Sirius Petroleum Share Discussion Threads

[edgein] 01/9/2017 10:40

Eh no, you'll find that royalties are paid from revenues.

Regards,
Ed.

[htrocka2] 01/9/2017 09:05

Summer is over....and still no rig.

'Eh no, SRSP will have 88% of the project revenues ...'

Eh no, Although we have a five year tax holiday, every one keeps forgetting about the 12.5% per barrel Nigerian Government Royalty tax. (varies with volume extracted)....(every eighth barrel goes to the government....which the CPR failed to mention)

[aventador] 31/8/2017 20:30

Summer is over again and still waiting...Come on Sirius let's at least have a prosperous Xmas this year #getamoveon.

[bronislav] 31/8/2017 19:29

Wonder what happened to red or black.?

[qprallan] 31/8/2017 19:23

Hope this doesn't effect us in any way:

[qprallan] 31/8/2017 14:47

More humour whilst we wait.

Couldn't resist copying this from another board.

There is a medical distinction between having Guts or Balls. We have all heard of people having Guts or having Balls.

But do you really know the difference between them?

GUTS - Is arriving home late after a night out with the guys, being met by your wife with a broom,

and having the Guts to ask: 'Are you still cleaning, or are you flying somewhere?'

BALLS - Is coming home late after a night out with the guys, smelling of perfume and beer, lipstick on your collar, slapping your wife on the butt and having the Balls to say: 'You're next, Chubby.'

I hope this clears up any confusion on the definitions.

Medically speaking, there is No difference in the outcome.

Both are fatal.

[edgein] 31/8/2017 10:50

Moreover Gulf oil merged with another co to form Chevron so Gulf oil pretty much equals Chevron.

Regards,
Ed.

[edgein] 31/8/2017 10:46

Htrocka,

There's more to it than drilling costs, project payback occurs not only after pre-drill planning costs, drilling costs but also development costs. All of the money SRSP has sunk to this point, the money BP is going to sink on our behalf and the full vendor financing all make up that 88% revenue share that SRSP will receive before they revert back to wi payments. Oh err well still doesn't matter if it were Gulf oil or Chevron it doesn't change the revenue share. Glad to clarify that for you.

Regards,
Ed.

[htrocka2] 31/8/2017 10:09

Ed

That's out of context....I was trying to ascertain SRSP's valuation after drilling costs had been paid off which, at the end of he day, would give an accurate assessment of their 40 percent of Ororo in the event of a buy out further down the line...and Eh no, Gulf Oil drilled Ororo1. Chevron now own the data.

[edgein] 31/8/2017 09:50

Alfi,

Impossible to compare that and say its 6 months from one well. Firstly Chevron only tested about 40ft of the 200ft of net pay identified in O-1. Also it was an exploration well not designed for production. O-2 to O-4 are designed for development of Ororo, may be deepened and I think the CPR mentioned cluster wells (that's multiple production legs from one well. We'll know more on the publication of the AD ahead. Also with the deepening of the wells to target formations producing from neighbouring fields gives currently unknown upside beyond Ororo. So everyone will read the AD in great detail and until the wells are drilled and at least one deepened (potentially all wells deepened) its totally impossible to estimate how long it would take to provide BP with these two 500k bbl shipments. Clearly from their dd of the field and asset BP are willing to hand over between $10-20m for this initial offtake agreement. I could see more of these coming once the field is in production. Its what has triggered the suspension too. Clearly BP showing their backing has been the key to getting COSL and SLB into action. Market didn't realise this at the time therefore the peculiar reaction to the key announcement, too late now for those not in.

So its best to sit back wait until they get these wells drilled, tested and towards development and we'll get a clearer picture of the size and potential of Ororo. I cannot wait more than ever since BP have given this project the green light with the initial $10m offtake.

Regards,
Ed.

[edgein] 31/8/2017 09:40

Htrocka,

"SRSP will have 40% of the 10,310 bode(and that's without the Daffney CPR estimates)....with which we could be going up to 12,000 barrels equivalent p/day or higher, which could give SRSP as much as 5,000 barrels p/day net."

Eh no, SRSP will have 88% of the project revenues until payback before reverting to 40% working interest. Therefore likely 3-4 years of production, potentially very material production (depending on flow rates of course). Every penny reclaimed before they go to working interest. Although if they find more pay below Ororo that payback may be rather swift. :) Lets get on with the business of getting these 2-3 appraisal/developmental wells drilled and see what this 200ft of Chevron identified pay is capable of.

Regards,
Ed.

[drrichard] 30/8/2017 10:59

What is getting interesting is that it sounds like we get one big hitter on board and he he gets his mate on. Etc. Now, would you do this to your mate if we were onto anything but a good thing? I don't think so.

[jenny tulwought] 30/8/2017 10:57

Don't start banging on about PG again - unless you're pining for the naughty step.

[dr rosso] 30/8/2017 10:36

Martin Richards worked closely with Graham Victor Lyon during their time together at PetroCanada, Canada`s 10th biggest Co. back in 2006. MR was Chief Reservoir Engineer before moving over to Suncor on the merger conducted by GVL. Wouldn`t be at all surprised to see GVL installed as Chairman of NewCo. But who will be the new CEO? And who on earth is Peter Gregory?

[aventador] 30/8/2017 09:38

I wonder how much longer this suspensions going to go on for? Guess news could pop anytime really and with no trading to go by no telling.Hope it's soon and we can get underway to production asap this autumn.

[bumhammer] 29/8/2017 22:34

Dr Richard, I expect nothing short of spectacular! :)

[drrichard] 29/8/2017 21:32

When you see who we have partnered with and tbe quality of our advisors you have to wonder just what we have kept under the wraps.

[bronislav] 29/8/2017 19:52

Bumhammer..I agree that they would deserve it,jury has been out a few times for most of us with regards to the board but the team they have assembled in the consortium is top class..

[activeservo] 29/8/2017 19:39

Dr, I have to say that's an impressive profile/career. Makes our REs look like amateurs!I think it'll be a fund raise too chaps but hopefully I'm wrong...Looking forward to drilling.

[drrichard] 29/8/2017 19:27

Look who we are consulting, a highly respected reservoir consultant, who happens to report to Ophir, on his client list

[bumhammer] 29/8/2017 18:48

And boy would those guys deserve it :)

[bronislav] 29/8/2017 17:34

Could be the directors are in on the fund raise in leiu of wages.A final figure of circa 4 billion shares likely but crucially all seated at the table.

[herman_m] 29/8/2017 17:03

I agree Solarno. In my opinion that is why the share price was suppressed right to the end, to add some credibility to the placement pricing and providing maximum upside for those luck enough to be part of the fund raising.

[solarno lopez] 29/8/2017 16:24

Got to be a fund raise

[dr rosso] 29/8/2017 16:20

AD may give an indicative price.
Have no doubt there`ll be an extra bit of cash raising for mates at the rerate.
Dont forget the new share options also, incentives for the incoming BoD.