Sirius Petroleum Share Discussion Threads

[astralvision] 25/9/2017 17:14

Who cares re cash generative when SRSP are half-way through writing a blockbuster. Can't wait to read the epic tome.

[aventador] 25/9/2017 17:04

We're supposed to be cash generative by the year end according to bobo at this rate we won't even have the cpr.

[solarno lopez] 25/9/2017 16:29

Thank you for your support Astral

[astralvision] 25/9/2017 16:26

You can't write, for example, a 300 page document in a few days, have it checked by all parties, amended, checkout again, advisers, nomads, solicitors, accountants all having their input. I would think, in the normal course of events, a period of two months would be considered good going and three months not at all unusual.
Worth remembering as well this process kicked off in mid-August when progress was probably understandably slow due to holidays, bank holiday etc.

[aventador] 25/9/2017 12:52

Yep bloody slow still here this time next year waiting going by previous years.

[6cer] 25/9/2017 11:31

Don't hold your breath - you know what they're like.

[aventador] 25/9/2017 08:44

Morning all.Surely we must hear some kind of update this week, being the last week of September we must be close to seeing this document and agm/egm being confirmed asap.

[bronislav] 25/9/2017 07:29

Htrocka ..re afren...seplat alledgedly wanted more time but afren refused ...In whose interest was it for afren to refuse ...?

[dr rosso] 25/9/2017 07:04

Sept 2016
"Sirius has stated that they intend to install a Conductor Supported Platform prior to drilling Ororo-2. Oil from the EWT will be piped from the platform to a barge, where it will be treated and exported via a shuttle tanker. Gas will be exported via a 5km 8” pipeline to Parabe. For Full Field Development, it is
envisaged that further platforms will be installed."

[drrichard] 24/9/2017 21:45

What goes around comes around my friends, my post from 27994. Nov 2014. Does not mean it is any less relevant, of course.
Indeed, DrRosso

Sirius Petroleum - Ororo Field Development Plan
Principal Process & Facilities Engineer; Oct. 2012 to February 2012
Process & Facilities support to team looking at the optimum field development option for the Ororo development. To optimise a multi-field development based around an Ororo hub (wellhead platform) linking to Chevron Parabe facilities in the South West Niger Delta sector of Nigeria. .

[htrocka2] 24/9/2017 20:39

Nice one Cornish..

'Sirius Petroleum - Ororo Field Development Plan
Principal Process & Facilities Engineer; Oct. 2012 to February 2012
Process & Facilities support to team looking at the optimum field development option for the Ororo development. To optimise a multi-field development based around an Ororo hub (wellhead platform) linking to Chevron Parabe facilities in the South West Niger Delta sector of Nigeria. .'

(note, it says 'multi field' as opposed to 'multi well')


'The demise of afren ,by accident or design?''

They did try and save it....but as the price of oil kept dropping... a couple of fields got hived off to backers already in the business.

[handygandhi] 24/9/2017 18:39

Well spotted, Cornish

[cornishtrader1000] 24/9/2017 18:22

The LinkedIn page of one Tony Wokoma does mention a multi field around Ororo hub (Wellhead Platform) development plan to link up the South West fields with Parabe facilities

[bronislav] 24/9/2017 10:28

The demise of afren ,by accident or design?

[1sonic] 23/9/2017 20:32

The low poo has saved us all from losing everything! The delay will repay us all. Golden tickets and a wise BOD. We should be grateful it's taken this long....

[xerot] 23/9/2017 20:24

The simple fact hotrocka is that afren wouldn't have been able to grow and get themselves in debt with the current low oil prices.

[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.