Sirius Petroleum Share Discussion Threads

[bronislav] 05/9/2016 07:46

Is it Looking like we won't need an AGM ?.wonder if it is spudding one or spudding three?wages paid on commencement of drill but doesn't specify where that drill has to be IE on which particular asset.

[dr rosso] 05/9/2016 07:36

"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"


Recap on this recently updated website statement. Co. is stating officially is HAS
taken part of the oil block. Not "hoping to acquire", "has an option over", "may take", etc, etc. No reference to the marginal field within the OML 95 Block. I wonder who their partner is that owns the remaining 60%. Must have been completed using a subsidiary for it to be an indirect interest.

Anyway, it is clear. It HAS it. Will be interesting find out how it was done. No ref to this indirect acquisition in the final results or update which was signed off on 28 June. The web page has been rewritten since then to mark the change in the investing strategy. Header also clearly states that Sirius is a O&G PRODUCTION Co.

[solarno lopez] 05/9/2016 07:28

EGM or as they are now officially called a General Meeting the notice period is 14 days + two days for posting etc

[solarno lopez] 05/9/2016 07:27

Because the AGM must held no later than 30 September and in order conform to the regulation 21 days notice they must in fact announce and post 23 days before the 30 September deadline.

Companies Act regulations

[bumhammer] 05/9/2016 07:27

What about for an EGM Sol?

[mgsjarvis] 05/9/2016 07:20

What makes you think that Sol?

[solarno lopez] 05/9/2016 06:56

I reckon the last date to announce the AGM and post the documents is 7 September otherwise the company will be in breach of section of the Companies Act 2006

[bumhammer] 04/9/2016 19:17

Must be quite sad trying to kick start your gherkin 6cer.. No doubt you have a hand like a gnarled claw.. Anyway, this website malarkey reminds me of when this board accidentally was informed about Graham Lyon being part of the team..hmmmm

[bumhammer] 04/9/2016 18:19

Hope your anal gout is improving 6cer.

[6cer] 04/9/2016 17:41

Oh look - Bumsniffers turned up.

[bronislav] 04/9/2016 17:38

Never underestimate the power of the press.

[bumhammer] 04/9/2016 17:06

Anyone topping up tomorrow after these revelations?

[mickogunsanya] 04/9/2016 16:29

Had a meeting in my homeland and can assure all is well. End of September will bring big luxury my friends

[cornishtrader1000] 04/9/2016 15:49

OML 95 is a large shallow water block located in the northwestern Niger Delta. It is part of Chevron's joint venture (JV) with NNPC which covers over 9,000 square kilometres. Eighteen fields lie over OML 95, nine of which have been developed since the 1960s. OML 95 contains the giant Meren field, which is the largest field on the block and one of the largest discovered in Nigeria. Meren has been producing since 1968.

[dr rosso] 04/9/2016 15:14

Website header ......

"Sirius Petroleum is an independent oil development and production company."


Investing strategy ......

"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."



Couldn't be much clearer.
Production Co. with an indirect 40% interest in OML95.

[superhuperdrugdealer] 04/9/2016 13:37

No brainer...Hmmmm the irony.

[dr rosso] 04/9/2016 12:10

Most interesting that the recently re-written investing strategy as per website only refers to putting the BLOCK into production. Ororo field does not get a mention. I strongly suspect that the field is a strategic part of a much bigger picture here on Block 95, where BTG (gas shipping) and Chevron have both been issued with licences in the last few months. Are we going to see a number of fields being brought back into production at pretty much the same time. Expect to see 20k boepd being processed at an Ororo flow station. New production platform will see the field flowing 10k bopd in its own right. Total 30k boepd from 95 by end of next year. That's why the Sirius subsidiary is named Sirius Ororo 95 Ltd.
Parent Co. must change status in order to become an operator/producer. Await Sept AD. Highly likely that they'll create another special purpose subsidiary vehicle (similar to Eroton), with the stakes split between that original subsidiary + Owena + GP (which will lose operator status.) On a 50, 40, 10 split, Sirius would take 40% of the block/field, held indirectly through the spv once the rto is accomplished.
20% of the lease to go to the mystery jv partner, likely Schlumberger, who'll put up the cash for drilling the Ororo wells. Chevron will sort the other fields in a 50/50 PSA with Sirius. Alternative the lease split 40/40/20 with Schlumb having just an economic interest and no actual stake in the lease.

As per website, 95 and Ororo into production sets the scene for further acquisitions, notably 241. Initial focus on these 2 major shallow offshore blocks will be gas, with big demand in 2017 from Lekki, and also India.

With one funding offer on the table and others being considered, + operator/rto stated in black and white on Co. own website, these official releases have turned the stock into a no-brainer. Straight jv means no dilution, but do expect 200m or so going out as incentivised share options at the 2p platform rerate, similar to Sound issuing at 60p.

Is this an £8m O&G minnow? Could catapult into FTSE 250 once both asset blocks are revealed.

[htrocka2] 04/9/2016 08:28

superhuperdrugdealer
3 Sep '16 - 11:20 - 54552 of 54566 0 1

The Bottom line......You should be able to see where this is headed.

Down obviously..
Trend is down from 9p to a decimal stock.



and your agenda is?........or are you just cheesed off that you missed the years 0.25p low?

[htrocka2] 04/9/2016 08:08

'When all the ducks are in a row and all has been revealed - what will the share price likely be worth'

There's no need to speculate...the new estimated company valuation will be in the oncoming AD.

I found 'deadly' comment interesting.
'who is buying in max ISA amounts?'

Why wait until now to maximise your ISA ...and not join the April rush?...especially as you could have bought a further 60% of shares at the years low of 0.25p, and also that the buyer probably has a portfolio of shares to choose from.....yet decided...this is the one.

[drrichard] 03/9/2016 23:27

Deadly, I would add a few more positives, if I may?
Warrants sorted
Three year field licence in place
EIA granted
GP back on game
One offer on the table, and BoD confident that Ororo will be drilled
BoD confident of a good working relationship with Ondo State
None of the big names associated with us has notified that they are walking away
Lots of positive vibes and not one serious negative piece of scuttlebutt