Sirius Petroleum Share Discussion Threads

[htrocka2] 23/2/2017 14:13

A couple of interesting points in todays posts.... The comments made by Sherlock and DR regarding the expulsion and elimination of the Calvert facility that may leave the company vulnerable and exposed to 'going concern' obligations...... How many times have we said on these boards.....read the rns's.




Vendor Finance Consortium
Following the execution of the agreement with Schlumberger, the Company is now in advanced discussions to finalise the participation of the last member of the Vendor Finance Consortium and intends to announce further details in due course regarding the final elements of the financing and operational service agreements.


They no longer need the Calvet Facility ....the final elements of the financing, that will probably be the essence of the next rns of which details are to be announced, must have been sewn up.


'The Company intends to announce further details in due course regarding the final elements of the financing and operational service agreements, including the Joint Operating Agreement ("JOA"), to support its proposed drilling programme for Ororo'

the final element of the financing must have been completed....

[solarno lopez] 23/2/2017 13:53

no more than most something does not feel right about it

[1sonic] 23/2/2017 13:34

How come you know so much about that 3.1 sol?

[solarno lopez] 23/2/2017 13:22

what sort of deception is that 3.1m late recorded 'buy'

[solarno lopez] 23/2/2017 11:37

PipeLine your ignorance is showing through

[1sonic] 23/2/2017 11:16

pipeline - Lol

[pipelinepete] 23/2/2017 11:08

How many left to shift sol?

[dr rosso] 23/2/2017 10:58

Alternatively the festering rat-molested lump gets chucked away, to be replaced by a shiny portion of best stilton and some cheese connoisseurs thrown in.

Sherl is actually correct that the withdrawal of the loan facility removes the Calvet working capital safeguard which sees us through Feb and March.
Co. is confident that it does not need this back-up support after 5 more weeks.

[solarno lopez] 23/2/2017 10:49

spot on Bron

[bronislav] 23/2/2017 10:48

Thats a good analogy solarno.The people will still eat it and we will, if lucky enough, take our profits.

[solarno lopez] 23/2/2017 10:19

Smells a bit like gorgonzola maturing Bron !!

[bronislav] 23/2/2017 10:09

It matters not to me who or what entity has benefited along the way,my focus is what the company achieves ,eventually.Be it production or a sell off ,if these large company's that have been attracted ,not to sirius but to her potential,are an indicator then.surely rewards will be significant ...The calvet payoff would have been factored in when the original deal was struck,assuming all had gone to plan ,so not a suprise really.As bobo said he would put a sequence of events in place to bring its short term and long term plans to fruition....not long now before its matured....we hope.

[sherl0ck] 23/2/2017 08:51

Yes the Calvet loan was vastly expensive and the 'take the money & issue cheap shares whether you need it or not' term was crazy. Yet I suspect he probably had the upper hand when it was negotiated and at the end of the day the money drawn may have actually helped us keep the lights on & meet the auditor's 'going concern 'criteria.

It's positive that we no longer require Calvet and have taken the expensive but necessary action. Yes it's £0.5m that we'd no doubt have rather spent elsewhere / or not issued 66.6m shares for, but I reckon the removal of this facility is far more important than some may imagine.

Calvet's ability to continually draw down any amount of cheap shares and potentially then offload at will if he chose to could have been a sticking point for other new large investors to support us, particularly at higher share prices. If I was in their shoes I'd be reluctant to chuck a lot of money our way knowing that a prominent holder had the ability to keep damaging the share price. Better that we just bite the bullet and draw a line under it.

Hopefully the news yesterday may now help to facilitate the support of those with deeper pockets, who may be more central to & supportive of our journey ahead.

[dr rosso] 23/2/2017 08:00

I have a loan facility available to anyone who wants it. £63k up for grabs. Sign up now. However if you decide later not to use any of it, you pay me 50 grand. Bargain. Just pay the £50k and you'll save yourself a whopping thirteen thousand quid. Best be quick.
Applications please to [e-mail]

[aventador] 23/2/2017 07:54

All this company does is issue and shuffle shares how about do some drilling and make the genuine share holders who have funded this from day one a good return.Right now seeing break even for me would be a massive result.Let's see what the next few RNSs and months bring and it better be the black stuff or a big fat pay cheque.

[solarno lopez] 23/2/2017 07:48

so I understand 1Sonic and I look forward to the skewering of those concerned

[shez20] 23/2/2017 07:43

Another 2.5m dumped at .76

[dr rosso] 23/2/2017 07:39

A never-ending series of rinse and repeat exercises whilst the real O&G "progress" remains ever more long drawn out and mysterious. Let's face it, we are looking at 3.8bn shares fully diluted and the select few are determined to grab as many for themselves as they can, and at the cheapest price they dare try to get away with.
Shame that those lovely people at the nomad cannot even add up properly.

[1sonic] 23/2/2017 07:19

Think you will find Sol its already been reported!

[solarno lopez] 23/2/2017 06:45

If the Doc is correct about the rinse and repeat activity which I am sure he is, then the perpetrators need to watch out.

They have been trading on inside information and we all know what that leads to, now don't we chaps

[twentysixpointtwo] 22/2/2017 22:54

All I know is I'm still well down and I'd really like to know when I'll be up SO GET A MOVE ON.

[carc] 22/2/2017 22:42

£500k down instead of £630k up, so £1.13M out of pocket for the 59.3M shares.

[dr rosso] 22/2/2017 22:39

Jeez, all these figures being bandied around. Where does £1.3m come from?