Sirius Petroleum Share Discussion Threads

[dr rosso] 07/9/2016 10:41

Some doubt about the AGM date having to be by 30 Sept. It may be 15 months after previous agm, taking us through to 4 Nov. Anyone know for certain? If 30 Sept is correct, AIM regulation for the notice period cannot be met after cob today.

[solarno lopez] 07/9/2016 10:39

No coincidence whatsoever

[dr rosso] 07/9/2016 10:37

Is it coincidence we see a 2.178m at 0.459, and not too far away a 1m and a 1.178m at 0.425? All 3 as sells, yeah right.

[1risky] 07/9/2016 10:33

So you're expecting suspension today Doc?

[6cer] 07/9/2016 10:32

rns may come today after 4.30 pm.

[dr rosso] 07/9/2016 10:26

What's HAVOC OIL?



Sept 2014. OML95 deal between Sirius-BTG-Chevron...
Uneconomic for an IOC to get the 9 smaller proven fields into production. But with infrastructure in place, Sirius can tie these fields into strategic Ororo.


"I am delighted that we have entered into an Agreement with BTG Pactual Commodities (UK) LLP ("BTG Pactual") relating to the marketing of crude oil from the Ororo Field and other marketable products from other fields owned by Sirius Petroleum. BTG Pactual has agreed to be Sirius' exclusive representative to perform all necessary marketing, negotiation, sales and contract execution in relation to the sale of crude oil, from the Ororo Field and other fields subsequently owned by Sirius. BTG Pactual may also market other physical crude oil of Nigerian origin sourced by Sirius from fields which it does not wholly or partially own. Sirius has agreed with BTG Pactual to split equally the proceeds from the marketing of any crude oil from sources introduced by Sirius outside of its own production, which allows us to market crude where opportunities become available.

Looking further forward, the strategy for Sirius remains to acquire off-shore assets. Specifically, we will target assets which have been drilled but do not tie-in to any onshore infrastructure, do not have significant farm-in fees and where we have the right to operate and to market the crude oil produced.

[1alfi] 07/9/2016 10:15

1. HAVOC SERVICES PTY LTD

East 5 BOX 831 
6155 Perth - Subiaco 
Western Australia - Australia0414 746 905

Operation, Maintenance And Construction Of Pipelines

[bumhammer] 07/9/2016 10:14

6cer = Utter pillock

[bumhammer] 07/9/2016 10:13

1risky, that's a shame.
Your benefits been canceled??

[6cer] 07/9/2016 10:12

Dr Rosso = Sherlock Holmes.

[1risky] 07/9/2016 10:09

Game over guys.

[dr rosso] 07/9/2016 10:00

Significant milestones achieved during 2015 included:
Entered into a definitive agreement with our technical partner Havoc Partners, for the necessary technical geological and geophysical services. Our initiative ties in with our strategy to build a significant portfolio of oil and gas producing assets through local partnerships.

Sirius will utilise Havoc's technical expertise in its strategy to build its portfolio of interests in Nigeria. Havoc will also continue to advise the Company on the technical development and provision of funding for Sirius Ororo (OML 95) Limited, a wholly owned subsidiary of Sirius.

We are in discussions with regard to the participation in a significant oil block located in the shallow waters of the Niger Delta Basin on Nigeria's continental shelf. Our technical team, in collaboration with Havoc Partners, has begun full technical due diligence in order to review the optimum development strategy.

The Company is also in discussions with a number of parties with a view to a farm-in arrangement to develop the asset, utilising their financial and technical capabilities. This asset has significant 2P reserves and existing wells have been drilled. The intention is to conclude a joint venture agreement to enable Sirius and its partner to farm-in to the equity available in this Block.



And now the SPOT THE DIFFERENCE competition.......

From AR end-2014
Included in accruals is liability to Havoc Oil of $191,000 for technical services provided. Payment of this amount is deferred until:
(a) the Company secures project funding for the next phase of Ororo field development or
(b) acquires an interest in a significant oil discovery offshore Nigeria or
(c) accepts any proposal resulting in a change of control of the Company or
(d) as may otherwise be mutually agreed between Havoc and Sirius.

