Sirius Petroleum Share Discussion Threads

[pipelinepete] 13/3/2017 09:42

Buharis been ill - maybe been waiting for his signature

[x1000] 13/3/2017 09:38

On further reflection Schlumberger haven't committed based on PIB ???

[solarno lopez] 13/3/2017 09:29

Inscrutable !!!

[1sonic] 13/3/2017 09:27

Takeover 100% nothing takes this long! Why keep the 4th partner secret!

[x1000] 13/3/2017 09:15

I doubt they are waiting for enactment of the PIB as after 8 years in process ....will enactment happen...

[witchywoo] 13/3/2017 09:12

Timings beyond normality - welcome to the World of SRSP ;)

[pipelinepete] 13/3/2017 09:09

Timings beyond normality, didn't they get funding offers last June, advanced final discussions in December. Must be a sale, out the blue, one big rns

[x1000] 13/3/2017 09:04

Must be a takeover. How on earth could anything else take so long ?!

[htrocka2] 13/3/2017 08:52

for those that missed it first time round.....with ref to the Range Resource RTO.



ps..'As part of the reverse takeover process, a competent persons' report will be commissioned which will provide further detail on the Company's reserves and resources following completion of the acquisition of RRDSL'

(I couldn't help but notice that a CPR will be commissioned AFTER the take over and new AD)....that was interesting.

[bronislav] 13/3/2017 08:30

Definitely...only the board and connected parties could be definite carrbradshaw.

[carrbradshaw] 13/3/2017 08:19

Ha ha Pete - might be a rise but definitely no take over!

[pipelinepete] 13/3/2017 08:06

It has to rise today or it's a takeover

[htrocka2] 13/3/2017 08:03

o/t
An indication of the implications of an RTO.



ps..'As part of the reverse takeover process, a competent persons' report will be commissioned which will provide further detail on the Company's reserves and resources following completion of the acquisition of RRDSL'

from the Range Resources thread were in a similar boat as us.......expecting Big news.....and BANG!..

from a Range Resource poster this morning before the issue of the rns..(thread quote)
'Big news about to be announced.

1p by Friday.'(currently 0.35P)


(I couldn't help but notice that a CPR will be commissioned AFTER the take over and new AD)....that was interesting.

[sherl0ck] 12/3/2017 23:31

It's maybe easier to see it laid out this way:

Ororo zones

D1 - untested in 1986. Upper part is gas with possible oil leg below, which critically O-2 will try and ascertain. Flow rates for D1-3 will also be determined and dependent upon the presence of an oil leg reservoir, additional future wells will produce oil from these 3 zones

D2 - as per D1

D3 - tested and produced 600 bopd in 86. Will be part of future dual lateral wells with horizontal bores, potentially alongside D1 & D2

D4 - tested and produced gas condensate. Separate well planned to produce commingled gas with D5

D5 - as per D4

F - limited oil and will be ignored

G - Chevron tested and produced 2200 bopd. EWT planned from O-2. Will be the sole producing zone from this particular drill, thus not being targeted in any further wells

H - deeper sands thought to have good potential based on nearby producing fields. Hopefully O-2 will reach this depth and validate resources

[drrichard] 12/3/2017 20:11

I hope so to 1sonic, or Tuesday because, either way Bobo has something to talk about. No more waffle, guys, we are almost half way H1 and spud date gets ever closer.

[1sonic] 12/3/2017 20:08

Adventador - think we might!

[aventador] 12/3/2017 19:10

Yadda yadda are we getting news tomorrow or this week that's all we want to know?

[htrocka2] 12/3/2017 18:12

'booked reserves can help underpin larger debt funding for further Ororo development and/or other asset acquisitions....'

They've had nearly £40m these past eight years.....how much more are they going to screw the share holder for......yes , loads of you will scream and say that a lot of that £40m is creative accounting .....but never the less we still had to pay for that via dilution.

[htrocka2] 12/3/2017 18:12

double post..

