Sirius Petroleum Share Discussion Threads

[dr rosso] 30/3/2017 22:01

Extract from the 180k bopd Usan Field. Cameron is a Schlumberger subsidiary.


Cameron was awarded a contract with a value of approximately $650m to provide subsea systems for the initial phase of the 44-well Usan subsea development.

As per the contract, which was awarded in March 2008, Cameron was required to provide subsea systems engineering and project management, along with subsea Christmas trees, production and intervention control systems, manifolds, flowline connection systems, installation support and associated spares for Total's Nigerian subsidiary.

Further, Cameron subcontracted Acergy to provide fabrication, assembly and testing of eight manifolds and associated structures.

Saipem was awarded the contract for the umbilicals, flowlines, risers and oil loading terminal activities in March 2008.

The $1.3bn contract included engineering, procurement, construction, installation and pre-commissioning facilities.

[shez20] 30/3/2017 19:54

That's a no then doc! Let's hope these guys pull their socks up over the next few months ;)

[1sonic] 30/3/2017 18:09

Dr Rosso, H1 covers 6 whole months. With all the secrecy now and in the past could we be closer to suspension than we all think? They've never said the end of H1! They know exactly when the rig/s will arrive and IMO is en route to coincide with Polaris. ISA date next week and share price hovering at .75 ready to fill those ISA's with new buys and bed n ISA's a 2-5 day window then news flurry..., price rises then suspends ready for end game / final placing / GM and Add Doc - ready to be back up and running at new rerate 1st of June if not before. Takeover by end of H1... IMO! The bod was asked would there be an GM this year, they didn't lie as it has to happen!

[dr rosso] 30/3/2017 18:03

"Add Energy was instrumental in working with Sirius to secure the drilling contract with COSL Drilling Pan-Pacific Limited."


ADD are undoubtedly in for their gas safety expertise on high pressure drills.
But why COSL? What do they offer? Not an especially efficient rig management outfit. Why engage a COSL rig stacked up halfway across the world, when there are a hundred or more similar lying idle. Why wait 5 months for a seabed survey, to wait again for a rig to be towed 12000 miles? Why contract with COSL at all, when Sirius is already linked up with the expertise of not only Havoc, but the world's No. 1 oil services provider, the $118bn-rated Schlumberger?

So, why COSL, which incidentally has also recently signed up with MFDev/NUOG to provide from its rig fleet?

[dr rosso] 30/3/2017 17:36

Halfway through H1. Let's have an assessment of everything that's been achieved in Q1.
3 months. Can anybody find ANY evidence whatsoever of progress made on any asset? I mean real concrete advancement, not ordering a few items of hardware to arrive at some unspecified date.

[deadly nightshade] 30/3/2017 17:08

one thing of more immediate interest, is how long these twitter folk who have bought into this are prepared to wait with no current news. i should imagine these people who ever they may be like a quick turn around then its onwards onto their next ramp up job. if their posts are to be beleaved then they must have filled their boots with a few million shares and the next 2 weeks should be interesting regarding how their patience plays out.

[bumhammer] 30/3/2017 16:38

Now thats a good post Deadly

[deadly nightshade] 30/3/2017 16:33

As sherlock has stated no deadlines have been missed yet, they said oil first half, which is end of june, end of april polaris news should be back, end of may the rig should be in place and the end of june hopefully we will have hit oil. the share volume drying up hopefully means all shares are in place. what you have got to remember is that there is not much stomach for investors putting money into oil stocks at the moment due to current climate, roll the clock back 4 years and we would probably been sitting at 7-8p at the stage we are now. folk are not even buying into the mid size companies like tullow, premier, ophir, genel etc so they are hardly going to be interest with sirius considering where we are at the moment. in all the years of this company this is the end game hopefully playing out, anyone who has been sat here for years can surely wait another 13 weeks to then see where we are at. we have just got to look at the positives, schlum, add, cosl, plus all these top oil/gas people involved here, plus add on the fact that if that was a 150 million share sale the other week then it did not make any dent on the current share price, years ago this would probably have dropped 50% if that sell went through. sit tight folks we have just got to trust the bod, and if this turns out to be all nothing we can judge them then. not long to wait to find out

[bumhammer] 30/3/2017 16:31

Wheres my popcorn..

[1sonic] 30/3/2017 16:20

Shez forget the past! End game is maximum 13 weeks away! It's either a sell off or a new start into production with new re rate! Expect another 1 billion shares to be dished out at higher than last placing for grand Finale but end result will be worth it! Chill!

[shez20] 30/3/2017 16:17

New territory yes! Done in timescale, that's the question and could quite easily be postponed! News flow from the bod since agm has been poor and I came away thinking we had turned a corner but games still seem to be being played

[drrichard] 30/3/2017 16:13

Agree Shez, but I hope you can agree that this time it is different.
We have never had a three year field licence or bothered with an EIA, or preordered well head plant. We have signed up 3 heavy weight partners, and thanks to 1sonic we see we have signed up a well completion expert. We now have a sub service survey detailing where we we can site the rig. What more do you need to agree that we are new territory?

[shez20] 30/3/2017 16:12

How many more shares have been dished out since?

[shez20] 30/3/2017 16:11

Appraisal well permit back in November... wait for it.... 2015!!!!

[sherl0ck] 30/3/2017 16:02

£0.5m for a drill licence????!

[shez20] 30/3/2017 15:56

Dr r that's 6-7 weeks out of the 12 and that's them also acting efficiently! Something they have failed to do so in the past

[shez20] 30/3/2017 15:54

A bit like when they paid 0.5m for a 6 month drill by big dilution and then let it expire! Their past record sways in line with rich earlier post than any other theory

[sherl0ck] 30/3/2017 15:46

Shez IMO probably because it costs money and there's no point paying for it until we actually do need to undertake it. We don't have deep pockets so all money is prioritised to pay for exactly what we need at a particular time and to get us to the next point.

[drrichard] 30/3/2017 15:36

Agree, Sherlock. Two weeks for sub surface analysis, a week or two of corporate wriggle room and rig departs. Say three weeks at 15 knots. That's 5 or 6 weeks out of the 12.
For me, we don't become a producer until we see oil flowing and the corporate agreement kicks in and we assume our 40% Ororo and start to claim our expenses back. Of, course at that time we have to EGM and declare our assets in an AD. Time to reveal all and away we go.

[shez20] 30/3/2017 15:31

I wouldn't say ample time Sherlock! Think that is being a bit generous! What's your thoughts on why we have waited till now to do the seabed survey! It does come across as another stalling technique or poor management

[sherl0ck] 30/3/2017 13:57

There will only be an AD upon our forthcoming suspension as we change status from investment company to producer. With 3 months left until the end of H1, there's still ample time to sort out everything in due course.....

[herman_m] 30/3/2017 12:58

Until we see a new Admission Document we have to assume a sell off.

[bumhammer] 30/3/2017 12:05

Bit slobbery and lacking effort to be honest Xerot