Sirius Petroleum Share Discussion Threads

[drrichard] 20/9/2017 23:59

Excellent, Astralvision!

[astralvision] 20/9/2017 23:35

So, to sum it all up.....The AD may contain not a lot/ just Ororo but in depth/ every marginal oil field in Nigeria.The share price will come back from suspension around the same price/ over 2p /10-20p / 50p-60p.SRSP will become an operator/ will be a sleeping partner/ will become extinct.We might have the same number of shares in issue or we might have a lot more.This will all happen tomorrow/next week/ before Christmas/ gawd knows when.COSL Power is stuck in Singapore/ its en route to Nigeria/ its already been drilling for yonks as it has developed 'cloaking' technology.Phew, thank goodness we've got so many well informed 'itk' investors on board here, otherwise I might be struggling a bit!One thing is for sure, with all bases covered and then some you never know, someone might have actually guessed a tiny part of what's going on right.Still, I ain't knocking it, bit of light hearted entertainment whilst we fritter the weeks away and see if we've got a Robin Reliant or a Rolls Royce, or something in between wouldn't be too bad.Good luck to all, fingers crossed for a good outcome.

[cautoussid] 20/9/2017 23:04

6CER, I also hoping for to see 50p target here as well
even though a shorter term holder than many here

[aventador] 20/9/2017 22:26

Spot on deadly to date we've had nothing but a string of disappointments here , i won't get my hopes up until I see more than ororo announced until then be lucky to see 2p by the end of the year at this rate and 2p isn't lucky for most still a fat loss let's see what bp and everyone else is here for stop stringing us along.

[htrocka2] 20/9/2017 22:13

Oil at $56...they need to pull their fingers out..






Bobo Kuti, chief executive of Sirius, said, "...............the relationship with BP will enhance our development programmes in Nigeria going forward."


It's difficult to see an early sell off....now that they have a 'golden goose' to maximise the value of their assets.....what's the point of a 'fire sale' now?, if ORORO produces all it's expectations....which is already 10% above the CPR oil price then as Bobo implies, this will move from project to project consecutively, gradually building this into a multi million pound company.

(Schedule 1 up next....will give a clearer picture))

some posters ask what is SRSP's role now that COSL, Schlum etc. etc..ie the 'big boys' are now in on this.....SRSP will do what they've always done and manage the complete works programme and control all the cash that runs the show.

[deadly nightshade] 20/9/2017 18:43

Yes in my opinion selling this off is probably the best and maybe only way to unlock short term value here for us shareholders. if we only get ororo news in the AD and if we do end up with some further dilution then who knows we might struggle to see even 2p here in the short term. what ever the share price comes back at will tell us all we need to know of what value the market puts on this. if this comes back at under 2p then whats the odds of this drifting down after the initial spike. i have seen far to many aim good things never come to anything. i am not being negative i am just keeping a level head, all this talk of 50p is total pie in the sky at this moment in time. lets just hope this AD blows our socks off and puts a rocket under the share price.

[dr rosso] 20/9/2017 18:05

Let the big boys take over all physical aspects of O&G production. What on earth is there for Sirius to do amongst a consortium comprising of half a dozen heavyweights with the experience and expertise to manage a huge enterprise? Far better to do a Cove, where the Ds took $50m apiece from the PTT t/o and used it to set up their own lucrative indep privateer operating next door in the same offshore Moz region. As Bobo says, there are plenty of distressed assets in Nigerian waters lying dormant and can be picked up for a song.

[1alfi] 20/9/2017 14:28

" If successful it is likely that Sirius would become the operator and this would trigger a reverse takeover under AiM rule 14 and require shareholder approval. Following this, complementary or unrelated acquisitions in the oil and gas sector may be made."

Got to drill ororo first ?

[twentysixpointtwo] 20/9/2017 13:26

I'd agree with your last post Rosso. Seems most likely now and I'm sure given the right price, would suit most of us.

[edgein] 20/9/2017 12:50

The seabed site survey is for finding suitable locations for subsea infrastructure wellheads, subsea pumps and flow lines etc. The COSL is a suitable rig for the job therefore its been selected. Wells can be drilled deviated but I reckon the water depth over Ororo is likely to average more than 8ft.

Regards,
Ed.

[dr rosso] 20/9/2017 12:42

Still not ruling out a complete sell-off. Task of Agent Sirius has been to set everything up. Quite poss that, following rto and valuations of all assets, Sirius be no more, leaving incoming NewCo, with its brand new BoD, to validate the joa. Sirius gone, leaving holders either with cash or NewCo shares.

