Sirius Petroleum Share Discussion Threads

[1sonic] 15/8/2017 07:33

Oakville - 12 months??? You crazy dude... re rate on its way - rns's are going to flow. Then Bang!

Next Rns could be the suspension one!

Hold onto your golden tickets...

[1sonic] 15/8/2017 07:25

Jenny - it's going to boom!!!! The ones who will miss out are the ones selling! :-) remember suspension could happen any hour not just at 7am!

[oakville] 15/8/2017 07:16

Nice write up in this mornings Toronto Star.

These silly prices will be forgotten in 12 months.

[xerot] 15/8/2017 06:31

Hotrocka looks like someone else was thinking along the same lines. Good to have bp on board but it does beg more questions than it answers. Hence the drop in price at the end of the day. They need to put out more news to keep this up and announce further details to the market as to the operational side of things are going to be played out, if they are.

[xerot] 15/8/2017 06:29

London South East



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Next News?
I had a trawl through the RNS' (hard work!) but there's very little technical details on the company's plans that I could ascertain. Is it simply an appraisal drill that's planned? Or do they intend to go straight into production (if the drill is successful)? I couldn't find mention of any field development plan having been submitted to the Nigerian Govt. Needed for production? I couldn't see any mention of the project break evens, does anyone know? The Rockflow NPV figure of c.$50million isn't too far from the current Map? That $20MM convertible loan at 3p certainly looks like a good deal now... cancelled on the basis of too much dilution then they proceed to dilute like mad over the subsequent period to get to the point where there are more shares in issue now than there would've been had they executed that deal? Madness. Also, I see they've had two off-take agreements before - Glencore (with a $65million debt facility??) and then then BTG (no debt facility this time... but they cancelled the Glencore deal. Can only assume Glencore pulled out?). The third deal with BP doesn't seem to mention that previous BTG deal. Assume now cancelled. Was the news expected to be that BP were funding the field to production or were holders here only expecting the news that was delivered - that BP will buy the oil once the field is in production? It seems like they anticipate (or did in 2014) $25million requirement for the appraisal drill. Does anyone know how much of this SRSP are going to be contributing and how much further finance is required to actually bring the field to production?

[jenny tulwought] 15/8/2017 06:17

doug51
14 Aug '17 - 16:52 - 69838 of 69869 1 0

JT.You must like red ticks.It did boom first thing this morning.Isonics booms are positive vibes.


====

Like red ticks? - I love 'em! (this should earn at least one, but I'm targeting for two or three).

- and odd as it may seem, I had noticed there was a 'boom' first thing yesterday morning. However, 1sonic's prediction of a 'boom' was posted at 1pm (odd as it may seem, you didn't notice this - or that the price ended lower than it was at 1pm) .

Are you suggesting 1 sonic should be praised for predicting what had taken place five hours earlier?

[xerot] 15/8/2017 06:08

Not being negative at all just asking questions as to why and how this deal was structured and how it will help in the immediate term. It is good they are on board and obviously a big thing for a small company to have pulled this off but the share price didn't react too well and I think after the market digested the actual detail of the deal it wasn't as good as first thought hence the slow drop back in the share price over the day.

They need the money now and will no doubt have other costs to come up with before drilling unless they are bought out and that news yesterday was the final piece of the puzzle. We don't need the short term funding as we aren't going to drill. That is the only explaination I can see.

[htrocka2] 14/8/2017 23:37

xerot....you're being a bit negative...

'I think that is why the market didn't explode on this news as it is not an up front payment but only after oil is reached. Is this the same as the deal they had with btg to simply sell the oil after they drill it'

'Is this the same deal we had with BT Pactual'...NO...The reason being that Glencore promised to 'Offtake' the oil, then pulled out and never came up with the cash to drill the well. Then we went to NIMA for funding, they also wanted too much and failed to cough up the cash to drill...However, todays Dow Jones news item is headed...'Sirius Petroleum Gets $10 Million from BP'. They could not 'sell the oil after they drill it' to BT Pactual....because they couldn't get any one to 'drill it' (to be honest, I was surprised that SRSP never made a an 'Offtake' deal with BT Pactual as opposed to a 'Marketing Agreement). The 'Consortium' must have been round the negotiating table when this deal was struck....if they're happy, you should be too. The sign that the consortium are all on board and have accepted the deal is......when the rig turns up.

[drrichard] 14/8/2017 23:36

Xerot, with BP putting $10-20m down, do you not think we could lever that into , say short term credit for say three months, get drilled, show a decent BPD and hey presto, pay off the loan. Agreed, it is a little off the wall, but the BP name, and the BP DD for me speaks a huge amount.

Further, it seems to me that the BP DD might be what has been putting the break on things.

For my money, things are now freed up and we should see movement pretty soon.

[vatnabrekk] 14/8/2017 22:18

I think it's more than just coincidence that yesterday we saw a large Chinese HLV Ship haul up its anchor from outside Singapore harbour and head straight towards Labuan where (we believe) the COSLPower is stacked; and then first thing this morning an RNS is published to confirm completion of the agreement with BP.

But we will know tomorrow or Wednesday if the Xiang Rui Kou is picking up our rig, or not.

