Sirius Petroleum Share Discussion Threads

[sherl0ck] 25/2/2017 22:21

Feels like the time is fast approaching that we actually start to see some significant revelations and learn more about our future direction. Very important news last week on Calvet and drill-related fundraising and then strong volume on Friday helped soak up the seller's shares. Rumours of Bobo doing some more PR this next week..... if true, it could be coordinated to tie in with other stuff. New shares in play on Monday and Ororo CPR expiry date getting very close. It seems to me like we're working to a well constructed plan, one which would probably need to align with partners' interests too. Very exciting.

[drrichard] 25/2/2017 16:56

Deltaman, thevMFDevCo COSL cooperative agreement seems very recent, almost too coincidental perhaps?

[drrichard] 25/2/2017 15:57

MFDevCo :
... The marginal field projects that we are focusing on are particularly well suited to this type of commercial arrangement, as there is no exploration risk, and CDPL, in this case, are therefore able to defer receipt of certain elements of their revenues with confidence.
No exploration risk? Nice.

[b4agc] 25/2/2017 12:39

In reply to ED, post 61239Idiotio

[htrocka2] 25/2/2017 11:45

Sher10ck.... I'll go for that. They've obviously got fingers in other pies and appreciate that they'll be at a price.


rod99... I found this interesting...that COSL have '9 seismic vessels'. The point being that the Original Chevron drill may have been 'pulled' because of unwanted gas pressure as surrounding fields are drilled to a lower TD, the Schlumberger Initial Assessment of Ororo was taken by re-interpreting Chevron data. The Gaffney CPR that was commissioned to look into 'deeper' sands never materialised and the Rockflow 'subsurface analysis' is also a 'paper' exercise based on mapping and experience (quote). The point being, will COSL use one of their 9 seismic vessels to confirm the geology thereby take on board some of the responsibility or be told by the 'paper' boys where to drill?...let's face it, why have seismic vessels if your not going to use them? (and charge for them). COSL may insist on them being part of the 'package'.

[sherl0ck] 25/2/2017 11:10

HT - with reference to your point, consider the following:

27/6/16 "During the period, the Company's focus has been on reviewing the opportunities available to the Company, both in terms of assets in Nigeria and the optimum financing and long-term strategy for developing those assets."

I reckon this has been an absolutely huge problem to try and solve. But the more recent RNSs allude to us having finally found a route forwards. The variance between our current mcap and our potential presents a truly compelling investment opportunity if they can pull this off.

[rod99] 25/2/2017 10:50

Thanks Deltaman, interesting information there.

Alison Pegram, Managing Director of MFDevCo, commented, “Signing this agreement with CDPL is a major milestone for us as we move to complete negotiations on our initial target projects. The marginal field projects that we are focusing on are particularly well suited to this type of commercial arrangement, as there is no exploration risk, and CDPL, in this case, are therefore able to defer receipt of certain elements of their revenues with confidence. This agreement demonstrates what is possible, when working with innovative and committed partners, and we will continue to consider all opportunities to work in different ways where doing so advances projects and benefits all those involved.”
COSL Drilling Pan Pacific Limited

COSL Drilling Pan Pacific Limited is the international branch of China Oilfield Services Limited (COSL) for the Jack-up Division and operates a fleet of 8 high specification jack-ups.
COSL is the leading integrated oilfield services provider in the Asian offshore market and a majority-owned subsidiary of the CNOOC (China National Offshore Oil Corporation) Group. Its services cover each phase of offshore oil and gas exploration, development and production. Its four core business segments are geophysical services, drilling services, well services, and marine support and transportation services.
COSL as a whole possesses the largest fleet of offshore oilfield services facilities in China. To date, COSL operates and manages thirty-three jack-up rigs, twelve semi-submersible rigs and five modular rigs, 2 accommodation rigs and 6 land drilling rigs.
In addition, COSL also owns and operates the largest and most diverse fleet in offshore China, including more than 130 working vessels, 3 oil tankers, 5 chemical carriers, 9 seismic vessels, 4 surveying vessels, and a vast array of modern facilities and intrinsically developed and patented equipment for logging, drilling fluids, directional drilling, cementing and well work-over services,

[drrichard] 25/2/2017 10:48

From MFDevCo front page
At MFDevCo, we specialise in the identification, evaluation and development of marginal offshore oil and gas fields. We strongly believe that such fields represent huge potential value, with low associated risks when compared with exploration, and are able to help licence holders justify development, even at times of lower oil prices, and thus acquire value from fields that would otherwise remain uneconomic and undeveloped. In order to do this, we need to take a holistic approach to field development and consider all aspects, from subsurface to financing, and our management team and board has been assembled with this in mind.

