Sirius Petroleum Share Discussion Threads

[avizandum] 31/10/2016 21:50

Think this BOD will have been walking on egg shells for the past few years. SRSP so small, much larger sharks could easily eat. SRSP has been doubtless playing politics and been swept this way and that due to economic imbalance between the players. Wrong foot and larger players could easily react and make life difficult. Hence GL. The political and tech guru known to the larger players. Crafty game, but politics as important as the economics here me thinks. Doing nothing at the right time, is as important as doing at the right time. But yeh, agree Sonic, without info, this is frustrating to watch. But giving us info at the wrong time, could easily upset the delicate balance. That's the way I read it. Could be wrong!

[htrocka2] 31/10/2016 21:48

o/t

Dr...I'm a bit concerned about your definition of 'sweetner'....I've just watched a BBC programme where 30 Serious Fraud Officers are currently engaged in investigating the MO surrounding Rolls Royce's business ethics.

[1sonic] 31/10/2016 21:36

Can anyone tell me how many hours per day the board work? I would be very interested to know what they do all day!?

[carados] 31/10/2016 18:15

If anybody's interested I asked Ant to do a graph for me and post it on #srsp twitter ☺

[1alfi] 31/10/2016 17:43

If we don’t announce an EGM within the alloted timeframe, will it mean that preparations for a RTO/AD are not yet complete ?

If they were complete then why delay ?

[dr rosso] 31/10/2016 17:43

Does anybody really think that Big S has spent 5 years hanging out with Sirius over one marginal field, unable to cobble together just £25m to get it moving?
Why is Big S mixing with an oil minnow that perennially appears to have neither O&G assets or cash?


Throw in a globally renowned O&G dealmaker (GVL) who has pulled off previous such as Suncor/Petrocanada, Gazprom, CNOOC ......

[solarno lopez] 31/10/2016 17:23

Thanks Doc

[dr rosso] 31/10/2016 17:20

7.1.1 (subject to such exclusions or other arrangements as the board of directors may deem necessary or expedient in relation to treasury shares, fractional entitlements, record dates, legal or practical problems in, or under, the laws of any territory or the requirements of any regulatory body or stock exchange) the allotment of equity securities up to an aggregate nominal amount of £522,007 in connection with an offer by way of a rights issue:
7.1.1.1 to holders of ordinary shares in proportion (as nearly as may be practicable) to their respective holdings.

209m (1 for 10) being authorised for issue. Price not yet known.

[shez20] 31/10/2016 17:16

Me cynical! Never

[drrichard] 31/10/2016 17:12

Ha, 1 sonic! She is long suffering but even more cynical then Shez!

[dr rosso] 31/10/2016 17:12

The CL 155m at 0.35p (£550k) can be converted, but the 155m will need to be included within the 835m sector identified for allotment. Could be.
Everything is being conducted in-house, that's for sure.

[solarno lopez] 31/10/2016 16:44

Clearly I missed the rights issue resolution

[dr rosso] 31/10/2016 16:38

.
Sherl0ck
30 Oct '16 - 09:35 - 57162 of 57200 9 0
Been thinking more about how a large holder(s) might have seen the release of the AGM notice as a positive signal as it triggered the Bed & ISA and 2x 20m trades. I doubt the timing was purely coincidental, in which case what did they spot that others missed?

Either there was something in the resolutions themselves or alternatively, assuming that the Board have delayed the AGM to coincide with positive news (and they could perhaps have delayed it even further if need be), then confirmation that it's definitely proceeding on the 17th Nov might indirectly imply that funding is also on track.

With regards to the actual resolutions, we'd need to spot something subtly positive and different to previous years. 1.75bn new shares over the next 12 months (923m once you subtract stuff we already knew about and the 10% rights issue) is rather a lot, but it seems the 522m for "settlement of fees incurred in connection with the provision of oil field services" could fit the bill for the equity element that's normally aligned with any debt project funding deal, so perhaps confirmation this is expected to proceed.

As Rosso has pointed out, I also feel it's notable that the 522m is EXACTLY 25% of current issued share capital, hinting that something has been agreed between parties based on current equity and maybe signalling it's of relevance now rather than further down the road.

The proposed rights issue resolution has also sparked my interest because it's the first time an actual figure has been provided and it's exactly 10% of the CURRENT issued share capital figure, which suggests a '1 for 10 shares' RI either before additional equity is raised, or at least coinciding with this, I.e much sooner than later.

But why potentially do a cash call if we're about to land project funding? And to make it really worthwhile for the Company you'd ideally need the share price to be much higher, perhaps implying that it will be soon. Alternatively if it's not so much about raising valuable finance, it could be seen as an added sweetener to all long term holders, allowing them the chance to buy additional discounted shares in proportion to their holding.

A sweetener provided to vendor financing partners and a sweetener provided to LTH's? As mentioned before, whilst the recent 0.35p CL brigade don't appear to participate in the RI, the 10% loan interest figure provides exact parity so they don't miss out in any way.

Maybe most investors were far too quick to negatively jump on the potential significant dilution, without really pouring over the document and recognising subtle clues that might signal some positive stuff happening much more imminently.

[drrichard] 31/10/2016 16:38

Ha, Chris. Give me 20p and Mrs DrR will be talking to me again!

[dr rosso] 31/10/2016 16:34

AGM is to vote through what is basically a 1bn share sweetener for the 3 multinational Cos of Schlumberger, Havoc and Engelhart who will by now have set the full Ororo FDP £80m provision on the table.

[chris shiherlis] 31/10/2016 16:31

All adds up but just very hard to see what is going on as they dont give out much info at all. Give me 20p and we can all move on.

[drrichard] 31/10/2016 16:18

Wow, Chris. Very positive. Nice.

[solarno lopez] 31/10/2016 15:55

Thanks Chris you give me confidence

[chris shiherlis] 31/10/2016 15:52

Sherlocks post yesterday was more likely to be on the money. Extra shares given out to get the rto over the line and into the right hands. It is just the market cant see what is likely to happen here because of all the past delays. Very frustrating but likely to come off and shortly.

[solarno lopez] 31/10/2016 14:06

nice buy at .54