From AR end-2015
Included in accruals is a liability to Havoc Services Pty Ltd of $454,000 (2014: $191,000) for technical services provided. Payment of this amount is deferred until:
(a) the Company secures project funding for the next phase of Ororo field development or
(b) acquires an interest in a significant oil discovery offshore Nigeria or
(c) accepts any proposal resulting in a change of control of the Company or
(d) as may otherwise be mutually agreed between Havoc Services Pty Ltd and Sirius.
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.






SPOT THE DIFFERENCE Part 2

"During the year ended 31 December 2011 Sirius Ororo OML95 Limited entered into an agreement with Guarantee Petroleum Company Limited and Owena Oil and Gas Limited which gives it the right to acquire a 40% interest in the Ororo Oil Field."


Updated website " bring OML 95 in Nigeria (in which Sirius has an indirect 40% interest with its partners Guarantee Petroleum and Owena Oil & Gas) into production"

[1alfi] 07/9/2016 09:24

I think Simon Hawkins will remain, unless there is some sort of tie in with Ninogas.

[htrocka2] 07/9/2016 09:20

It does seem logical that the reason for paying off accruals prior to drilling is a management clear out.

[sherl0ck] 07/9/2016 09:15

26.2 - Best of luck elsewhere if you do opt to sell out. Big complex O&G deals can take a long time to conclude in Nigeria. Just look at the Seplat consortium who we're told initiated a large acquisition in 2014 (first reference was end of July). In March 2015 the deal was off and legal proceedings started to claw back their $453m held in escrow. Then in July 15 they said that despite the material delays, recent events had meant that negotiations restarted. After a couple more 'ongoing negotiations' statements, the last official mention in July 2016 was that 'the deal is still ongoing with the parties concerned'.

It's been very costly for them also. As of July this year they've already paid $7.5m consortium costs with another $3.5m still due to be paid. If they choose not to proceed altogether they have to pay $20m to the other consortium members.

One assumes that the target is worth the wait and meets their stated strategic criteria of near term production growth, cash-flow and reserve replacement potential and onshore/shallow offshore. Supply of gas to the local domestic market also appears to be a big focus for them.

They've concluded other block acquisition deals in the meantime but this consortium deal has been extremely lengthy and protracted. Fortunately they have enough other stuff to keep them occupied in the meantime. I guess we don't have that luxury so our own wait drags on and on....

[dr rosso] 07/9/2016 09:00

They could easily make an arrangement for Havoc to exercise 50m at 2p. There's the straight £1m to pay off the Ds. Simple way of sorting it.

Looks like it'll be a clean sweep of BoD, with the new owners installing their chosen ppl, ie those with O&G experience. GVL as Chairman?


Before any kind of t/o, holders of warrants have the opportunity to take up the shares. Going to look kinda odd if they are falling over themselves to take them up at 2p if the market price still has shares available at 0.5p. Either the share price will be bumped up in the next few days or the stock will be suspended pending rerate. On suspension, I suppose the warrants can still be exercised.

[1alfi] 07/9/2016 08:49

The field licence renewel and the EIA approval does offer some encouragement that all is well and progressing 22.6

[twentysixpointtwo] 07/9/2016 08:33

Sorry to say I've pretty much written this investment off. This transformational RNS just never arrives does it. I'd be delighted for all to be wrong but time to stop believing those emails and enticing posters who occasionally pop up to keep us all entranced. It's like a cult. Good luck guys.

[bronislav] 07/9/2016 08:26

There have been numerous rumours over the last few years that there would be no need for an AGM.These were just RUMOURS but there may well have been some truth in those rumours.Egm needs fourteen day prior announcment if memory serves me well although I stand to be corrected on that ,if so then back from the 30th that would make the 16th the last date for EGM announcment.

[bumhammer] 07/9/2016 08:20

Dr rosso, I understand yours and SOL'S calculation for today being a deadline. Is this by Aim rules non negotiable , or do you think there would be some kind of extension they could have applied for??

[1alfi] 07/9/2016 08:11

Need 2p to cash warrants. Can't see that happening without news being released. Maybe cpr revelation in the pipeline.

[sherl0ck] 07/9/2016 08:09

DocRosso - you mentioned that Havoc have created a subsid, Havoc Oil Ltd. Do you have a link to any info please?