Sirius Petroleum Share Discussion Threads

[bronislav] 24/4/2017 08:57

BH...agree,I just find it interesting that havoc and Sirius had satisfied mutual due diligence and they hoped to conclude a definitive agreement dependent on certain things .Appraisal permit granted to guarantee and then after a few months time frame Havoc sign up to a definitive agreement.Those deeper sands are hugely significant in my view.

[bumhammer] 24/4/2017 08:51

Which ever way you slice it, the whole secrecy of Sirius fuels speculation. In their own way they created the speculative, wild theory monster that rages on today..

[bronislav] 24/4/2017 08:47

Interesting guarantee get the permit for Ororo2A and then a few months later HAVOC sign up.Mr Lyon and mr Hawkins then turn up and then we have the consortium ...We could be forgiven for speculating .

[edgein] 24/4/2017 08:42

Well we'll soon find out chaps. Seabed survey will complete any day now then next in line is the rig mob by the CNOOC subsidiary. They've all the components in place for drilling the wells, rig and well services. Development plan would come into place once they know how these wells perform on flow test and if there is another deeper discovery to be made just 250m below Ororo. That could change the scale and nature of the discovery somewhat.

Regards,
Ed.

[htrocka2] 24/4/2017 08:17

O/T...An interesting read...Nigeria are optimistic for the future. Let's hope we're part of that dream.

[htrocka2] 24/4/2017 08:05

I had a quick look at the top holders....it's the highest its ever been. Friday it was posted as 33.43%...this morning it's......

42.05%
Per cent of shares held by top holders.

[1sonic] 23/4/2017 19:46

Hoping for a 25% rise by end of week! 10 weeks to go until end of H1...what day will they pull that trigger? 48 trading days left. How will it all pan out?

[htrocka2] 23/4/2017 18:44

Sher10ck...




'The BoD talked about a keenness for II involvement at the last AGM. This would help liquidity, especially if one or more IIs were hungry to snap up the sells and increase their holdings.'


From your post above, some phenomenal names have emerged as potential investors. share price Angel complained(if that's the correct interpretation) that SRSP have not acknowledged who or where the funding was coming from. The names included above, ie,......'IIs were Schroders, Och Ziff & Amiya Capital, each taking a 6.15% stake of the newly enlarged share capital (circa 62.8m shares each @ 5p placing price). Killik are also listed as having a resulting holding of 4.92% (circa 50.25m shares) but it's not clear if they/clients already held a sub-3% total prior to the placing...'. may have been influence by the reputation and past history of SRSP's Chairman Jack Pryde. This is why I'm certain that when the Project Finance backer is announced.....will be the 'trump' card that sets this ablaze.

[pipelinepete] 23/4/2017 16:57

Big blue week coming, hold on guysChoo choo

[drrichard] 23/4/2017 15:50

Ht, Sunday sermon, my friend
Subject to satisfactory completion of the preliminary works programme, including Environmental Impact Assessment and Drilling Site Surveys, and subject to rig availability, Sirius anticipates that production from the Ororo field could start as early as Q3 2012.


The rocket is on the launch pad and ready to go....10..9..8..7..6..5..4........

And, subject to the same constraints, ht, cash flow positive in Q4. Wouldn't that be nice?

[sherl0ck] 23/4/2017 12:54

HT - the link you posted to the 17/11/10 RNS was interesting as I hadn't seen it before (not on company website/LSE etc) and it's the single reference citing the institutional investors that were to participate in the placing & new admission as part of the Del Sigma RTO.

Some observations:

- 313,860,327 placing shares were proposed, 60% of the existing share total (520,827,720) & 30.73% against the proposed enlarged share capital (1,021,386,657)
- IIs were Schroders, Och Ziff & Amiya Capital, each taking a 6.15% stake of the newly enlarged share capital (circa 62.8m shares each @ 5p placing price). Killik are also listed as having a resulting holding of 4.92% (circa 50.25m shares) but it's not clear if they/clients already held a sub-3% total prior to the placing.
- if we assume not, then the 3x IIs & Killik placing shares amount to 238.6m, leaving circa 75m going elsewhere (other participants must have still been left below the 3% declaration point).
- IIs were not listed in the actual 13/10/10 ad doc but only appeared a month later
- 186,698,610 'transaction shares' were also connected with the RTO and listed in the AD. 52m to SOGL (Corvus own 18.2% & Bobo has 11.4% as a Director), 61.3m to Tagliant (£153,250 fee paid by shares at 0.25p par upon RTO), 65m to EMMEF, 6.5m to Strand and 1.9m to Adelphi Holdings (repayment of $150k convertible loan)
- share price on Mon 15th Feb, 2010 was 7p and it rose to 9p by the end of that week. Suspension occurred on the following Monday morning with an mcap of £46m. RTO 5p placing price was a substantial discount and the resulting overall mcap was to increase a little to £51m.

- 747,878,745 additional shares can be issued between now & 2017 AGM (assuming no further allocation is sought prior via EGM), this is 29.4% of the current total shares issued / or 22.7% of the newly issued total (not fully paid up). Could we see the full amount/large portion moving to IIs in connection with the suspected new admission and our move to producer status?
- The BoD talked about a keenness for II involvement at the last AGM. This would help liquidity, especially if one or more IIs were hungry to snap up the sells and increase their holdings.

[htrocka2] 23/4/2017 12:49

ref kwizza...

'Guarantee and Owena have not changed anything on their websites as things have
progressed, so where does it all fit together. Will a percentage of finance come
from any of these parties or are Sirius steering all of it.'