[deltaman2] 25/2/2017 10:40

If you want to know more ring or mail

MFDevCo

[shez20] 25/2/2017 09:33

Spot on ht! B&r is just one of our more knowledgable posters who is posting under a different name! There are a few of these guys who have worked it over the years as a group starting off rumours and being in on placements earning a fortune! Company said at agm 90% of time spent on ororo so let's let the rnss and company do the talking for once and leave the speculation until we hear otherwise as that is all it is upto date! Like you posted its been 6 years since!

[htrocka2] 25/2/2017 09:24

''The oil-gas is very very big so I dont worry.'

black or red....it's all very well saying don't worry, but they first mentioned Block1 and 2 in the 2011 Financial Results......and six year later....we're still talking about them. The only purpose these blocks serve is to keep us strung along....The oil-gas is very, very big...ie, 'a third party report indicates in excess of 1bn barrels of prospective resources' (quote 2011 Results)...to which SRSP 'will engage in an appropriate CPR' (2011 quote)...'in water depth of 50-100m'(so a bit further out than Ororo)...to which SRSP will be entitled to a minimum 25% economic interest in exchange for 50% of costs. There is an 80% preferential cash payment against costs....Then they say they have a 20% entitlement to a neighbouring Block, referred to as 'The Field', approximately 30-40km offshore in 55-70m water depth....and has been in production for the past 20 years producing 10,000 barrels of oil a day with an option to take up the final 80% of 'field'. When Jack Pryde signed that statement off he as 65 years old...he's now 71...and over 180 rns' later,....the oil is still in the ground.

[black_or_red] 25/2/2017 08:30

Mister Rosso, Sir I apologise for my tardiness in reply but yes indeed there is a structured plan for to develop the bigger offshore and to operate as a link network. But as you know the funding also is linked to all, to have in place the big money is not for Ororo. For sure they will drain all Ororo from the one borehole and wellhead multi-slot template and gives Sirius much revenue money to play with elswhere, to add to the big money raise for to extend offshore with number 4. It has taken much time to have everything in place before the start flag drops. As for share price I cannot answer, it depend on how many shares, but that is something else. The oil-gas is very very big so I dont worry.

hxxp://www.dril-quip.com/resources/catalogs/17.%20Template%20Systems.pdf

[fefebofespa] 25/2/2017 02:16

Let's invest in Brazil ... PBR Petrobras KKK

[1sonic] 24/2/2017 23:21

HT so it is lol soz!

[htrocka2] 24/2/2017 23:10

cheers 1sonic....that's in the 'e' bit.

[1sonic] 24/2/2017 22:59

HT and don't forget the gas!

[htrocka2] 24/2/2017 22:55

drr...the bod estimated, a couple of times, that the drilling costs would be in the region of $25m......but then, 10300 boepd at say..$55 pb multiplied by 88% is close to half a million dollars per day...a couple of months and the drilling costs are paid off.

[1sonic] 24/2/2017 22:16

So big bucks DrRichard! We are going into a multi well campaign so tens of Millions needed! This is going to be a huge project! The best bit Nigeria are exempt from the OPEC and non OPEC deal.... Not to forget the Gas!!!

[drrichard] 24/2/2017 21:58

Some idea of drilling costings, land based, to be sure, but many common components

[dr rosso] 24/2/2017 20:25

So the 157m at 0.35p approval has been slipped through on the quiet. Another shedload to be acquired by the favoured few.

Lesson from frauds like Afpo, Ctag and many others is to be extremely wary if the pi herd is in with hopes of boom. On SRSP, outsiders have been kept at bay, other than the R&R episodes

[pipelinepete] 24/2/2017 20:11

I slipped in a curry house once and fell into a korma

[deadly nightshade] 24/2/2017 19:36

Never followed ctag ave so not sure whats gone down there but i am always weary of a share that goes up with rapid speed. Two big things i like here at the moment is the very small spread that is a big positive and also the volume appears to be returning so looking forward to next week as hopefully by this time next week we might have a bit more idea where this is heading.

[aventador] 24/2/2017 19:06

Hope so Deadly oil H1 or sale imo, i see Ctag tanked what happend?