Sirius Petroleum Share Discussion Threads

[6cer] 29/9/2017 10:38

No - I wasn't Quentin Crisp's bum chum.

[solarno lopez] 29/9/2017 06:28

So you were around in the days of Quentin Crisp 6cer ?

[bleemster] 29/9/2017 00:35

:-)It's like Xmas and waiting for Santa to deliver me my goodies.

[6cer] 29/9/2017 00:26

The last time I revealed myself I was fined 30 shillings.

[aventador] 28/9/2017 22:11

Longer it stays delisted bigger the final document has to be.Come on Sirius reveal yourself.#boom.

[dr rosso] 28/9/2017 19:34

Can't see this particular zero being with us for much longer

[wiserthanyou] 28/9/2017 19:01

Still zero mugs :)

[edgein] 28/9/2017 17:40

Mini,

Sure, here it is, page 14.



Regards,
Ed.

[dr rosso] 28/9/2017 15:29

COPL entry into Nigeria was achieved via a jv with Shoreline. The spv Shorecan then took 80% of Essar's share capital, Essar being the 100% leaseowner of OPL 226


"The Company also formed a joint venture company with Shoreline, in line with the Company’s strategy to diversify and balance its asset portfolio to generate stable cash flow from secure assets. The Company and Shoreline each hold a 50% interest in the jointly controlled company, ShoreCan, which was incorporated on 24 October 2014. ShoreCan is focussed on acquiring upstream oil and gas exploration, development and producing assets in sub-Saharan Africa, and has taken a position in Nigeria.


In Nigeria, the Company is anticipating a 40% working interest (through ShoreCan) in OPL 226. The Company has been in discussions with certain shareholders and other organisations to obtain funding for its obligations in respect of OPL 226. ShoreCan has committed to invest up to a maximum of $80million into Essar Nigeria in the form of an interest-free shareholder loan. The funds will be used for Essar Nigeria operations and in particular, to cover work program
obligations, including the costs of drilling one well under Phase-1 of the PSC."

[minichris] 28/9/2017 15:21

Care to link it for us Ed?

[edgein] 28/9/2017 14:41

Minichris,

We'll find that out when they publish the AD, I suggest you check out the presentation though as there are many similarities between the parties. We also have indigenous partners that allow for fast tracking of production and you'll see the economic case of producing from a jackup. The topside of the COSL power may not be suitable to be modified for production, separator and off-take but there are other available rigs in Nigeria that are. So yeah the Power may be moved to the next target but producing through Jack-up is viable at $50/bbl when you also take in barge and tanker costs too. Its all in that prestenation that's worth a read. It would allow production straight away before a stand alone production platform is designed for Ororo.

Regards,
Ed.

[minichris] 28/9/2017 13:55

Would it not then move onto our other "pipeline of assets"?

[edgein] 28/9/2017 13:46

Mini,

Yeah it may not apply here as the rig would need modified, but its a way to get early cashflow and production that's for sure just straight after drilling. We can hope that with all of the wells drilled on Ororo they may have an alternative use for the COSL Power. If the wells were doing in excess of 10,000bopd then it would indeed be a lucrative use of the rig.

Regards,
Ed.

[dr rosso] 28/9/2017 13:38

$70k



Interesting refs to Nexen, which is, like COSL, a subsidiary of CNOOC

[minichris] 28/9/2017 13:25

@Edgein

At circa $55k a day, is that the optimal use of the rig?

[dr rosso] 28/9/2017 13:14

The Ororo field itself is an intriguing mystery, with extensive pre-production work having been done on it over the last 6 years. Final valuation is going to be well above the present indication of $49m, prob triple that.

But it's not that that has brought in the superheavyweights. We await revelations of its strategic hub importance and what role it plays in the development of the outlying Chevron fields in 95. Then onto the adjacent 241 block.

JOA is about commencing serious O&G production and ewt. Power jack-up is a high sophistication HTHP driller which they don't need for starters on O2, and not having set off from Labuan, it wouldn't be in position until mid-Nov. Could they not tow in a smaller Depthwise rig from Lagos and get cracking on a starter hole into the upper D zones? With due respect, I'd say the COO has been installed as a temporary non-D consultant to oversee such the initial process.

[edgein] 28/9/2017 12:55

You guys might find the recent presentation by COPL interesting. They're going to use the jack-up rig for production after drilling. This is one way of putting the field into temp production and barging the oil to shore. It would only really work if they re-inject the gas though. So the company do have options to bring Ororo quickly to cash flow before FFD.

Regards,
Ed.

[minichris] 28/9/2017 10:15

@doug51



hahaha

[drrichard] 27/9/2017 23:19

"Extensive" suggests more than a few pipe under the sea surface doesn't it?

[dr rosso] 27/9/2017 22:16

Ororo hub extensive field development planning throughout 2012 was confidential, acc to the main man. Why? Is this particular marginal of strategic importance perhaps?

[1sonic] 27/9/2017 21:06

Granny, Tick tock you c@ck... Boom

[qprallan] 27/9/2017 14:07

Statoil investing big in Nigeria: