Sirius Petroleum Share Discussion Threads

[htrocka2] 15/8/2017 11:05

vatna... (22/09/'15 rns)...(40% is the controlling interest)


'In addition to applying for the Well Permit, Guarantee Petroleum, Owena Oil & Gas and Sirius (together "the Parties") intend to apply to the Ministry of Petroleum Resources in Nigeria to legally ratify Sirius' 40 per cent. participatory interest in the Ororo Field. This is subject to the amendment or waiver of certain terms of the FTSA, which have been highlighted by a recent review of the FTSA by the Parties, in order to confirm each of the Parties rights and economic interests under the FTSA, which comprises Sirius' 40% interest, Guarantee Petroleum's 32% interest, and Owena Oil and Gas' 28% interest.

[cautoussid] 15/8/2017 10:46

share price down 4% although looking at the buys as well some of the larger buyers look to be liking this lower price before news on rig with buys such as the 1 million share buy and the 1.2 million share buy

[cautoussid] 15/8/2017 10:32

watching to see if an update on rig soon
to see how this share price may move then

[vatnabrekk] 15/8/2017 09:48

HT: Would that rule apply if SRSP only has 40%, which could be regarded as an investment rather than a controlling interest - controlling normally means more than 50%. Also, if the operator is one of the consortium, such as Guarantee Petroleum but not SRSP directly, then would this AIM rule still apply requiring suspension?

[oakville] 15/8/2017 09:33

So what does this value the company at then?

[htrocka2] 15/8/2017 09:26

The rns emphasises that this is an 'Investment Company'....read on. (parenthesis are my insertions)



AIM Rules..

Controlling stakes

Where an investing company takes a controlling stake in an investment,(as in the case when first oil is obtained and SRSP, as joint operator, control 40% of ORORO) there should be sufficient separation between the company and the investment to ensure that the investing company does not become a trading company. There should also be sufficient separation between the investment and any other investments the investing company has made; crossfinancing or sharing of operations, for example, should be limited.

If an investing company is intending to undertake an acquisition that might result in it not being an investing company, for example, it will become an operating business following the acquisition, the application of rule 14 of the AIM Rules for Companies ,reverse take-overs, should be considered.



The bottom line.....Suspended before Christmas.

[bidmoll] 15/8/2017 09:20

Out of UK so can't check myself. Any press coverage? Thanks in advance

[recordz] 15/8/2017 09:07

Gotta hold 1.2. Former resistance in July.
Might need more news to make it go higher, unless the market knows something.

[elliotset] 15/8/2017 08:45

Why so many sellers

[htrocka2] 15/8/2017 08:33

O/T

Dangote is burning tyres and saw dust to keep his cement factories going...due to lack of gas.

[elliotset] 15/8/2017 08:22

Bobo Kuti, CEO of Sirius, commented:"The revolving prepayment facility and offtake agreement with BP supports the multi-well campaign on the Ororo field. It underpins our strategy to develop Ororo along with our world class oilfield service partners COSL, Schlumberger, and Add Energy. In addition, the relationship with BP will enhance our development programmes in Nigeria going forward."

[oakville] 15/8/2017 08:19

Thanks guys.

[htrocka2] 15/8/2017 08:14

Oakville, it'll probably take a couple of days to set up, security, vetting, etc..

[1sonic] 15/8/2017 08:09

Oakville call your broker and ask for a bed n ISA. Do it now!

[htrocka2] 15/8/2017 08:07

Oakville...all mine are in an ISA.



I think this is fairly straight forward...and clarifies the pre-payment situation .



(they've signed up to two separate deals, 'Pre-payment' and ' Offtake agreement')

[oakville] 15/8/2017 08:04

Can these be put in an ISA?

[oakville] 15/8/2017 08:04

Where I was coming from is in 12 months people will be trading these at 40-60p and looking back at the charts thinking 'why did I not buy at a penny?'

[1sonic] 15/8/2017 08:02

I don't know I get my info from EPE

[htrocka2] 15/8/2017 07:59

xerot


'..It seems like they anticipate (or did in 2014) $25million requirement for the appraisal drill..

That was based on cash required for a 'stand alone' scenario and being upgraded to three wells, probably costs more than that now, however, with deferred costs and backed by a consortium, we are no longer in a 'stand alone' project and part of the $25m is on be on a delayed payment basis.

[bronislav] 15/8/2017 07:49

I,m guessing you are expecting an rns then sonic?

[xerot] 15/8/2017 07:47

1sonic how do you see this playing out ?