Sirius Petroleum Share Discussion Threads

[aventador] 31/3/2017 09:20

Nearly ten years and still no oil something has been going on and it's not just piddly ororo if it is then it's a poor bloody show.

[dr rosso] 31/3/2017 09:03

April 2016 RNS

"The Company will update Shareholders .... as and when binding terms in relation to funding are put in place for drilling off the Ororo 2 well."


So, no binding terms as yet, still supposedly finalising the funding process for Ororo...... yet a Completions Engineer was appointed in Jan on a salary c. $100k p.a, key equipment items have been ordered from Schlumberger, and a rig contact agreed with COSL, and gas safety experts ADD Energy signed up.

And funding not yet finalised for O2 initial drilling? What complete bolox.

[htrocka2] 31/3/2017 09:02

Every oil producer in Nigeria is waiting for the PIB outcome.. and its implication for the industry.

[xerot] 31/3/2017 09:01

Bumhammer, 6cer is shovin your pop corn where the sun dont shine.

[dr rosso] 31/3/2017 08:46

A production Co-to-be contracts with a rig provider, yet waits 5 months before carrying out a simple seabed jack-up positioning survey ahead of rig mobilisation?
Too much doesn't add up, Sol. What is it that they don't want us to know until the share transfer process has completed?

[solarno lopez] 31/3/2017 08:36

You know to much Doc !!

[dr rosso] 31/3/2017 08:34

27 Sept 2016 RNS

"International oil service providers are offering turn-key services, equipment and personnel to finance low-risk development projects. The Board has now received a further two proposals from multinational service providers following the Company's initial vendor finance proposal. This competitive process will create the most efficient structure and pricing for the drilling of the Ororo field."


What competitive process? The initial proposer was Schlumberger, heading up the Project Management, followed by the dual pairing of COSL/ADD. The actual signing-up announcements were put through in reverse order.

[sherl0ck] 31/3/2017 08:22

No, not just AIM......I think the vast majority of long term holders too could also be pleasantly shocked & amazed...and that's not said in any way related to a possible takeover, as I have no idea whether it's on the cards or not.

I think I can work out the Nigerian company you've referenced with Schlumberger and whilst I'm keeping an open mind, it's not related with any of my own research. But regardless, it probably is a sensible approach not to go naming names just in case anything said does inadvertently causes difficulties at this late stage.

If we're not attending the same conference as LEK, I'd say it's probably because we just don't need to.

[aventador] 31/3/2017 07:51

Good post Rosso.Although the bod strongly deny the take over theory you can understand why if sensitive negotiations have been ongoing,also explains the with holding of pretty much any info at all on the assets what our money's been spent on and what's gone on the last 7-8 years.If it was just ororo the amount they've raised over the years with dilution could have developed it ten fold no doubt.End of March and before they've stated a three month lead in for first oil, means any h1 production is gonna be tight and a lot probably still being suppressed to keep a lid on the share price for what ever reasons as clearly they don't want it moving out of this 0.7 range.If the years of miss truths and false hopes of first oil and funding manipulation and cover ups all result in a swift 15-20p plus Take over in the coming months all of this grief will have been just about worth while.

[dr rosso] 31/3/2017 07:15

I don't doubt that the revelations will shock AIM. I do not rule out a 15p per share straight t/o, and if it's Participant 4 buying out Sirius Project assets or the Co itself, I now have a pretty good idea of who it is that wants in again with Schlumberger to extend their Nigeria asset base.
As time passes I'm less inclined to go with the producer-operator model. Any proper O&G Co. nearing oil production would be singing from the rooftops about progress towards their goal, not suppressing the share price by constantly withholding info. The TAC guys running the show remain semi-detached from the Co., as if they are really working on behalf of somebody else. If the Co. was serious about moving into production, they would've had in place several months ago key BoD personnel and would've long since issued an AD complete with full cprs, revealing their intention to transform status.

LEKOIL (AIM: LEK) announces that the Company will be attending, and presenting at the 2017 Stifel Nigeria Oil & Gas Day in London. It's today. A key event, an opp to speak with prospective iis. Where are Sirius representatives? Nowhere in sight.

[drrichard] 31/3/2017 07:12

We know who owns it, Bron. That Mr J Dangote does!