[xerot] 14/8/2017 21:52

I am unsure of why today's news is going to help the company in the short term. Yes it's good to have another big name on board and most of the funding is paid for by paying for service after first oil. I am struggling to see the benefit of this news today in the short term when the company needs it the most. They must have other costs to pay that have not been covered with the existing agreements?

I think that is why the market didn't explode on this news as it is not an up front payment but only after oil is reached. Is this the same as the deal they had with btg to simply sell the oil after they drill it. Seems odd they have waited all this time to announce this today and it appears they are no further forward in terms of getting the drill going and getting value for shareholders. Obviously BP are here for good reason but what is the next move and will they ever tell us in detail about these assets or will another firm come in and take over?

[qprallan] 14/8/2017 21:41

IMO the rig is already in the vicinity. No one has been able to locate it. That to me means it has been a well covered up exercise. It has been mentioned that the contract starts tomorrow. Maybe it will and we will get more news very soon. Lets hope so.

[vatnabrekk] 14/8/2017 21:09

Probably just whatever suitable vessel happens to be in the vicinity at the time. Although this one has been lying at anchor just outside Singapore port limits since 27th July.

[deadly nightshade] 14/8/2017 21:02

vat, this heavy load carrier xiang is still heading in the right direction at the moment, just thing what with it being a chinese oil rig is it then logical to think that a chinese heavy lift ship would be transporting the rig?

[vatnabrekk] 14/8/2017 20:55

I think that once we have confirmation that the rig is on its way, which may very possibly be before the end of this week, then I would expect to see a positive shift in the share price

[htrocka2] 14/8/2017 20:38

I hear where you're coming from vat....as long as we keep the 'vibes' on this thread positive...the share price will take care of itself.

[vatnabrekk] 14/8/2017 19:59

HT: Yes, I agree with what you say. I am aware of the Vendor Finance Agreements and I have pointed this out in recent posts. I didn't actually use the term Vendor Finance Agreement, but I mentioned that COSL and Tidewater would defer payment until first oil (I think I called it first production, which is not strictly correct.)

And I believe I was right to point out that BP will not be paying across any of the $10M prepayment before first oil. The operator will have to find the balance elsewhere, which will be through the Vendor Finance arrangements, and possibly from members of the consortium.

I may not have laid it out as well as you have, but was I very much wrong?

[htrocka2] 14/8/2017 19:56

benny

'pearls before swine are a complete waste....'

The M and M's love them....without them, they'd be a lot poorer.(and they fill the boards between rns's)

[htrocka2] 14/8/2017 19:51

'Nice rise, lets hope we hear about the rig soon gla have a good evening'

That was a cut an paste from the UKOG thread....they're in the same boat as we are, ie waiting for a rig,....they have 50% more shares in issues than we have. It'll be interesting to compare the effect that the appearance of the rigs have on both companies.

[bennyfishery] 14/8/2017 19:49

htrocka:

I admire you for your patience with these new posters, but pearls before swine are a complete waste.

I'm going to ground, as I can't bear to read some of the verbal vomit now being posted.

[deadly nightshade] 14/8/2017 19:37

Bull$$$$ teller next time you get your abacus out of your toy box have a add up how many shares ukog have in issue and then tell me what their recent high was on their share price over 10p wasn't it??? so if it does end up with a few more shares issued i am sure it will not hold the share price back too much. if it ever ended up another 1billion issued then with the right news whats stopping this hitting 10p??

[htrocka2] 14/8/2017 19:36

I wish you lads would do research before you rant on these boards....





'So presumably they don't get any money from BP until after production has started, which means that they have to find funding from elsewhere up until that point'


'...but is otherwise on normal industry terms...'


''Under the terms of the Vendor Finance Contract, COSL will extend delayed invoice and payment terms to Sirius which will have the effect, dependent on successful drilling, of deferring a significant portion of the cost of the rig until after the Company commences the production of hydrocarbons, but is otherwise on normal industry terms. The contract envisages a drilling programme on the Ororo Field and could be expanded to include other potential offshore assets.

The deal was that the Offtake Vendor finance package was NOT....I REPEAT... NOT...for 100% of the oil...but part oil and part cash....Now that BP have in effect acted as guarantors for the cash...the consortium will accept this and now do their bit. I never ramp a share but in this case, when this hits first oil and it's confirmed that SRSP have fulfilled their FTSA compliance and been officially awarded their entitlement to the 40% of ORORO....this will go ballistic. The FTSA remit states 'first oil'.....that means that this will be fulfilled at the Appraisal well stage by COSL before Schlumberger comes onto the scene with direction drilling etc..

[the truth teller] 14/8/2017 18:26

Well well well

We have somebody with savvy.

No no not more dilution.

Just a bit more chaps that's all we need. Just to get the old girl pumping if you know what we mean.

This isn't over yet, far from it.

[vatnabrekk] 14/8/2017 18:17

Dr. Rosso: You said:"BP prepayment facility puts the required funding into Sirius hands."

But in today's RNS it states:"The Agreement provides for the Company to draw down up to US$10 million, in pre-payment finance following commencement of production from the Ororo Field."

"...following commencement of production...

So presumably they don't get any money from BP until after production has started, which means that they have to find funding from elsewhere up until that point.