Sirius Petroleum Share Discussion Threads

[drrichard] 23/9/2017 18:23

Thanks, Ht , a thoughtful insight, indeed.

[bronislav] 23/9/2017 17:17

Wildly speculative htrocka but if true maybe they have to sort the nnpc changes first as they are part owners of the chevron wells/fields.

[htrocka2] 23/9/2017 16:37

'Afren had that valuation in times of high oil prices we are not in those times any more so it's not a fair comparison unfortunately'

(an ex AFR shareholder)
NO........Afren expanded too fast, had high debt levels and multi million $ covenants out at $100 a barrel, it doesn't matter what the oil price was if you lose control of the spending, as they did, you're asking for trouble. If the banks had held off for a further six months, they would have pulled through, as further wells were programmed to come on line....but the carpet bagging asset strippers...pulled the plug.(they nearly ended up as a SEPLAT subsidiary)

45k bopd (315,000 barrels per week) and they couldn't service their debts.

[htrocka2] 23/9/2017 13:29

drr

'DrR can you point me to the Chevron deal? I have just quick-checked the 2014 RNSs and can find no mention?'



01/05/2015(extract)
'Consequently the Directors of Sirius, in conjunction with Nima International Limited ("Nima"), an affiliate company of Levant Energy Limited, have agreed to consider alternative funding structures for the Ororo Field. These include Nima providing funding to Sirius Ororo ("OML 95") Limited, a wholly owned subsidiary of Sirius ("Sirius Ororo Ltd.") which directly owns OML 95, or obtaining funding at the project level. The Directors are also considering a range of alternative structures including debt structures, which are less dilutive than the proposal previously considered.'


It's only ever been mentioned once, but according to the above extract it looks as if a clandestine deal was done with Chevron for SRSP to take over the whole of OML95 that belonged to Chevron...it looks as if pressure was put to bare by the FG...ie, use it or lose..so it appears they've signed the whole field over to SRSP......rather than lose it.(no doubt with eventual royalties in mind). The satellite wells were never put forward for the next Marginal Bid round....implying that they had already been sewn up.

[carrbradshaw] 23/9/2017 12:05

Like Bronislav, like!!

[bronislav] 23/9/2017 10:47

For all the long termers ,remember the board are relatively long termers and havent been paid as yet...They are aligned with us ,their agenda is to get the best possible deal for shareholders as they themselves are shareholders..Expect dilution but the assets reflect the consortiums enormity and will easily balance any dilution.

[shez20] 22/9/2017 12:30

Jack at the agm stated any work/cprs that have been done on all assets will be revealed in the admission documents so all this should be put to bed once it is produced and we should all have a better understanding of our investment which hopefully is worth a lot more money once produced!

[dr rosso] 22/9/2017 10:08

As with many other what we would regard as highly significant events eg Mr Lyon's appointment, the 2013 GCA cpr, block 241, etc etc, you'll not find the info within any rns.

[drrichard] 22/9/2017 09:39

DrR can you point me to the Chevron deal? I have just quick-checked the 2014 RNSs and can find no mention?

[bronislav] 22/9/2017 09:21

Nnpc and chevron are both involved on oml95 ..does the changes to the nnpc in the PIB have to be implemented before the sirius plan can be completed?.

[dr rosso] 22/9/2017 09:01

The tie-ins which HT refers to are the outlying marginal fields in 95, all drilled previously by the block owner, Chevron with whom an agreement was reached in 2014 in lieu of the DPR bidding round which risked the fields remaining dormant. Simult production by the NewSirius consortium would quickly have these fields flowing 60k boepd into the O2 hub flowstation, from where the oil, gas and condensate will be separated out. Not forgetting Ororo field itself which is likely to contain 100mmboe+ once fully tested.

[aventador] 22/9/2017 08:54

Complete nonsense comparison as the bod also clearly stated they had to basically start from scratch on ororo and that's the only signed deal they have currently and them rnss are 4 years ago and things have changed a lot since then.Still clearly they have things being covered up they couldn't discuss which must be far more significant than just ororo but we are still in the dark and delisted until we hear otherwise.

[xerot] 22/9/2017 08:06

Afren had that valuation in times of high oil prices we are not in those times any more so it's not a fair comparison unfortunately.

[htrocka2] 21/9/2017 20:58

I thought I'd state my two penneth worth tonight..

On 03/05/13 SRSP promised Glencore they could deliver up to 60,000 bopd,(no gas mentioned). Fourteen months later they posted the article below.


rns dated 29/09/'14
'Once concluded, and looking further forward, the strategy for Sirius remains to acquire off-shore assets. Specifically, we will target assets which have been drilled but do not tie-in to any onshore infrastructure, do not have significant farm-in fees and where we have the right to operate and to market the crude oil produced. We will endeavour to fund all our assets in the most efficient way for existing shareholders and following completion of existing discussions, I am confident that we will continue to execute this strategy.'


The point being....We're talking about 60k bopd plus what ever comes out of the 'confident' project posted above....let's say another 20k bopd...so eventually, down the line, we have circa 80k bopd (without the gas)....Afren was once valued at £1bn and the maximum they produced was 45,000 bopd.

[1sonic] 21/9/2017 20:50

15p lol not sure to cry or smile. The doc seems to know what's going on so I'm going with the doc!

[dr rosso] 21/9/2017 20:25

Quid for cash was on at one point. A £1bn offshore mega-operation for copious O&G and 1bn shares in circulation. Delays and cash-call placings scuppered that, but with 3bn fully diluted a 30p target cannot be ruled out within 2 years if the innovative project funding plans work out to bring the big assets into play.

But why not avoid all the hassle and sell up at something around 15p? Instant cash buys a lot these days in the O&G sector. Why settle for doubling your money when wise acquisitions will quadruple it within the same timeframe?

[1sonic] 21/9/2017 19:50

That's the spirit Jamie 40

[jamie40] 21/9/2017 19:32

Good luck with the short Granny :)

[vatnabrekk] 21/9/2017 11:47

Good thing we have ttm on here to keep us right.

[astralvision] 21/9/2017 11:36

Must have missed that, where does it say Schlumberger have 2p options?
Are you getting mixed up with Havoc?

[1sonic] 21/9/2017 11:26

Only one idiot on this board granny

[wiserthanyou] 21/9/2017 10:49

You can stop the ramping now lol... If it gets relisted which I doubt very much you will be swamped in yet more worthless shares and would be extremely hard pressed to sell your shares. There would be a tiny up spike before they pull the wheels off it and leave you sad "50p" idiots high and dry.
lmfao

[herman_m] 21/9/2017 09:20

In terms of expected price when we start to trade again, we know that Schlumberger have options to be exercised at 2p so i would expect to see something north of that.

Do any of you have a summary of the other options/warrants still live along with exercise price? I'm thinking about the ex-directors.

Thanks

H

[cautoussid] 21/9/2017 08:39

6CER ,while only having started to build a holding after seeing the BP rns ,have researched this share for some time ,and appreciated the helpful research from a number of investors such as DR Rosso ,personly hoping for a share price of 50p even with the dilution that has been seen
good to read your research and others , while waiting for more news ,atb