Sirius Petroleum Share Discussion Threads

[aventador] 20/7/2017 21:02

29 June 2017

Sirius Petroleum Plc.

("Sirius" or the "Company")

Final Results for the year ended 31 December 2016

Sirius (AIM:SRSP), the investing Company focussed on oil and gas development and production opportunities in Nigeria, announces its audited Final Results for the twelve-month period ended 31 December 2016.

During the period, the Company's focus has been on reviewing the opportunities available to the Company, both in terms of assets in Nigeria and the optimum financing and long-term strategy for developing those assets

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Doesn't say above anything about there plan to be a production company does it really just developing them and getting more assets, problem is they've worked on all these assets and blocks but what's the end game plan for them? what assets are they?
And where's our hard earned money gone and how much longer till they reveal the big secret and what's been going on these last umpteen years?
If bp are in talks it's clearly not just crummy ororo 40% cobblers what the hell is going on???

[aventador] 20/7/2017 20:57

Years of having our pants pulled down that's what's been going on.

[vatnabrekk] 20/7/2017 20:55

xerot: I only nick them off washing lines.

[xerot] 20/7/2017 20:38

Doug we need forward progress, the bod have always said no take out just production but now we know that not to be true it must be either sale or adding assets and reserves, but as we have been mislead we have absolutely no idea what is going on hence people are annoyed. That is why we are annoyed, we have no idea what the actual plan is and no time frame in which to measure the nothingness of their empty promises, a shambolic situation to be stuck in as no one can make a decision on our investment as we have no idea what is going on.

[doug51] 20/7/2017 19:43

DR Why are BP still here? they can only get into nigeria via a back door ie sirius

[dr rosso] 20/7/2017 18:46

"lead a horse to water but can`t make it drink" springs to mind.

The starting point for slicing the gas cake will be each party offering to pay 0.5% of the costs whilst taking 99.5% of the profits. Will BP hang around?

[doug51] 20/7/2017 18:42

HT You must have upset someone,your post are normally 110%.

[htrocka2] 20/7/2017 18:27

It's all very well giving red thumbs down but I don't write this stuff...the BoD does.

[dr rosso] 20/7/2017 18:21

Exactly so, X. All now ready to go. Might be a case of bring the Nigerian Oil Minister in to knock a few heads together. When Consortium signs the PSC, Agent Sirius gets its whack.

[doug51] 20/7/2017 17:46

HT Why are the big boys still here,also who is paying all the bills ie wages etc.while were on supposedly on hold,very expensive hold.ps If you pay out more than you earn you should eventually go bankrupt?pss conclusion talks must finish very soon.

[htrocka2] 20/7/2017 17:34

nice one xerot.... my sentiments exactly.

Update on Funding Discussions

The Board is actively progressing its funding strategy via on-going discussions with several potential partners, which are expected to be concluded following completion of the FDPs. The Board is considering various financing structures, including, amongst other things, pre-financing and off-take arrangements.

you'll never guess how many rns's contain the above extract...I'll give you a clue, this one's is four years old.

[htrocka2] 20/7/2017 17:13

vatna... you might have a point there.....it looks as if too many cooks may be spoiling the broth. Schlum, ADD, COSL, Tied Water, Owena Oil and Gas, possibly even Guarantee Pet, Chevron might also be involved, maybe Oilworld as well with 241, not to mention BP. On top of all this we have the DPR approval. A billion barrels of oil and gas sounds good...but as Donald Sutherland said in Kelly's Heroes...'split how many ways?'...oh, and I almost forgot... Sirius Petroleum as well. Just try and imagine this lot around a table trying to reach a consensus.

[flyster] 20/7/2017 17:05

Panty ferret

[xerot] 20/7/2017 17:04

Vantabrekk, do you know a lot about Ferrets?

[vatnabrekk] 20/7/2017 16:44

I can’t believe that the delay relates to the raising of finance of $5 or $10 million. I’m sure that any of these wealthy Nigerians could find that in about 5 minutes if they wanted to.

Also I don’t believe that the delay is caused by the negotiations between SRSP and BP. If they are negotiating a take-off agreement with up-front prepayments, then that surely cannot be so complicated that it would take a long time to sort out. I think finalisation of that deal has been held up by something else.

So what can be causing the delay? Consider all of those who are involved as well as SRSP: Owena Oil and Ondo State, Guarantee, perhaps Oilworld, lots of wealthy Nigerians, politicians, government departments, the Chinese, etc. All of those will be seeking more slices of the pie than are contained in the pie. Right now they are probably fighting like ferrets in a sack, and so far have been unable to reach agreement among themselves. And until they do, everything else is on hold.

I am of the opinion that there was, and probably still is, and contract in existence for the COSLPower. I am also of the opinion that there was a genuine target to have it on location by 15th July, but that the timing has had to be delayed due to the ferrets’ battle. It’s just a question of how long it will take to resolve, and how long the COSLPower will remain available.

Also, Tidewater must have been given an approximate date for the start of their services. Again, I wonder how long they will put their vessels on standby, before the whole charter will have to be renegotiated.

I just hope they can sort themselves out fairly soon.

[qprallan] 20/7/2017 15:34

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, on Wednesday while addressing the sixth Sustainability in the Extractive Industries Conference, called for the globalisation of the nation’s economy to attract more foreign investors in the country, Leadership reports.

Kachikwu said that unless the local economy was robust and strengthened, it could not play an international role and would not attract foreign investors. To attract investors, he said the nation needs to build a sufficient and robust infrastructure to enable cost of production to be at the lowest level to do business in Nigeria. He reiterated the need to upgrade the nation’s oil infrastructure and urged the government to provide tax holidays and a good enabling environment to encourage local producers.

He also added that there was a need to assist Nigeria’s local producers through development finance and by creating necessary financial incentives to help them operate their businesses. Other things he said, that would develop Nigeria’s economy included opening it up to foreign participation, investing robustly in security, encourage state policing as well as border protection to protect the nation’s borders because they were porous.

[sherl0ck] 20/7/2017 14:10

Probably as it's much harder - maybe even impossible - to secure finance/prepayment facility against unproven prospective resources that haven't been drilled & tested, regardless of their potential. As we're not yet in ongoing production, even our existing quantifiable 2C which can support funding, will be considered higher on the risk scale by lenders.

[dr rosso] 20/7/2017 13:43

Why didn`t Schlumberger provide him with the Gaffney cpr deeper sands data for him to include in his Rockflow report?

[sherl0ck] 20/7/2017 13:26

Speaking of local Nigerian knowledge, Tom Gunningham of Rockflow not only spent most of his career with BP, more importantly he's from AGR TRACS who have a strong record of assessing Nigerian assets.

[astralvision] 20/7/2017 13:13

Fill yer boots time, 50-100% upside on BP news, and that is just for starters.Expect a serious re-rating post successful conclusion of negotiations.

[astralvision] 20/7/2017 13:08

This share is sure trading some volume every day, probably going to be another 30m+ day.That would be £300k+, not bad. The interest is here and something is afoot!