Sirius Petroleum Share Discussion Threads

[drrichard] 05/9/2016 09:37

Solarno, correct but there is a get-out clause relating to "commercial sensitivity". If for example, all the above is true but the deal is at a crucial stage then it is okay to withhold.

[solarno lopez] 05/9/2016 09:33

This is worrying as there is clearly undisclosed information that is relevant to the SRSP and market which should/must be disclosed according to the AIM rules.

One wonders how close to the wind SRSP sailing with this undisclosed information and are the NOMAD ready to accept a down grade from the AIM authorities with 'wind sailing'

[dr rosso] 05/9/2016 09:29

The updated investing strategy makes no specific ref to the Ororo marginal field, or any field for that matter.

Perhaps worth a look over at what SLE has got on Block OML18 after Eroton acquired the IOC 45% divest for $1.2bn. NNPC still owns the rest.

Maybe Owena Energy is the special subsidiary which is involved in the 95 deal, and Sirius/Owena Oil & Gas have each taken equity stakes in OE.

As usual, the Co. offers no clarification as to what is really going on.

[bumhammer] 05/9/2016 09:22

That's the way I see it, Cornish.

[cornishtrader1000] 05/9/2016 09:19

Are we saying that we have 40% interest in the block opposed to 40% in Ororo? Would that be the 9 not yet developed fields? Is so, and with 2012 & 241 things could get very interesting.

[dr rosso] 05/9/2016 09:15

The OML 95 block lease and licence are both held by Chevron, in a jv with NNPC. Taking a 40% indirect interest in OML 95 can only mean that Sirius has gone in on it via a stake in a specially created subsidiary. Presumably there is in place a PSA with Chevron, which has been awarded a 20 year licence extension (expires 2035.) They'll be jointly producing from a ring of smaller fields, with profits shared 50/50. This venture includes the "other oil" referred to in a RNS last year. BTG is managing the offtake.

I dont think Ororo field features in this particular jv. There are 18 fields on 95, nine of which have been developed. It looks like the ring of Northern fields are about to be brought into production, courtesy of a Chevron-Sirius deal.

[htrocka2] 05/9/2016 08:55

Dr.... with reference to the 'block' and OPL 95....during the long drawn out debacle over the disputed ownership of Owena Oil and Gas, and who exactly owned what, accusations were flying left, right and centre that ended up being resolved in the High Court confirming that the State is to retain 100% ownership of Owena Oil and Gas. However, during all these arguments and press statements being banded about...a small piece emerged that I found curiously interesting and helps to integrate the OPL comment made by SRSP....( we've been told that a bidding process was involved with 241...but nevertheless I thought I'd copy and paste this comment...there may be some truth in it.)





'An oil mining bid which was carried out by the state saw Owena Oil and Gas winning the mining license and was given bloc OPL 95/OPL 241'

[bronislav] 05/9/2016 08:49

If the interest is INDIRECT ....is it the parent company or some other entity connected with Sirius .

[bronislav] 05/9/2016 08:35

Perhaps the terminology on the website is the important difference.ie 40%INDIRECT interest.
Transference of percentages re 5million ....where will the final percentage that concludes come from.?

[solarno lopez] 05/9/2016 08:35

Hahahahah Well Doc ...and once again the Doc strikes

[dr rosso] 05/9/2016 08:32

Dr Rosso - 02 Sep 2016 - 21:45:57 - 54534 of 54600
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?




Well knock me down with a bunch of coconuts. A 5m trade at 42 has just been sneakily slipped in. Wonders never cease.

[solarno lopez] 05/9/2016 08:28

Doc

I would not disagree BUT the NOMAD has either pulled a flanker over the AIM Team or agrees with me ?

[dr rosso] 05/9/2016 08:27

Those 2 x 2.75m showed yet? At 41

[dr rosso] 05/9/2016 08:25

Change in investing strategy requires shareholder approval at agm.


Nor can you suddenly decide to call your Co. a production Co. when it has previously been an investing shell.
The completion of a 40% indirect interest in a major oil block has to be accompanied by an official statement to the market, not a sneaky change on part of a website.

[bronislav] 05/9/2016 08:23

Carr.exactly ,large trades still going through and I would assume they prefer those trades to go through at today's prices rather than an rns prompted inflated price.
Not sure whether that is sneaky or just doing business.

[solarno lopez] 05/9/2016 08:16

any change in an investing policy MUST go to a meeting of shareholders. However I am not convinced that the slight re-wording requires such a meeting

[carrbradshaw] 05/9/2016 08:16

Sorry I don't believe that Bronislav - it's all very sneaky. Two big late trades from Friday.

[bronislav] 05/9/2016 08:14

Carr because to rns would likely move the share price

[carrbradshaw] 05/9/2016 08:11

If this has all been changed on the website and it's important news - why hasn't it been RNS'd - strange

[bumhammer] 05/9/2016 07:48

Surly that now has to reflect somehow in our current sp

[dr rosso] 05/9/2016 07:47

A public company must hold an annual general meeting within six months of its year end.


SRSP Financial Year end. 31 March.

Yes Sol. 21 days (+2) means that Weds 7 Sept is the deadline for calling the AGM.

[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.