Sirius Petroleum Share Discussion Threads

[vatnabrekk] 12/9/2017 16:45

And I'm quite sure that Tidewater will want to get their assets working and earning money asap.

[solarno lopez] 12/9/2017 16:45

must be the bloody bats then Bron hahahah

[bronislav] 12/9/2017 16:39

Cmon folks ,its nearly 12 months since cosl and pals signed ,they signed up and it was suggested they didnt want men and machinery sat idle..12 months nearly!!!!!sirius mentioned in the rns that it would allow them to accelerate operations in nigeria.Even given it would be a long and detailed exercise preparing an AD document The likes of BP and Sclumberger etc would want an idea as to timeframes on the Egm and AD..The legal team will have a approx date for completion and so in my view its not the water hyacinths holding us up or the AD.

[solarno lopez] 12/9/2017 16:02

In fairness its the Nomad that vets the document but the AIM team review and make/suggest amendments and do refuse to list companies if they feel the company does not match the admission criteria

[solarno lopez] 12/9/2017 15:58

Depends whether its a Prospectus under the Prospectus Directive

[kiwi28] 12/9/2017 15:34

The UKLA has nothing to do with AIM...

[solarno lopez] 12/9/2017 15:02

That's more like it Doc

[dr rosso] 12/9/2017 14:59

OldCo will be no more, delisted. It will re-emerge as NewCo, prob retaining the same name, but with a new controlling body, new BoD. It will be classed as rto. All existing contracts will transfer across.
NewCo will have producer status and take a % stake in the first project financed by a consortium through a special purpose vehicle. The newly formed spv will have its own name, and will likely be focused solely on the Ororo field. Joint operators will be made known.

Further assets eg outlying tie-ins in 95, Block 241, etc, may be announced and detailed within the AD. If so, expect 5p (£150m mcap) rerate instead of 2.5p (£75m).

[lobleg] 12/9/2017 14:52

Vat: Yes, I would expect so.Htrocka: Correct. Hence my use of the phrase "should continue" which would have been in italics if it were possible!

[htrocka2] 12/9/2017 14:34

'Aim Rules for Companies states that "companies while suspended, must continue to comply with these rules."


lobleg...We've said this before , there's no problem circumventing that particular rule in one of at least two ways...'if a company is in the process of an ongoing negotiation'...(so the negotiations are continually ongoing) or the reporting on projects with a subsidiary is not mandatory. You've also got to take on board that with a new AD and greater expansion prospects, the old £10m of shares @ the nominal value of 0.25p, ie, 4bn share Authority, will undoubtedly be changed to a greater value....or start again with a further 4bn authority.

[vatnabrekk] 12/9/2017 13:02

Solarno, I was actually thinking along similar lines. My thoughts are that this AD is in many ways similar to a new company's prospectus, where everything relevant must be disclosed. So I would expect all details of assets, finance, strategy etc. etc. to be included, just as if it was a new company coming to the market.

Which it is, of course.

Lobleg: If that is the case, then presumably they would have to announce if they were in the process of mobilising the rig, or if they had "surreptitiously" sneaked the rig onto the location and started drilling?

[solarno lopez] 12/9/2017 12:39

Well done 'Lobby'

[lobleg] 12/9/2017 12:39

Aim Rules for Companies states that "companies while suspended, must continue to comply with these rules." So there should continue to be "prompt and fair disclosure of price sensitive information to the market."

[solarno lopez] 12/9/2017 11:52

You are using the wrong reasons for suspension

SRSP will be a new company seeking to list in AIM and as such must be approved for listing by UKLA.

[drrichard] 12/9/2017 11:46

Two pertinent lines from 2016 AGM notes

1. the AD with full transparent and detailed details of the entire plan/assets/financing

2, "its a pretty hefty document and any prudent company would have started the process long before it was required"

So, yes Solarno, it is bulky and detailed but if a lot of the prep was done it should not take too long to finish off. And, if so, Bron, then suspension will not have been long before the AD was published, if you get my drift.

[bronislav] 12/9/2017 11:20

Still begs the question why suspend so early...bumhammer.re...reporting during suspension I am not wholly clear on...One thing is for sure the share price was held back ,the news we have had over the last twelve months surely would sguggest a higher sp,If we were drilling or some important news leaked the share price is covered as we are suspended.Earth shattering news or imfo is in my view not for us,the only entities in need of full disclosure would be cosl ,schlum BP etc..The EGM in my view will come in november or maybe end of october .two months from suspension would give them time to complete and also time to finish the AD..Only guessing but it has some logic attached...we could come back from suspension and then suspend again after,a few weeks later. pending another announcment.

[astralvision] 12/9/2017 11:11

SolarnoMany thanks for your considered reply, much appreciated.I guess we may get an update on progress at the time of the interims which should be out latest week after next.

[solarno lopez] 12/9/2017 11:05

Astral I have been involved with ADs in the past and they take a long time to produce. Advisors have full diaries and trying to organise meetings can be difficult, wording in the document must be precise and not mislead, information must be gathered, information must be verified and that is tedious, etc

I, like the rest want this AD out asap but doubt it will happen DO HOPE I AM WRONG THOUGH

[witchywoo] 12/9/2017 10:46

sometimes you've just got to spell it out DrRichard :)

[vatnabrekk] 12/9/2017 10:43

Yes drr, I agree with that. the clue is in the words "...efforts towards..."

[astralvision] 12/9/2017 10:42

Solarno LopezMay I enquire as to why you believe the AD is at least another month or two away?And do you have a view as to if it will contain further details on assets beyond the Ororo field? Thank you.

[drrichard] 12/9/2017 10:13

Ht the exact words are "..efforts towards the commencement of drilling operation at Ororo Marginal Field (OML)".
Suggests paperwork and permits and preparatory plant ordering/collating to me. Lots to do before the rig arrives.

[solarno lopez] 12/9/2017 10:11

At least another month or two

Good question BH