Sirius Petroleum Share Discussion Threads

[1sonic] 19/5/2017 08:26

It would seem PEEL have a large order that needs filling. Must be a big buy!

[htrocka2] 19/5/2017 08:17

I thought this would have been included in the PIGB.

[belson] 19/5/2017 08:16

which Monday

[aventador] 19/5/2017 07:32

..i meant Monday lol

[aventador] 19/5/2017 05:47

Hoping for a 7am rns

[6cer] 18/5/2017 23:45

Come on you lot it's a mega situation and worth at least 50p per share. Wakey Wakey.

[drrichard] 18/5/2017 23:05

You may well be bang on the nail pipeline, a very big deal indeed.

[pipelinepete] 18/5/2017 22:45

Htrocka - we are selling first options on ondo state assets - 10% of nigerias oil reserves. It's a big deal

[deadly nightshade] 18/5/2017 22:44

just thinking wouldn't it be nice that instead of the delayed pib possibly holding us up it might be us holding the pib up due to the size of this. one can dream :-) be nice if dr rosso's 16p prediction did ever come true that is some ask i will just be happy to see 2p here within next 6 weeks

[htrocka2] 18/5/2017 22:36

so what are we selling?.


FTSA
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.

[pipelinepete] 18/5/2017 22:09

Did we not have royal family dasukis and rumours of dangote etc, add the highest level of Nigerian power and the list of ever growing consortium multi nationals - there not interested in this for £600m, this project has gone on years and people are desperate to see an end to it. It's worth a billion minimum.

[pipelinepete] 18/5/2017 21:49

Agreed drrosso except price.Look at the partners, the mix of the consortium and space for more partners. The contracts, the unfolding of the a major major project, the complexities. We hold all the assets. A billion minimum.

[dr rosso] 18/5/2017 21:24

Obv that the 5 years have been spent on assets additional to the smokescreen marginal. 2 adjacent blocks, monster gas, multiple partners. Production? Yes, they'll finally get round to drilling O2 in June, but production, no. Highly likely that the takeover offers have already been penned, such that Sirius will never see a drop of oil, as per the original intent. £600m does it for me. That's 16p on full 3.8bn, 20p on 3bn out. aimo

[dr rosso] 18/5/2017 20:06

March 2012 rns

March 2012 rns


Sirius has asked GCA to undertake additional analysis with a view to quantifying the potential upside from the additional sands, which has led to a longer timescale in producing the report than initially envisaged.

The Ororo-1 well was drilled by Chevron to approximately 10,000ft, encountering a number of productive sands down to what are known as the G sands. After examining data from neighbouring wells and nearby producing fields, it was ascertained that a number of these fields are producing from sands deeper than the G sands, which were not penetrated by Ororo-1 due to depth. Given the high quality of 3D seismic available over the field, Sirius and its partners have asked GCA to assess these lower sands before fully reporting on the Ororo Field.



These deeper sands represent potentially significant upside compared to Sirius' original evaluation of the field, although there can be no guarantee these sands are fully present, or will prove productive, until drilled and tested. In addition to the progress with the Ororo Field, the Company continues to make very good progress with the work being carried out by its business development team in identifying and assessing a number of potential additional opportunities in Nigeria.



Commenting, Ed Johnson, CEO of Sirius Petroleum, said: "We are grateful for the patience shown by our shareholders who have been expecting a CPR on the asset for some while now. However, given the new information and data, we believe additional evaluation is warranted in order to design an optimal development and recovery plan for the Ororo Field. We intend to report fully on the Ororo Field once the additional mapping and evaluation has been completed.

[dr rosso] 18/5/2017 20:00

Jan 2012 rns

Under the terms of the Agreement, Sirius committed to fund the preparation of a Competent Person's Report ("CPR") and it is expected that Gaffney, Cline & Associates will deliver the completed CPR on the Ororo field to the Company in February. The Company has also now completed the Environmental Impact Assessment ("EIA") on the Ororo field which will shortly be submitted to the Ministry of Environment in Nigeria for review. In addition, the management team has commissioned a preliminary Field Development Plan, subject to the results of the CPR and the Company is assessing suitable candidates to provide the appropriate oil services for the drilling operations on the field, including the procurement of a drilling rig slot for the second half of 2012.



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.



In addition, and in line with the Company's investing policy to target marginal fields with proven and probable oil reserves, the Board is pleased with the continued progress being made by its business development team in identifying and actively assessing additional assets.



Commenting, Ed Johnson, CEO of Sirius Petroleum, said: ...The progress so far has been extremely satisfactory, and we are looking forward to concluding the preliminary work programme imminently. Once the Final Investment Decision is reached, Sirius and our partners will be in a position to move to accelerated field development.

[dr rosso] 18/5/2017 19:55

Oct 2011 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.

Commenting, Ed Johnson, CEO of Sirius Petroleum, said: ... The Ororo field itself represents an optimal first asset, with an existing flow test and with a potentially rapid time to first production.

[edgein] 18/5/2017 17:40

More than meets the eye is very tempting as to what's in the pipeline of assets lined up, but what meets the eye (Ororo) and what may lie just a short distance beneath is also very very tempting at this cap. I cannot think of another £30m O&G company that's targeting production of 8,800-XX,XXXboepd within the next 12 months, possibly by year end. Now SLB is hiring 4 key personnel for a fast track development in Nigeria too.

Regards,
Ed.

[pipelinepete] 18/5/2017 17:35

https://youtu.be/Mlx5bWb3t8cBackground noise for tomorrow

[pipelinepete] 18/5/2017 17:16

Looks like your 33k has popped up already Vito, good man. Friday rush, many more to come I'm sure.Wouldn't want to be out of this over the weekend.

[astralvision] 18/5/2017 16:40

Sherl0ck, completely understood.
I agree, there would seem to be more here than meets the eye, but, until it's delivered, then risks still remain.

[aventador] 18/5/2017 15:48

Great posting Sherlock even makes me want to buy a few more.

[mr roper] 18/5/2017 15:44

last time I heard "golden tickets" it was at GKP.. I hope SRSP is more successful than GKP

Aaaaaaaaaaaaaaaaaaaarrrrrrrrrrrrrrrrrrgggggggggggggggggghhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh

[sherl0ck] 18/5/2017 15:43

Astral - AIMHO / No financial advice offered etc.... The world's largest O&G services company happy to be part of a consortium with a £30m tiddler who has never drilled or produced a drop of oil?? We're currently 16-20x smaller than the other two key companies Schlumberger are working with (OPHR & SOU) and the consortium may not even be complete yet! This has 'scale' written all over it.