions in the oil and gas sector may be made."


I don't recall this wording before. The above confirms that the 40% option to go in on Ororo has been triggered. Indirect suggests that it has been done through a stake in a SPV, similar to SLE stake in Eroton for OML18.

Furthermore, it is clearly stating that Sirius intends to become the operator and further furthermore, it would indeed be classified as rto.


Very interesting.

[bronislav] 02/9/2016 21:36

Suspect there is a final game changing percentage lurking somewhere tucked away as safe as houses until its needed.The lockin that finished in April,must have been significant .Those shares or percentage could be traded ,transferred .The holding percentage to protect were free to trade after and only after some significant event within the company ,in my speculative view.Sirius has had to be careful that it's assets were protected.

[dr rosso] 02/9/2016 21:27

Common ploy is to wrap them into sub-3% batches under different names in nominee so that nothing shows up in holdings.

[bronislav] 02/9/2016 21:00

6cer...most of the trades going back for at least a year if not longer are round figure trades and if you dig deep enough there are lots of the trades matching each other..These trades are nothing to do with normal PI activity .Although they could be many things it is not beyond the realms of possibility that the trades are one entity getting shut to another entity ,IE transfer of ownership thereby changing a percentage or holding ..If it is ,then getting around a holding rns would be an obstacle although I doubt not impossible.

[dr rosso] 02/9/2016 20:45

Is it too much of a coincidence that a 3.94m and a 1.06m appear very close together. Slightly odd figures. Put them together to make a neat 5m. Match to appear on Monday?


Quite a lot of these ISA switches have been going through recently. Company silence an abs must, because any leak of t/o is likely to result in suspension. Can't trade/switch if suspended. And no agm date/resolutions. Go figure.


Witness also the hundreds of 500k trades over time which have been used to stabilise the share price or move it in a particular direction, usually down.

[sherl0ck] 02/9/2016 20:13

Note the 2.484m trade matches two trades yesterday put through within a minute of each other (1m & 1.484m). Coincidence? The 3.94m was yet another after hours trade at the exact midpoint. There's been a lot of these in recent months but this was larger than the norm and just a few quid short of an ISA limit.

[dr rosso] 02/9/2016 19:29

News delayed in order for someone to get their 6.4m at cop? Now why would somebody lump 25 grand into a dead dog?

[dr rosso] 02/9/2016 17:57

140 page AD.
Page 21 reveals $25m available for immediate drawdown from a $80m debt facility from insiders Emmef (Corvus). That's for a small marginal containing just 5mmb. Note the $4m arrangement fee.

Reiterated in Oct 2011
"commitments in place from third parties to procure funding lines in excess of $80 million for the Company, we are optimally positioned to deliver significant growth within an accelerated timescale."

5 years on and not a bean raised for drilling. The above is official release... and it's pure garbage.
Yep, by all means turn up at AGM, but you'll be fed the same guff as ever.

[drrichard] 02/9/2016 17:46

indeed, Ht. Wonder if the big trade was in the system and caused the transient tick up?
6cer, read the context

[htrocka2] 02/9/2016 17:37

cheers dr...ps, a couple of 'chunky' trades at the close..

[drrichard] 02/9/2016 17:12

A quick google, Ht, and it appears to be both oil and gas

[bronislav] 02/9/2016 16:33

Transfer of shares from one entity to another.

[htrocka2] 02/9/2016 15:31

A interesting comment from the last time they suspended themselves.


In the meantime, as required by the AIM Rules, the Company has requested that
its shares be suspended from trading with restoration of trading due on
publication of the Admission Document. Following completion of the Transaction,
the Company will no longer be an investing company for the purposes of the AIM
Rules and will be an operating oil development company working to bring the Ke
Asset into production as soon as possible.


no doubt this time it'll be an 'Oil and Gas development Company'.

(just a curious point...presumably there's a tax holiday on Gas production as well?)

[dr rosso] 02/9/2016 15:12

Old Sirius won't be issuing any further shares. That would've happened by now via a normal agm resolution.

[drrichard] 02/9/2016 14:43

You would think, Ht, that the AD (not the CPR) will contain an implementation strategy that includes spud date and TD and estimated duration of drilling. Let us hope so.

[htrocka2] 02/9/2016 14:28

I'm still not 100% with this one....where are they going to get $3M and possibly up to $5m to pay themselves and others in cash long before the drill bit reaches TD. Is the RTO linked to the drill bit?.....before they know what's down there.. every one's paid up? (and presumably gone)



'Yup. D accruals from the past will not be a debt burden to the new formation. Interesting that it's a straight cash pay-off.'




'Also included within accruals are Directors' salaries which are payable in cash upon commencement of drilling of $1,497,000 (2014: $1,599,000). There are also other amounts in both accruals and other payables which are due on commencement of drilling.'

The only conclusion I can come up with is that the Drill date must be included in the new AD ...along with the Project Finance announcement.(that includes the accruals cash)

[bronislav] 02/9/2016 14:21

Cloudtag hardly seemed like it was about to blow Carrbradshaw.But it has.

[carrbradshaw] 02/9/2016 14:15

If they've got any sense they'll stay in Cloudtag - this hardly seems like it's about to blow - same old, same old.

[dr rosso] 02/9/2016 12:47

Yup. D accruals from the past will not be a debt burden to the new formation. Interesting that it's a straight cash pay-off.


Wouldn't put it past the cronies to come out on the CTAG spike and take up a big position here before it blows.

[witchywoo] 02/9/2016 12:45

indeed HT, much more fun over there, for now...

[1alfi] 02/9/2016 12:42

ht - I believe they put paid in cash on commencement of drilling for a specific reason. Otherwise why bother puttung it in the results in the first place.

[htrocka2] 02/9/2016 12:33

ps...CTAG up 42% as I write

[htrocka2] 02/9/2016 12:24

1alfi

'The rns states paid in cash ht'....you just don't know what'll turn up in a new AD. (last years Resolution 5 1v (b)indicated that they wanted shares as well)



ps in 2011 we never had an AGM ..it was suspension out of the blue....then came the new AD.

(part quote)
'Suspension occurred on 22 February 2010 pending the publication of the Admission
Document. Admission is conditional on, inter alia, Shareholder approval......... it is expected that Admission will take place and that dealings in the Ordinary Shares will commence on 3 November 2010.'