Schlum-Havoc-BP-COSL-Owena-Guarantee-ADD = too many cooks already, where on earth does Sirius fit in?

[aventador] 20/9/2017 12:01

50p if they reveal multiple assets and get them into production maybe, but currently officially we have one confirmed and that's taking forever and a day to get into action or is it all stalling for a sale who knows.

[bleemster] 20/9/2017 11:36

@6cer - fair enough mate. We all have our own *targets*

[solarno lopez] 20/9/2017 11:28

so no hard evidence then !

[6cer] 20/9/2017 11:26

It's intuition by reading between the lines.

[bleemster] 20/9/2017 11:19

@6cer - why do you think 50p break down your math bud. I don't disagree just curious :)

[htrocka2] 20/9/2017 09:31

'Ororo water max depth is 8m. Acc to its spec, the COSL Power jack-up rig cannot operate in such shallow waters, its range is 30 ft to 375 feet.
What was the seabed survey for?'


(example)



Because of sea swells that can vary up to 6m, depending on the time of year, the reason jack up rigs are used is by their very nature called 'jack up' rigs' and operate above sea level and the influencing forces of tides...COSLPOWER will probably operate at about the 100ft mark.

[drrichard] 20/9/2017 08:38

Bron, I agree. The BoD talk of a "shallow offshore development strategy" and that is why they are here, I suspect. Timescale and asset stream unknown, of course. But, surely, these guys would do little more than indicate interest if the timescale was way down the road. Signing up to the JOA indicates a much nearer term I think.

[bronislav] 20/9/2017 08:07

I take on board what the more knowledgable posters are contributing but even trebling the cpr on ororo still makes in my view the consortium an overkill.schlumberger alone could easily handle ororo,it also appears we are being led down the road that the cosl power is stacked ready at the other side of the world,maybe it is ,maybe not.

[dr rosso] 19/9/2017 19:06

Ororo water max depth is 8m. Acc to its spec, the COSL Power jack-up rig cannot operate in such shallow waters, its range is 30 ft to 375 feet.
What was the seabed survey for?

[deadly nightshade] 19/9/2017 18:14

Good posts DR Rosso and Edgein in these quiet times its good to read some knowledgable posts regarding the future prospects here.

[dr rosso] 19/9/2017 15:32

All Ororo cprs should feature in detail in the AD. That includes the deeper sands data formulated by GCA in 2013. Looks like AD is going to be restricted to a comprehensive focus on the Ororo field and how they plan to develop it. The larger assets may be left out for the moment whilst they concentrate the drilling campaign on this starter field. Spud O2 in late-Oct, 6 months of production and EWT, proved up reserves, then RBL for what Schlumberger et al are really here for.

[dr rosso] 19/9/2017 15:23

Xiang is a distinct possibility as the HLV. HYR has been issued prematurely so as not to interfere with any event planned for around 30th Sept. If the AD is out by that point, the contract with the new operator will be valid and HLV/rig can be on the move out of Labuan/Singapore. GM approval will be a formality, so they can set off with no risk, tho share trading will have to wait a few more days.

[edgein] 19/9/2017 15:13

Bronislav,

There's only so much you can tell from non-tested formations and only so much CPR's will assume about non-tested formations. However get the full 200ft not just the top 40ft tested, perhaps even deepen and maybe find more stacked reservoirs, fully test all indentified pay then it will be included in the revised recoverable for Ororo. Need fully developed field and put on long term production test. But I've a feeling that's what the jvp here intend to do. Once they've 6 months of production out of the field they'll be able to assign an accurate recoverable for all formations (or at least those brought into production). If its a cluster well development then I'd imagine most of the formations including the gas will be developed and tied into that nearby platform. I'm expecting the AD to be pretty comprehensive on the development plan for Ororo.

Imo the rockflow report is working on information currently on hand, in the next 6 months there's going to be significantly more information on hand, in terms of tested pay, flow rates, flowing pressure, reservoir performance, decline rates etc etc. Accurate volumetrics will come then, since its passed BP's scrutiny for the offtake agreement that told me all I needed to know. Even though the market started to sell on that event, the most material event this year so far as its triggered events since.

Regards,
Ed.

[6cer] 19/9/2017 14:59

Keep on telling you 50p+ - wake up and take in the enourmity.