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SRSP Sirius Petroleum Plc

0.40
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Sirius Petroleum Plc LSE:SRSP London Ordinary Share GB00B03VVN93 ORD 0.25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.40 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Sirius Petroleum Share Discussion Threads

Showing 76776 to 76798 of 140175 messages
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DateSubjectAuthorDiscuss
04/9/2017
13:47
Thanks edgein
bronislav
04/9/2017
12:43
Bradshaw I'm bored out of my mind with the wait, but a bit of positivity helps it go a bit quicker
bumhammer
04/9/2017
12:14
Bumhammer - haven't sold out or have a small holding - just bloody boooooooored - ffs get on with it!!
carrbradshaw
04/9/2017
11:40
Bronislav,

I have no idea why a company would have a production platform at Ororo when its not developed nor producing. Makes no sense, no company would spend $ms per year to maintain a production plaform that doesn't produce. If they've a platform ready to be shipped to a fast track development great, that'll really speed things up as it could be adopted to whatever % of gas/liquids that Ororo eventually produce.

Regards,
Ed.

edgein
04/9/2017
10:47
Drewster, Bradshaw - there's part of me that can't help think you two want this to fail or have everything go against it to validate the fact you've either sold out or only have a very small holding when you know you should have had your balls nailed to it.
bumhammer
04/9/2017
10:37
re 'previous', I'm not sure how relevant that 'previous' is. 7 years ago now and, I believe, a completely different board of directors? Also the quality of the other parties involved is on a completely different level to 'previous'.
A bit like saying because the previous occupants of your house did not pay their council tax, you won't either.
Just my view.
I'm encouraged by the fact it's taken a few weeks to date, wouldn't want to see anything too quickly, but I don't think we are that far away either.imo.

astralvision
04/9/2017
10:26
Yes Drewster - previous!!
carrbradshaw
04/9/2017
10:17
"previous" bumhammer! Look at the last suspension.
the drewster
04/9/2017
10:02
Why could it happen here Bradshaw? What evidence do you have?
bumhammer
04/9/2017
09:38
We hope and pray Dr R - I just hope it's not a long drawn out 6/12 month suspension which could happen here.
carrbradshaw
04/9/2017
09:35
UKOG shows that over a one month period a Co. can go from £30m mcap (sp 1p) to £240m (8p). Will revelations here at SRSP contain sufficient detail for a repeat of UKOG?
dr rosso
04/9/2017
08:13
Yes Sept 11th
bumhammer
04/9/2017
05:37
Sorry double post
solarno lopez
04/9/2017
05:36
Any particular reason for your prediction Oakville
solarno lopez
03/9/2017
09:09
I am sticking with my Sept 11th target.
oakville
03/9/2017
08:54
My thoughts also, Bron.
handygandhi
03/9/2017
06:55
A simple coiled tubing re-entry of ororo1 would likely flow oil,however my own thoughts are that the 20 million is for going in on other assets.If I was sirius I would work towards getting all necessary infrastructure in place to facilitate the pipeline of assets.All these large multinationals in the consortium will surely want to hit the ground running to make it worth their while.gas gas gas and infastructure infastructure infastructure...The crude is the side show ,a glut of oil and other ways of generating power for the electric car future tells me loud and clear that the consortium focus is gas.Everything has been hidden behind years of red herring focus on failed attempts to raise cash in order to drill ororo2.Appraised with O2A ,open data room,bring in simon hawkins to value the whole pipeline ,graham lyon to do the high end negotiations and then highest bidder takes the lot..my cluedo suggestion.just need to open the envelope to see how close or how far off I am.
bronislav
02/9/2017
23:37
According to this Schlumberger assessment Ororo flow tested at 2800 bopd, could
they not just start from this and kick off all the payments and then develop
the field further. Also mentions Gas in place.

kwizza
02/9/2017
23:05
vatna... the way I read it was that only part of ( all be it worded as 'significant')portion of the money was to be deferred until after production of hydrocarbons...'otherwise on normal industry terms'.....in short, rigs can cost up to $140k a day, let's say a couple of months to transfer, drill appraisal wells, side tracking operations prior to final production...that's 60 days at say 33% of the full day rate...60 days at $46.2k p/d...is about $2.8m which is required by Cosl the moment they produce oil. The balanced is deferred via oil sales over which BP have priority having acted as guarantors for back dated cash settlement to COSL et all. Everything is 'deferred' until oil production...but it's at this stage that large wedges of cash change hands for services already provided and then the balance to all will be paid 'after the company commences production of hydrocarbons'. To cut a long story short.....eventually, at the end of the day and about a year down the line, SRSP, utilising other entities money and having paid everyone off, will end up with 100% of the 40% of Ororo and possibly Block 1 as well, without laying a single penny of their own money out.....that's a very good business strategy.



19 Nov '16
'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....'

htrocka2
02/9/2017
19:00
As far as I am aware, the service providers (Schlumberger, COSL, Tidewater, and Add Energy) are allowing payments to be deferred until first oil is produced, so SRSP shouldn't need a huge amount of funds to get to that point. But if they do need bridging funds, presumably they will be able to borrow on the strength of the off-take agreement with BP Oil.

I was rather puzzled when I read in the RNS that the prepayment finance can only be drawn down following commencement of production. I also note that the facility will be conditional upon the Ororo field achieving certain daily production levels, but it doesn't say over what period they have to maintain those levels to qualify. So precisely when the prepayment finance will be paid to SRSP isn't entirely clear to me.

vatnabrekk
02/9/2017
17:38
Vattnabrekk. Sirius have the facility to draw down the first two tranches according to the rns..Sirius has to be producing before it can draw down the cash so it means we dont need the 20 million to drill...so what do we need the 20 million for and where does our agreement with the company previously known as BTG fit in.
bronislav
02/9/2017
13:40
1alfi: It's not my understanding that SRSP are selling 500,000 barrels of oil to BP for $10m. Reading the RNS, SRSP may draw down funding up to $10M while preparing the first packet of 500k barrels, and they will pay interest at 9% pa for any funds drawn down.

The RNS also says "...and will be repaid from crude oil sales" which suggest to me a)that it is not a straight off-set between the 500k barrels and the $10M (bearing in mind that SRSP may or may not draw down the full amount allowed of £10M); b) that it is expected that the sale of the oil will more than cover the amount required to repay the amount drawn down; and c) that the actual sale price per barrel may not be specifically stated in the agreement but may depend upon market POO at the time.

Once the first packet of 500k barrels has been handed over to BP, and following repayment of the amount drawn down, then SRSP may start to draw down on the second lot of $10m, which is why it is called "a US$10m revolving pre-payment facility".

Looking at the production rates quoted in the CPR I reckon it may take about 3 months to prepare each packet of 500k barrels.

vatnabrekk
02/9/2017
12:52
Just a passing thought. If we are selling 500,000 barrels of oil to BP for $10mill that works out at $20 dollars per barrel income. But yet according to the cpr we are going to have $27per barrel extraction costs.

How can that be economical ?

1alfi
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