Sirius Petroleum Share Discussion Threads

[vatnabrekk] 13/8/2017 16:04

But seriously, who knows. We're dealing with a very complex situation here, lots of very powerful, very wealthy, egotistical Nigerians, and several different agendas. Personally I think SRSP will either get bought out and paid handsomely for its services in arranging everything, or be merged into one or more of the other companies as part of the consortium. Either way, I'm confident (at the moment!) that we shareholders will end up "all right".

[vatnabrekk] 13/8/2017 15:57

Sorry, I'm not allowed to tell you that!

[doug51] 13/8/2017 15:35

Vat how do you expect all this to end?

[drrichard] 13/8/2017 14:23

Floats my boat, Vatna. Got it in one for me.

[vatnabrekk] 13/8/2017 14:16

Yes drr, it's my understanding that SRSP are the appointed agents for the consortium as a whole, as the co-ordinators. Of course at this stage we don't know exactly who the consortium consists of, but it's a fair bet that it includes Owena Oil (possibly at the top of the pile) with Guarantee, and maybe, just maybe, SRSP if we don't get paid off and ditched when the drill starts turning. Also, of course, a few dozen wealthy Nigerians.

Also I'm not sure if we should regard Add Energy, Schlumberger, Cosl, and Tidewater as part of the consortium, but they are clearly some kind of partners in the deal, not just service providers.

As I've already said, it's my own personal opinion that BP is not part of the consortium, just a potential "customer" to buy the oil/gas whenever it flows. Of course I could well be proved wrong.

HT: I suspect that the hardest part is not to get consensus regarding the BP agreement, but for the Nigerian consortium / partners to reach consensus amongst themselves!

[htrocka2] 13/8/2017 13:50

I can imagine that a lot of connected parties are involved with these so called srsp/BP talks....and all need to reach a consensus.

[drrichard] 13/8/2017 13:36

And may also be acting for our Nigerian partners, too?

[vatnabrekk] 13/8/2017 13:20

Well, not really HT. Probably BP pulled themselves in when they knew what was going on and they wanted to get their hands on the oil when it begins to flow.

And I'm also suggesting that SRSP is really only acting as "agent" for the consortium, in order to arrange the financing etc. and the service contracts for them. I don't think that's in dispute, is it?

[htrocka2] 13/8/2017 12:36

Vatna you're now suggesting that the consortium pulled BP in and not srsp. Ps Schlumberger don't mind being 'heavily' involved.

[vatnabrekk] 13/8/2017 09:44

And by the way, I am still of the opinion that BP will not want to get heavily involved in the operations (having seen the problems that Shell have had) but will be happy just to get its hands on the oil/gas through off-take arrangements. So I wouldn't expect them to get into a JV with anyone. But we may see a merger of some sort between Guarantee and Owena, and perhaps even SRSP, but probably not including Oilworld.

[vatnabrekk] 13/8/2017 09:40

I think the reason that BP would be talking to SRSP is that, as I understand it, SRSP has been given the task by the consortium to make all of the licensing, financing arrangements and all of the other organisation and contracts up to the point of drilling, including negotiations. So at this point SRSP is still the consortium's negotiating agent. Of course what happens after the rig appears on location is anyone's guess, but I would expect Owena Oil to get settled into the driving seat at some point.

[htrocka2] 13/8/2017 09:31

'It's only three weeks away, ht. once they press the button the pre drill preps will use that up.


In view of the lack of enthusiasm to drill on the part of the company, I'm becoming more and more convinced that SRSP can only drill Ororo etc, as an entity of BP, a subsidiary of BP as in BP (Sirius Petroleum Ltd).

....and while I'm on the boards.....why did BP choose to talk with Sirius Petroleum, surely it would be in their greater interest to talk directly with the State Vehicle 'Owena Oil and Gas?......or is this where that negotiations are at the present?....so that at the end of the day we have 'Owena Oil and Gas/BP(Sirius Petroleum) Ltd' as joint partners......and we are , in effect, taken over, and compensated with BP Treasury shares.

[oakville] 13/8/2017 01:26

At least the upward chart remains intact.

[vatnabrekk] 13/8/2017 00:14

That depends where the rig is at the moment, drr. If it's hidden up a creek near to Ororo, then it might only take a couple of days to get on location!

(Only joking!)

