Sirius Petroleum Share Discussion Threads

[dr rosso] 09/9/2016 13:23

Nearby Aje on OML113 has taken an age to become a producer. The field is targeting 50k-80k bopd. 2 further fields have been identified on the block. Geology is near identical to what Sirius has, tho it is deepwater whilst maj of Sirius blocks are shallow Continental shelf.

[sherl0ck] 09/9/2016 13:04

We may well become a Newco E&P company as part of an endgame plan but it's also still debatable whether we will ever actually be announcing spud dates and overseeing drills on Ororo or other assets in any guise. I might be massively wrong on this but we've shown time and time again in the past that this simply hasn't been our raison d'être. It's completely possible that may well now change and we finally transform into a Newco that does wish to seriously pursue this route.

But if so, the amount of time taken to get to this point and the missed opportunities are fairly ludicrous. Even after admitting back in April that we were reviewing 'several funding options' (which could well have been tabled for some months prior to then), I question why we still haven't taken up a deal and got cracking, even with some vendors being pretty desperate for work and seemingly comfortable to take costs from later revenues?

The opportunity cost to us of not drilling is high, but if that's not at all your end strategy, you probably don't see it that way or worry too much. Not a very good analogy, but if you'd struck a deal to sell a car in pristine condition and with minimal factory miles on the clock, in the meantime you probably don't then take it out on the road and rack up the miles. You look after it and ensure the buyer secures it in exactly the way that was agreed. I know there's multiple holes in this but you get the rough idea.

It seems to me that what we've been doing is building partnerships, getting assets ready, securing them, aligning financing etc.... We could now take the next logical step and put this all into play for ourselves as a Newco, or we could ensure we and others benefit from this preparation & packaging.

I keep going back to this point but either Owena/Ondo are the most patient folk on the planet or they're comfortable with a highly sophisticated but very hush hush long term plan. Seems like there's a few other companies out there that are comfortable waiting a long time for the stars to finally align.

If we secure funding, tie up & reveal other assets and then at some point announce a big takeover without ever once actually overseeing a drill. I think most of us would look back over recent years and admit that in retrospect it was fairly obvious this would be the ultimate outcome. It's the only thing that in my mind explains so much of the mystery and 'failure' of Sirius. I may be proven very wrong, but we'll see.

[aventador] 09/9/2016 12:56

Lets hope they get a move on now seems its on the right path finally cpr was good news.

[bronislav] 09/9/2016 12:26

Htrocka..I wouldn't get too hung up on the terminology,the website had us down as a production company until a few days ago.

[dr rosso] 09/9/2016 12:05

Accumulate in OldCo whilst releasing minimal info.
Settle in.
Leave it for NewCo to make the bigger discovery announcements
Cash in.

Simps

[minichris] 09/9/2016 12:05

@HT -

(Q)I agree Bron that the sitting on the CPR was a bit underhand.
(A)Correct me if I'm wrong, but once the CPR is released, the clock starts ticking..so they 'stopped' the clock for a while.

Interesting theory, why would the clock start on the release of the CPR?

(A)Again, correct me if I'm wrong, but under the FTSA until they reach first oil SRSP remain 'Technical Advisers'. Once 'first oil' is reached, this status changes.

I dont understand what your implying here?

[minichris] 09/9/2016 12:01

Lets not forget the "confusion" over the 3D seismics.

2D & 3D was shot by Chevron in the 80's and was classed as poor. (Chevron acquired both 2D and 3D seismic over the Ororo Field; - Sirius RNS)

2D & 3D was possibly shot by DHARMATTAN NIGERIA LTD in the late 2000's (hxxp://www.linkedin.com/in/lawal-aishat-b5b50439)

If as Sirius state the 3D is poor and Dharmattan (plus Degeconek) both worked with the original Chevron data, its still been processed many times independently.
Gaffney Cline, Rockflow, Schlumb, Havoc and all the other people involved have also worked with the data.

I would say that if it really was that bad, more would have been acquired post haste, what we have clearly does enough for our needs.

[htrocka2] 09/9/2016 11:55

Bron...be a bit tricky to be both an 'Investment Company' and a 'Field Operator' at the same time...


FTSA.
'Should Sirius decide to proceed to field development, Sirius will be entitled to a 40 per cent. interest in the Ororo field, jointly operating the field with Guarantee and Owena,...