[bronislav] 31/3/2017 00:37

TWISTER BV...technology that eliminates the need for costly offshore processing ,ideal for offshore margials and stranded gas .guess who now owns it?

[htrocka2] 30/3/2017 23:56

Certain posters have complained in the past that Sirius lacks experienced oil men and that the board are predominantly bankers...That's true 's and that's their job. However, work in the field is carried out by a subsidiary 'Sirius Exploration Nigeria Limited'......and we haven't got a clue who's running that show.

[sherl0ck] 30/3/2017 22:59

DN - more than merely trying to stay positive, I am actually still hugely positive and as such I'm buying as & when I can. And it's not through blind ignorance to the possible pitfalls and issues. On the contrary, it's down to 3 key things: Research...research and research! Countless hours spent reading everything I can possibly lay my hands on relating to the O&G world. Eventually some things start to jump out from the page and help make sense of stuff Sirius has said.

I really do think the vast majority of the market have totally missed some key clues as to what this is all about, so regardless of any opposing views (and I do understand the frustrations) I'm purely trusting my own judgement on this. If I'm wrong, then I'll have no one else to blame but myself. If I'm right, then when everything is finally unveiled in its glory, in my estimation even our friend Rosso will be spitting coffee over his keyboard!

[deadly nightshade] 30/3/2017 22:48

fair point sherlock, i like you are just trying to stay positive and look at the facts we have to go on. schlum have been in the background for a while, they have now come to the table and signed up into what is going on here, something has made them put pen to paper and link up with these other 2 big companies. reminds me of dragons den on the telly when the dragons decide to join forces, sometimes they do and sometimes if there is not enough meat on the bone they do not, so in that way of thinking there must be enough meat on the bone for 3/4 partners in all this, and also the fact they are all willing to work together must be a good sign. there has been enough positive the last year to give this the benefit of doubt for another 13 weeks. my average here is now upto 0.52 as i have topped up more recently, if i was offered 2p a share 3 x profit tonight i would not sell out as deep down i am hoping for a big life changing pay day here.is this going to join all the other aim stocks that sink without trace or will this be one of the very few aim big sucess storys, only time will tell you pay your money and take your chance.

[dr rosso] 30/3/2017 22:38

Schlumberger will certainly have been involved with the participation of Partner 4. Check out who Schlum has been working with in Nigeria deep offshore and you'll get a pretty good idea of who that Partner 4 is.

With no CFO, COO, CDO in place as Sirius crawl towards production, that tells me they will not exist as a producer. Cue No. 4. Dig around, not too difficult to find.

[sherl0ck] 30/3/2017 22:26

DN - I'm sure the PIB will certainly help but I personally don't think it's critical to us because Schlumberger signed a definitive agreement without it being passed. IMO their involvement here is absolutely vital and they also seem to help underpin us being able to finalise partner 4, so if there was any doubt, I reckon they would have just held off signing for a few months.

[aventador] 30/3/2017 22:19

Last day of march and a Friday good combo for news maybe Tomoz ?!

[dr rosso] 30/3/2017 22:16

LEKOIL (AIM: LEK) announces that the Company will be attending, and presenting at the 2017 Stifel Nigeria Oil & Gas Day in London on 31 March 2017. LEKOIL's new CFO, Bruce Burrows, will be available to meet with institutional investors attending the event to discuss the Company's growth strategy following the move into production of the Otakikpo field in Nigeria last month.


Our boys nowhere to be seen, needless to say. Strange that a supposed up and coming producer-operator would want to miss such an event.

PIB delay doesn't seem to have deterred Lekoil from making substantial progress.

[deadly nightshade] 30/3/2017 22:14

sherlock this pib delay could well be a reason behind the delay here, its hard to beleave it will not have some sort of bearing if like we hope there are other assets .

[sherl0ck] 30/3/2017 22:08

The Nigerian Senate President tweeted today that the Joint Committee on Petroleum will meet for the last time on Tues 4th Apr to finalise their report for the PIB. The printed copy of the report will be submitted on Thurs 6th and then presented to the Senate for consideration & approval on April 25th. It's all coming together very nicely indeed.

[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 ;)