[drrichard] 12/8/2017 21:32

It's only three weeks away, ht. once they press the button the pre drill preps will use that up

[htrocka2] 12/8/2017 20:22

It is a gas field.. so yes , we have the gas....but with verticle drilling of three wells that need to be appraised, then no doubt Schlum may side track the wells into the appropriate sands to maximise output, all this may take up to three months so commercialisation by Christmas is doubtful, however, a start would be enough and a good sign.....but the rig is still the other side of the world....and the only gas being produced at the moment is from the negotiations.

[drrichard] 12/8/2017 20:09

And a lot of oil presold.at least we have the gas!

[htrocka2] 12/8/2017 20:00

commercially viable by 2017?....before we find the oil first we have to find the rig,




So let me see if I've got this right....BTG Pactual have been contracted to market first oil from Ororo.
'Under the terms of the Marketing Agreement, BTG Pactual has the exclusive right to market all Crude Oil from the Ororo Field, for an initial period of twelve months from the date that Sirius first makes any Crude Oil available to be marketed,...'


The consortium have agreed to be paid in part from oil produced from ORORO

BP talks are also based on an Offtake Agreement, ie $5m-$10m in exchange for oil from ORORO ....

A lot of promises made here.

[bronislav] 12/8/2017 19:49

Yes benny.great stuff...the big money doesnt always guarantee success .being a team and willing to work for each other is just as important.similar to sirius ,a small fish cutting it in a big pond.

[bennyfishery] 12/8/2017 16:55

There'll certainly be a few happy lads in Claretland tonight, eh!, Bron?

Here's hoping the euphoria rubs off here on Monday.

[htrocka2] 12/8/2017 13:16

'And, if you are correct, ht, how could Bobo ponder being cash flow positive by year end? Unless they have a producing asset in their sights, of course.'

That's a good point drr..but then again, as an investor, I don't want to be harsh on the chap but when has any of his promises come true?




Graham lyons


Soncer Limited


Director


Company Name
Soncer Limited

Dates Employed
Mar 2009 – Present

Employment Duration
•8 yrs 6 mos

Location
Worldwide

Consultancy providing Oil & Gas Executive and Non-Executive Leadership.



Sirius Petroleum plc


Technical Advisory Committee


Company Name
Sirius Petroleum plc

Dates Employed
Jan 2016 – Present

Employment Duration
•1 yr 8 mos

Location
London

AIM listed Investment company with first oil and gas asset in Nigeria.
(out of 12 consultancies/directorship, SRSP has been prioritized as number two)


minichris.. get back to you later...I'm off for the day.

[drrichard] 12/8/2017 12:54

And, if you are correct, ht, how could Bobo ponder being cash flow positive by year end? Unless they have a producing asset in their sights, of course.

[htrocka2] 12/8/2017 12:44

'Is this Lyons bloke in any way related to Graham Lyon who was appointed as an o&g business development consultant to Sirius in Dec 2015?'

It's the same photo....unless he has a twin brother.




drr, You took off a reference to Schlumberger's potential drilling operation on OML 85 an OML 83....there was some useful info in that article.. for example..

'FID(Final Investment Decision) is expected to be made in December 2017, with first oil production in 2019....'

The point being that from the FID to first oil will take two years. SRSP have not given a FID for ORORO yet. Going on the Schlumberger time table for OML's 85 and 83, it may also take SRSP two years to first oil from FID. The question being, how will they keep their heads above water finacialy for two years?. Is this the reason why Accruals are insisted on before or during first drill?. If those who have been promised payment via accruals before or during first drill get fobbed off to a later date...that'll be a bad sign.

[dr rosso] 12/8/2017 12:32

May 2004 Team led by Lyon

PETRO-Canada has bought a 29.9% stake in the Buzzard field for $860m ((pounds) 478m) in a deal that increases the likelihood of a bidder swooping for Edinburgh Oil & Gas and its 5% holding in the giant North Sea discovery.

After announcing the purchase of Intrepid Energy's interests in Buzzard yesterday Petro-Canada signalled its appetite to acquire a bigger holding in the field, which analysts said could interest producers on both sides of the Atlantic.

One analyst, who asked not to be named, said that as well as UK independents, several middle-ranking US oil and gas firms were keen to acquire assets of the size of Buzzard - the biggest North Sea discovery in more than a decade with around 1.2 billion barrels of oil estimated to be in place.




(1.2bn ... same as 241)

[vatnabrekk] 12/8/2017 12:05

All right DrR, I will acknowledge the slip-up with Mr Lyon's name, even if no-one else does!
But I think you are splitting hairs!