Sirius Petroleum Share Discussion Threads

[aventador] 03/4/2017 13:36

Easy 100% profit to be had even when it just spikes to 1.5 which it will do soon.That will be just for starters, should ten bag plus from that level with further revelations.

[dr rosso] 03/4/2017 13:15

Completion of seabed survey heralds rig mobilisation. All set for Mon 17 Apr.
Conveniently means 7 trading days to get multiple £20k family isas sorted before the price moves. Yes, all is indeed proceeding acc to schedule.

[astralvision] 03/4/2017 12:29

Someone picking up 1m at a time? Encouraging.

[dr rosso] 03/4/2017 12:02

12 stacked reservoirs, four of which Chevron were able to test flow.

Original data from Chevron.. all relates to the Upper Zones D - G only, down to 10,600 feet

The Ororo Field was discovered in 1986 with the drilling of the Ororo-1 well by Chevron, which penetrated 197 ft of hydrocarbons in twelve sandstone reservoirs at points close to the crest of each reservoir structure. These consist of 72ft true vertical thickness ("TVT") of net gas pay and 125ft TVT of net oil pay. The Ororo-1 well tested at c. 2,200 barrels of oil per day ("bopd") from a single zone, and circa 600 bopd from another; two further zones tested gas, and eight zones remain untested.



Initial focus will be EWT on G, plus gas in D zones...
Gas Estimates
Reservoir GIIP (Bcf) Recoverable Gas (Bcf) P50 P50
D1 127.1 88.8
D2 100.0 69.2
D3 85.5 58.5
D4 44.0 31.1
D5 41.9 29.4
Total 398.5 277.0

Rockflow update on Upper Zones high case net asset valuation to Sirius of $135m, which is the same as BK 2015 agm comment that this Opro field alone is worth £100m to Sirius. Sub-G deeper sands upside not accounted for.

[edgein] 03/4/2017 11:31

Imo most of that £2m will be spent on long lead items and consumables for the rig, drill mud and casing for a potential multi-well campaign. Seabed site surveys usually take place a few weeks before spudding for placement of wellheads and future flow lines. The rest of the consortium for drilling and well analysis (CNOOC, SLB and AAD) all signed up on vendor financing to be funded from future production. If they sign up another partner beyond the current two Nigerian partners in the field it'll be for a wider development. Plenty of upside for CNOOC here as several of the oil zones in this well were untested in the Chevron well, probably why they're happy to fund on the vendor basis.

Regards,
Ed.

[dr rosso] 03/4/2017 10:59

"If they have a fourth element in the wings, so to speak, why would they need to go to 'new and existing shareholders', five weeks ago, to raise £2m?"

Good point. Split the funding needs into STF (initial O2 drill) and LTF (block developments) and you have the answer.

[jenny tulwought] 03/4/2017 10:47

Had a bit of a nibble myself this morning Sherl0ck (I didn't really sell 11 y'know).

[bumhammer] 03/4/2017 10:41

I'm sure it is Sherl0ck, but it's all well and good if you've got the funds to do it

[sherl0ck] 03/4/2017 10:40

Smart investors buying whilst it's quiet. At this price it's like taking candy from a baby!

[htrocka2] 03/4/2017 10:38

drrichard
2 Apr '17 - 22:27 - 62858 of 62863    0   0
On a point of licence, guys. We have a three year field licence, but I presume we have to get drill licences ? Yes?

18/07/'16
'The Company is pleased to announce that approval has been granted by the Federal Ministry of Environment regarding the Environmental Impact Assessment ("EIA") which covers the drilling of 3 wells on the Ororo Field and the installation of wellhead platforms.'

drr...presumably taken care of.(ps..29/06/'16, the first time SRSP mention 'gas blocks')

I was thinking about Sundays 'PSAngel' article and their concern that SRSP have not, as yet, acknowledged the financial backer.. If they have a fourth element in the wings, so to speak, why would they need to go to 'new and existing shareholders', five weeks ago, to raise £2m?

[dr rosso] 03/4/2017 09:46

LEK/GE not hanging around for PIB. Note the figures involved. $400m for field development, with a further $600m for block upstreamm.

Expect very similar for 241 and that's the funding Sirius is involved with. Ororo initial drilling needs were sorted long ago.

[dr rosso] 03/4/2017 09:39

Good article. Fits perfectly with the Fashola (Minister for Power) interview about driving forward the prog for associated gas and LNG production. Nigeria wants to boost massively electricity power and needs copious supplies of gas to meet its objectives.

Shallow offshore gas is particularly important because of the lower costs in getting that fuel through to the string of power stations located on the nearby SW coast.

[htrocka2] 03/4/2017 09:21

Related item

[jenny tulwought] 03/4/2017 08:55

Times are tough at Tulwought Towers -
(just had to dump 11 shares).

I still retain got a significant holding and I don't believe I've crossed any threash-holds.

[htrocka2] 02/4/2017 22:29

'Cashier number 4' and the solving of the finance mystery, probably also waiting for PIB , hence I believe that we won't get the JOA and fourth element info until after the PIB is made public.....at the end of April.

ps...it should be an interesting week..(the timing is unbelievable....coincidence or planned? I was hoping for the latter...£20k pick up and transfer another 2.6m shares into a tax free account...money for old rope)

Isa
The allowance for saving into an ordinary Individual Savings Account (Isa) goes up from £15,250 to £20,000 from 6 April.
The money can be invested in a cash Isa, or in stocks and shares.
There is no tax to pay on income from an Isa, or on any capital gain.


This will be the last 'big' one.

[drrichard] 02/4/2017 22:27

On a point of licence, guys. We have a three year field licence, but I presume we have to get drill licences ? Yes?

[bronislav] 02/4/2017 21:23

Thanks deadly.for me it explains a lot of the hold ups.It would make sense that anyone signing contracts would want a clear picture of the legislative environement in which they would be working.With gas clearly now the number one priority in nigeria ,any changes ,for example having a seperate authority to encompass that gas development ,would be hugely important to incoming funders.

[deadly nightshade] 02/4/2017 21:17

Bron i was talking to a guy with knowledge in oil investing today and he said this pib passing would play a big part in opening up the future funding avenue's in nigeria, if there is other assets being lined up here then surely this pib would have some effect until its all passed.

[deadly nightshade] 02/4/2017 21:04

yes drrich timescale wise it all fits in for h1. April is going to probably be the most important month ever for this share, as we have some interesting events coming up, PIB hopefully passing / polaris results hopefully, and new isa season this week, plus add on the fact that by month end we really should be getting a rns regarding drilling rig plans etc. the balls in sirius's court, lets hope they smash a ace here and make everyone happy

[bronislav] 02/4/2017 20:57

Not at all drrichard ,I was just giving my thoughts on why we havent been more specific on timings ..It matters not in the bigger picture but perhaps suggests that the PIB has held up progress in nigeria .

[drrichard] 02/4/2017 20:39

Bron, would you be hostage to fixing a date to spud? H1 is fine by me?

[drrichard] 02/4/2017 20:28

This is quite nice

[bronislav] 02/4/2017 20:27

Anyone think that the gas legislation within the PIB is important ?

Its widely accepted that billions of dollars of investment has been held up because of the delays in the PIB.

Any normal oil company could fix a date for drilling in advance but in sirius,s case we have an open ended H1 estimation

Was this estimation governed by the assurance from the FG that the PIB would be enacted in H1?

[drrichard] 02/4/2017 20:21

I saw that, Deadly, and it fits with the H1timescale, doesn't it?