Guarantee will have to eventually change their website rhetoric. They've made the same reference to SRSP as 'Technical Advisors' for the last four years...but that's about to change. I believe they have about 14 directors. Let's hope that due to Guarantee relinquishing a large portion of their Economic Interest that Dr.Samuel Omobomi, the Chairman, has advised them all to buy SRSP shares.

ps, As a consequence of the added costs due to the mandatory gas implications, the following comment by Dr. Omobomi is interesting.

'Commenting, Dr. Samuel Omobomi, Chairman of Guarantee Petroleum, said: "We look forward to developing the Ororo Field to first oil with Sirius Petroleum and Owena Oil & Gas and concluding the initial work programme on our shallow offshore asset'

note the expression used by Dr Omobomi..'concluding the initial work programme...'this term is used on and acknowledges the completion of all aspects of the FTSA .... prior to drilling.


ref 10/10/'12 srsp rns
Subject to satisfactory completion of the preliminary works programme, including Environmental Impact Assessment and Drilling Site Surveys, and subject to rig availability, Sirius anticipates that production from the Ororo field could start as early as Q3 2012.


The rocket is on the launch pad and ready to go....10..9..8..7..6..5..4........

[drrichard] 22/4/2017 18:57

Agree ht, and, in effect, we do not become a producer till then. At which point they have to decide what to do-EGM and relist, sell out, or something else.

[htrocka2] 22/4/2017 12:58

kwizza...I believe I'm right in saying that they do not become 'joint operator', be entitled to 40% of the Ororo field or receive 88% of cash flow entitlement until first oil is produced.....(together with a small financial settlement). They're only 'entitled' to the 40% economic interest in Ororo on the decision to comply with the FTSA. Once they hit oil...then it's literally...a game changer.

'...Upon production of oil..'

'Entitled' definition...= 'believing oneself to be inherently deserving of privileges or special treatment')

RNS 31/01/'12
'Should Sirius decide to proceed to field development, Sirius will be entitled to a 40 per cent. interest in the Ororo field, jointly operating the field with Guarantee and Owena, and Sirius will fund 100 per cent. of the development costs. Upon production of oil, Sirius will pay a further US$500,000 in aggregate to Guarantee and Owena and will be entitled to a preferential cash flow from the production of crude oil to recover its investment, receiving 88 per cent. of net cash flows from Ororo, until full Cost Recovery is achieved, at which time Sirius' cash flow entitlement will revert to 40 per cent. in accordance with its equity interest.'

[kwizza] 22/4/2017 11:40

Guarantee and Owena have not changed anything on their websites as things have
progressed, so where does it all fit together. Will a percentage of finance come
from any of these parties or are Sirius steering all of it.

[htrocka2] 22/4/2017 09:08

This has, as yet, to be confirmed by the Company.



10/10/'11 rns
'If Sirius decides to proceed to field development, Sirius will be entitled to a 40 per cent. interest in the Ororo field, jointly operating the field with Guarantee and Owena....'

PS.. Solo was Charles Stanley's NAP of the year in about 2005, however, they disappointed me in that they became mere 'back seat drivers'...ie, bought a few shares in a potential company and had no control over input or strategy and just rode on the back of the major holders, hence retained its investment status...With srsp, they've probably got a plaque on their dest that says...'the buck stops here'.

SOLO give the impression that, 'we're going this and we're doing that'...but in truth, others are making those decisions for them.
I used to own solo shares and they kept issuing shares to raise cash so that they could buy shares in other companies...

[dr rosso] 22/4/2017 08:48

Worth a read. Article clarifies how SOLO has remained as an O&G Investment Co. (even with a PSC in place, eg it has a 25% interest in the Ruvuma Production Sharing Contract with Aminex (75%), whose subsidiary is the operator) instead of converting into a Production Co.
Afren had a PSC in place with indigenous Amni in 2005, but this time AFR was a production Co because of its active involvement with the Okoro Field.

Where does this leave Sirius? Atm, it has a FTSA with GP. Its job is to procure financial and technical support for GP, the designated operator. There is no PSC or JOA. No details have ever been provided as to actual field preparation progress ie infrastructure.

Upon drilling commencement, it all depends on what further role Sirius will play in the Ororo Project. The appointment of a COO (if it isn't a temporary fill-in post) + a well completions engineer suggest there'll be a PSC + JOA, active involvement meaning Sirius will cease to be merely an Investor, and transform its status into producer, possibly producer-joint operator. One would expect to see a CFO and new CEO and Chairman to take the Co. forward. Alternatively the Co. and/or its asset(s) can be sold.

[htrocka2] 21/4/2017 23:17

Sher10ck...under normal circumstances I agree with all you say, I've researched the term JOA myself....However, the point I was trying to get across was, under AIM rules, is an Investment Company allowed to operate an oil field?....is their a subliminal message being sent out here?....Is 'suspension' the 'trigger'. The company have said on more than one occasion via rns' that the drill bit with activate an RTO ...ie the 'trigger'.

( case in point)

[1sonic] 21/4/2017 22:51

Sherl0ck - When will that trigger be pulled? We can only be days or weeks before that trigger is pulled. Will it all come at once? Will the suspension happen first? So many questions. H1 is now in its final stages.

[sherl0ck] 21/4/2017 21:57

JOA is basically the overall agreement that binds together the joint venture parties. It outlines the project details, who is designated 'operator' (normally one party with the others being non-operators), relationships, cost contributions and how any breach is remedied etc. Quite a complex doc that can often run to a 100 pages or more. Something may well act as a 'trigger' for the JOA - it could be the revelation of a final party, raising of financing, suspension & ad doc etc....

[xerot] 21/4/2017 21:23

Bumhammer is John Merrick's uglier brother.

A small bean regarder.

[handygandhi] 21/4/2017 20:28

Dr Rosso . . . . was Gandhi ever handy?
A nom du guerre is useful . . . . .
Goodnight Doctor.

[dr rosso] 21/4/2017 19:48

The Butcher of Plainfield