[bronislav] 09/9/2016 11:50

Any hint of other stuff outside of ororo would move that share price that is clearly exactly where it has needed to be .so focus the attention on ororo and years of funding rns,s and nobody is any wiser .

[1alfi] 09/9/2016 11:49

Especially if Guarantee have drilled an appraisal

[htrocka2] 09/9/2016 11:47

just a couple of replies minichris


(Q)I agree Bron that the sitting on the CPR was a bit underhand.
(A)Correct me if I'm wrong, but once the CPR is released, the clock starts ticking..so they 'stopped' the clock for a while.



(Q)there would be no reason to report it and thus not change status.
(A)Again, correct me if I'm wrong, but under the FTSA until they reach first oil SRSP remain 'Technical Advisers'. Once 'first oil' is reached, this status changes.

[sherl0ck] 09/9/2016 11:45

Deeper sands Ororo evaluation via appraisal drill would undoubtedly help us but the question I would ask is whether we actually need to do this? I.e. We & funders clearly know there's good potential upside but perhaps the data we already have verified is quite enough to raise ample money and serve our purposes for now. Following this speculation to its logical conclusion, another interesting question is if you did indeed have the inclination & the means to secretly drill a well (potentially not under the guise of Sirius), why would you prioritise Ororo above other things that might have an even more profound impact on our potential reserves base and overall company value?

[bumhammer] 09/9/2016 11:44

Yes, you're all good now Bronislav.
Thank you.

[bronislav] 09/9/2016 11:42

HT.drilling an appraisal doesn't make you a producer.
All Sirius have to provide is technical and financial requirements to satisfy the terms of theFTSA.As far as I am aware that is what they have provided.Someone else ,as minichris has pointed out ,could drill the appraisal and Sirius I assume only have to report what they have supplied,IE technical and financial.

[minichris] 09/9/2016 11:37

You are assuming that Sirius has drilled it.... whats stopping Owena or Guarantee or even a completely unrelated company drilling.

So long as Sirius didn't have any current benefit from it, there would be no reason to report it and thus not change status.

[bronislav] 09/9/2016 11:37

Cheers BUMHAMMER .i hold my hand up and stand corrected .I have had a check back over my post and I believe everything else to be correct.

[htrocka2] 09/9/2016 11:34

witchywoo... a slight problem there...

'HT amazing what can be achieved when you actually get the drill bit turning eh'

..for SRSP to get the 'drill bit turning', it would be classed as a 'Production Company', to change it's status from an 'Investing Company' as clearly stated in the latest rns, requires share holder approval and would then be deemed a 'Reverse Takeover'.....which could move to a suspension and a new AD.


definition.
Reverse takeovers 14. A reverse takeover is any acquisition or acquisitions in a twelve month period which for an AIM company would: — exceed 100% in any of the class tests; or — result in a fundamental change in its business,

[minichris] 09/9/2016 11:29

I have no proof of drilling to go on so I wont comment on that part, but, I agree Bron that the sitting on the CPR was a bit underhand.

That being said, they could only sit on it if there was something contained in it of utmost sensitivity.

The fact they have acknowledged its finished but only teased its content makes me think this is indeed the case.

[bumhammer] 09/9/2016 11:27

Bron, you spell Info with an N
Thanks :)

[witchywoo] 09/9/2016 11:06

HT amazing what can be achieved when you actually get the drill bit turning eh!

[htrocka2] 09/9/2016 10:54

As it's proposed we drill a further 250 deeper than the current Ororo 1, on which the CPR was estimated, I thought I'd post a comment made by the 'Hurricane Energy's' CEO today. (SP up 37%)


'Dr Robert Trice, Hurricane's CEO, commented "I am delighted that the Pilot Well has confirmed a significant oil column deeper than the 2C Case set out in the Company's CPR.'

[solarno lopez] 09/9/2016 10:50

CARR you are wrong every AIM company must retain a Nomad but not a Broker.

Suspension is immediate if your Nomad resigns with immediate effect

[sherl0ck] 09/9/2016 09:53

"October should be the month when Havoc/Schlumberger get moving."
"Havoc/S won't have even started by then"

I'm confused. What specifically does 'get moving' mean?

[dr rosso] 09/9/2016 09:27

Where do I say drilled in Oct? Havoc/S won't have even started by then. Be sure though, that preparations should be well underway.