Sirius Petroleum Share Discussion Threads

[vatnabrekk] 25/7/2017 09:31

Oilworld is supposed to be the operator of 241, and if they are making an a*se of it i.e. no plans, no budget, then they could well have the licence taken off them.

[edgein] 25/7/2017 09:18

Interesting post regarding the SLB quarterly. Good to see plans coming together for the drilling of Ororo, the thing that some of us are invested for. Just need the DD to complete for the offtake agreement and then SRSP should have their funding side of the development in place. Shows their financial capability. Looking forward to when the COSL power gets on site and gets down to the business of proving what's in Ororo.

Regards,
Ed.

[htrocka2] 25/7/2017 09:11

Conjecture... lEKs acquisition of the 1% required Ministerial approval. It never materialised. Lek now invokes part two of the agreement, which also requires Ministerial approval....the bottom line. The Federal Government, in any event, has the final say and will undoubtedly find in favour of promoting and enhancing the production of OPL241 irrespective of who the claimants are.

[stbilow] 25/7/2017 09:05

President Muhammadu Buhari to return home from the UK within the next two weeks.

[astralvision] 24/7/2017 23:41

Conjecture.

[htrocka2] 24/7/2017 23:23

can you expand on that DR...with a reference.....thanks in advance.(I'll read it in the morning)

[htrocka2] 24/7/2017 23:21

The point is astralvision....Owena owns 80%, while the LEK deal is made with Oilworld, who may be asked to give up half their 20% to LEK as compensation for the original deal. Now that BP are on the scene Oilworld may have second thoughts. OK, this may not effect srsp directly, but if the LEK/Oilworld deal is not resolved it could end up in court with a freeze on the complete asset....this hardly induces investment into the property. Every one involved needs this to go ahead, so some form of resolution will undoubtedly take place....but this takes time.

[dr rosso] 24/7/2017 23:10

The major shareholder of not-BP-PLC is a multi-billionaire whose Co. has stated in its results that it is looking to expand its gas operations via M&A. Interesting.

[vatnabrekk] 24/7/2017 23:09

Perhaps so astra, but if there is still any kind of ongoing dispute about one of the main assets, that could hold-up the process that SRSP is trying to complete.

[vatnabrekk] 24/7/2017 23:07

So does this mean that despite having written it off in their accounts, Lekoil still have a claim to 10% of 241?

I notice that in their web site, Oilworld don't include Owena in their list of partners. I don't know if that's indicative of anything.

[astralvision] 24/7/2017 23:02

Not sure it's relevant as SRSP's interest in OPL 241 is via Owena and not Lekoil.

[htrocka2] 24/7/2017 22:36

Dec 2015
However, there are uncertainties surrounding the development of the OPL 241 as substantive expenditure on further exploration and evaluation activities in the specific area is neither budgeted nor planned. Also, Ministerial consent for the transfer of interests has not been received. Consequently, the Company has impaired the E&E asset on OPL 241.


June 2016.....(18 months later...and they're not letting it drop).

'the OPL241 acquisition has not been completed and Oilworld is still holding the sum of $1,000,000 as a deposit on the above basis. The Prepayment Agreement also states that, if the OPL241 acquisition does not complete, Lekoil Nigeria Limited would have a right of first refusal over the 10% participating interest in OPL 241 held by Oilworld (including the 1% interest to which the $1,000,000 deposit above refers). Oilworld commenced sole risk 3D seismic acquisition in 2013.

and one a bit closer..(unfortunately it's a pay to view job...so I just 'cut and pasted' the headline)
Lekoil Ltd (LEK) - Oil & Gas - Deals and Alliances Profile ...

... Oil & Gas - Deals and Alliances Profile. Printer ... (LEK) - Oil & Gas - Deals and Alliances Profile provides you ... To Acquire 10% Interest In OPL 241 Oil ...


This was posted June 2016........(but now that LEK have realised that BP may be after a piece of 241....it's a new ball game....and from what LEK claim, Oilworld/Owena, as of the date above, hadn't done a lot with it))

Lek quote..
'However, there are uncertainties surrounding the development of the OPL 241 as substantive expenditure on further exploration and evaluation activities in the speci c area is neither budgeted nor planned. Also, Ministerial consent for the transfer of interests has not been received. Consequently, the Company has impaired the E&E asset on OPL 241.'

[1sonic] 24/7/2017 21:53

Think we can safely say everything about Sirius is past tense - the future is here the future is bright, the sun will shine. Going in for an early top up in the morning. Then I am fully loaded.

[vatnabrekk] 24/7/2017 21:39

Yes Pete, past tense!

[vatnabrekk] 24/7/2017 21:15

Thanks for that Sherl0ck. Does that mean I can let the ferrets out of the sack now?

[sherl0ck] 24/7/2017 21:10

p50 of the following doc answers the Lek/Oilworld question:

[pipelinepete] 24/7/2017 21:04

'Were' fighting like ferrets:)GLA

[vatnabrekk] 24/7/2017 20:59

HT - How on earth did you find that? Well done!
So perhaps this is causing a log-jam on the whole arrangement regarding Ororo/241/etc. As I said previously, I'm sure it's not the Sirius/BP negotiations that's holding things up, it will be the consortium fighting like ferrets in a sack over the assets.

[pipelinepete] 24/7/2017 20:57

'Was' a big hold up:)GLA

[aventador] 24/7/2017 20:52

This company is one big hold up.

[openfield68] 24/7/2017 20:38

Well done HT. Great research

[htrocka2] 24/7/2017 20:09

I found this small item.......A 'LEK Oil/Oilworld' disputed agreement could be holding up the Srsp/BP talks.

(paragraph 26 'Financial commitments and contingencies' )


Oilworld took the $1m deposit and never transferred the asset, which now leaves them open to a larger claim.



(ps...I'm bracing myself for a load of red thumbs.....but that's the price of research)

[doug51] 24/7/2017 19:30

Thanks vat.

[xerot] 24/7/2017 19:22

What is the point in time when everyone says enough is enough?

Would have been better off burning any money invested here as you wouldn't need to think about it.