Sirius Petroleum Share Discussion Threads

[bumhammer] 27/9/2016 13:15

Be nice to chat about hard facts that pump our share price up instead of dancing around with ever-shifting scenarios. sick of it now.

[drrichard] 27/9/2016 13:09

Looks that way MiniChris, in which case the funding issue is moot vis a vis the drilling, at least. Which of course can now give the BoD confidence that Ororo will be drilled. So maybe the more interesting discussion is also looking at Ororo in the wider strategic sense and also 241 et al.

[minichris] 27/9/2016 12:07

So, no cost to Sirius until a fully completed well is handed over (or wells).
I wonder if you can then fund the well(s) using RBL?

Zero upfront cost. Robust income at $50 p/b backed up with the CPR.

Perhaps that way is too shortsighted?

Use RBL to pay farm-in fees on other assets and have a smaller up-front cost for Ororo instead of placing at a higher SP?

Seems they have quite a few options to peruse.

[drrichard] 27/9/2016 11:40

Just so we all know what the term turnkey means to a service provider



A type of financing arrangement for the drilling of a wellbore that places considerable risk and potential reward on the drilling contractor. Under such an arrangement, the drilling contractor assumes full responsibility for the well to some predetermined milestone such as the successful running of logs at the end of the well, the successful cementing of casing in the well or even the completion of the well. Until this milestone is reached, the operator owes nothing to the contractor. The contractor bears all risk of trouble in the well, and in extreme cases, may have to abandon the well entirely and start over. In return for assuming such risk, the price of the well is usually a little higher than the well would cost if relatively trouble free. Therefore, if the contractor succeeds in drilling a trouble-free well, the fee added as contingency becomes profit. Some operators, however, have been required by regulatory agencies to remedy problem wells, such as blowouts, if the turnkey contractor does not.

[flazak] 27/9/2016 11:38

The fact they have been going this long means imho they will succeed in the end.

If it's all just a con to string people along and rob them of their money then they are doing a fantastic job, thing is there are no doubt many people much more intelligent and well educated than I am out there and they appear to be sticking around ! Surely they can't pull the wool over their eyes for this long? It would only need one whistleblower to take the whole thing down and that would've happened by now.

[dr rosso] 27/9/2016 11:12

Midcase scenario for a couple of wells on a marginal field. 10,310 boepd. That based on upper zones. Pretty impressive for starters.

As for the multinational oil service providers... let's take a stab at

1. Schlumberger
2. BTG
3. One of the Swiss-based commodity dealers eg Trafigura.

Wouldn't be at all surprised to find all 3 involved in the projects which have been set up over time by Sirius. These giants will regard 10k boepd as puny. Target 100k boepd.

[aventador] 27/9/2016 11:10

They've got the cpr, they've got the proposals on the table, they've reduced spending, they haven't de listed so all positives now get the funding signed off get the ball rolling and let's see some profits finally.

[1alfi] 27/9/2016 11:06

Drewster - then we can rest assured that the company has predicted at least one thing correctly

"An investment in the Company is considered by the Directors to be relatively high risk. For this reason the Directors consider the Subscription to be best suited for an investor whose investment profile meets such criteria. The Investing Strategy is intended to be long-term."

[the drewster] 27/9/2016 10:56

10th October 2011... just coming up to 5yr anniversary for Sirius involvement in Ororo.

[dr rosso] 27/9/2016 10:53

Co. will be 3 months ahead in real progress terms as to what is let loose for pi ears. Setting a date well into Nov is in indication that they know everything will be in place by that point, and the meeting itself will take on an air of celebration.

I fully expect we'll be getting a mid-Oct 14-day notice of egm which sets out various resolutions, including proposed new BoD, Exec D share options, CL conversion.
Add to that an AD which gives us the cpr in full technical detail + the strategic nature of the FDP of the first acquisition. As per website, expect the transaction to be classed as rto and that NewSirius will take on full operator rights as well as producer status.

The "other oil" deal with Chevron's 95 smaller fields should also be clarified at this point.

[vatnabrekk] 27/9/2016 10:52

Well, Sherl0ck, I suppose it depends who the 3 competing proposals are from!

[1alfi] 27/9/2016 10:50

If that be the case Aventador, then why has the company had to delay the date of the AGM. Why not re hash the same AGM date as well.

[solarno lopez] 27/9/2016 10:50

hahah would you like to use one of my pitch forks Sher

[sherl0ck] 27/9/2016 10:48

Wrong. We previously always had a firm caveat at the end of any dangled funding opportunity.

Do you really think that with 3 competing proposals we won't be able to close on one of them? Blimey, there's no pleasing some folk!

[solarno lopez] 27/9/2016 10:43

Like I said Pitch Forks ...I am having mine honed and sharpened by Gillette

[aventador] 27/9/2016 10:42

Basically a re hash of the same RNS each year with the same paragraph referencing funding is in process of negotiations etc just with the wording shuffled about.

[bumhammer] 27/9/2016 10:36

Looks like 8 separate RNS's where we've had funding dangled under our noses and yet here we are Sherlock, still no clarification.

If we are no further along within the next 52 days then I honestly don't know where this and all of our collective PI money is heading.

[sherl0ck] 27/9/2016 10:28

Spot the difference:

2014/15

"It should be noted that there is no guarantee that a definitive agreement will be entered into."

"This is subject to the execution of legally binding agreements and until such time, there is no certainty this amount of equity will be subscribed for."

"Whilst the Directors are confident of the Completion of the Loan, there can be no guarantee of this."

"Whilst the Directors remain confident of completing the agreement by this date, there can be no guarantee that this will occur."

"The timetable for satisfying the DPR's criteria is uncertain and there can be no guarantees of satisfying all criteria."

2016

"the Directors believe that Sirius is well positioned to conclude its Project Funding"

"The Board is confident we will be able to secure a vendor finance proposal"

"the Directors remain optimistic that the Company will secure the necessary funds"

[dr rosso] 27/9/2016 09:42

"Strategic development plans"

How many times have I mentioned, in previous posts, the strategic role that this Ororo marginal, dressed up as a stand-alone field, will play in forthcoming events?


The funding is being handled in terms of separate but interlinked projects. Also note segmental reporting.

[dr rosso] 27/9/2016 09:37

Fixed AGM date looks like a rubber stamp seal of business resolutions that are going to be dealt with in a prior egm sometime in Oct. Co. wont want to be leaving things until 17 Nov before they can move forward.

[drrichard] 27/9/2016 09:29

So, Rockflow have already prepared an FDP and we have hints that it is directed towards a strategic development plan.

"The Directors have reviewed the valuation of the Ororo field incorporating volumetrics and a Field Development Plan prepared by Rockflow Resources Ltd, with a valuation of the asset based on current Capex estimates and current oil price. This valuation review supports the value of the investment held on the balance sheet.

The Group intends investing further amounts into the Ororo Oil Field, as part of its strategic development plans"

Does not sound like they have any worries re going forward or about Ororo ownership does it?

[dr rosso] 27/9/2016 09:28

Prior egm, ad doc, and resolution details all remain very much on the cards