[sherl0ck] 12/3/2017 15:00

Just going back through the Ororo CPR Exec summary and along with RNS info, here's the things we appear to gain from the forthcoming drill:

- ratifies our 40% Ororo interest and our shift to producer status from investing company. This may also help open the door to Institutional investors
- investigate D1 & D2 sands (which were not tested previously) to try and confirm a suspected oil leg, which is deemed important in the context of a full field development decision
- confirm commingled flow rates for D1, D2 & D3 reservoirs
- whilst not a great distance from O-1, it should help build a better picture of the lateral scale of the asset. No further water contacts would be very positive
- Extended Well Test (EWT) of G reservoir should reconfirm Chevron's circa 2000 bopd flow rate (or higher) and also ensures we can actually sell oil and gain revenues sooner
- start to see accelerated cost recovery on the £m's of related Ororo expenses over the years
- 1C & 2C contingent resources adjust to the more valuable 1P & 2P booked reserves (asset NPV and our mcap should also increase)
- whilst not mentioned in the CPR summary, one assumes we'd want to penetrate the H sands and confirm management's expectations of what's down there. Whilst I think the 'trebling of numbers' talked about here is maybe optimistic, anything that further enhances the overall reserves is welcomed
- landmark that we're finally doing something we've been trying to do for years. Huge credibility boost
- booked reserves can help underpin larger debt funding for further Ororo development and/or other asset acquisitions

There's probably other things too but even just with this list, you can see just how valuable the forthcoming drill will be. Transformational indeed.

[htrocka2] 12/3/2017 12:38

I came across this from the NIMA days in a 2015 rns...and made me sit up and think...


I've heard of 'Sirius Ororo ("OML95") Limited' along with 6 other subsidiaries...but not "Sirius Ororo Ltd".... which directly owns OML 95 (we're told).......and is a new one on me.....so if I've read this correctly, 'Sirius Ororo ("OML 95") Limited' is a subsidiary of "Sirius Ororo Ltd" that in turn is a subsidiary to 'Sirius Petroleum'.


Consequently the Directors of Sirius, in conjunction with Nima International Limited ("Nima"), an affiliate company of Levant Energy Limited, have agreed to consider alternative funding structures for the Ororo Field. These include Nima providing funding to Sirius Ororo ("OML 95") Limited, a wholly owned subsidiary of Sirius ("Sirius Ororo Ltd.") which directly owns OML 95, or obtaining funding at the project level. The Directors are also considering a range of alternative structures including debt structures, which are less dilutive than the proposal previously considered.


Is this where Glencore's promised 60,000 bopd was going to come from?

[htrocka2] 11/3/2017 23:46

It's going to be a busy couple of months........

Business Description (quote from the website)
Sirius Petroleum is an investing company whose shares are quoted on the AIM Market of the London Stock Exchange......


from the website..
The company is currently seeking (funding) to bring the Ororo field (OML 95) in Nigeria (in which Sirius has a 40% economic interest with its partners Guarantee Petroleum and Owena Oil & Gas) into production. If successful it is likely that Sirius would become the operator and this would trigger a reverse takeover under AiM rule 14 and require shareholder approval.

AIM Rules.
Any agreement which would effect a reverse takeover must be: — conditional on the consent of its shareholders being given in general meeting; — notified without delay disclosing the information specified by Schedule Four and insofar as it is with a related party, the additional information required by rule 13; and — accompanied by the publication of an admission document in respect of the proposed enlarged entity and convening the general meeting. Where shareholder approval is given for the reverse takeover, trading in the AIM securities of the AIM company will be cancelled. If the enlarged entity seeks admission, it must make an application in the same manner as any other applicant applying for admission of its securities for the first time

[pipelinepete] 11/3/2017 22:36

It seems pretty obvious what's about to happen. GLA

[deadly nightshade] 11/3/2017 21:32

jim duggan we have had enough curse's on this shares so please don't predict a monday or tuesday boom rns as that would put the kiss of death on this.

[1sonic] 11/3/2017 21:25

Jim duggens back - we are either doomed for months ahead whilst he shouts boom Rns or we are close! I think we are close! Boom will come! Jim D has given me the green light!