Sirius Petroleum Share Discussion Threads

[aventador] 03/11/2017 09:47

Well we knew it wasn't funded and we still sit here clueless and massively skint, and with no sign of even seeing 2p which for me is still a loss for a near decade of stress and anxiety thanks a bunch Sirius.

[1sonic] 03/11/2017 09:42

Don’t be silly Oakville

[oakville] 03/11/2017 09:37

Though we had news then?

[bronislav] 03/11/2017 09:29

The logic says cosl gone.

[solarno lopez] 03/11/2017 09:25

Doc, on SOU, I see the price moved up a tad !!

[kwizza] 03/11/2017 09:22

Thought they got a cornerstone investor putting in money at a premium

[dr rosso] 03/11/2017 09:17

Look at SOU and what happened in mid-2016.

Frustrating here but when there's no derisked project, there are no proven reserves and no collateral. Hence raising the initial funding is difficult, and they have to go down the equity route. Once over that first hurdle, things should move swiftly with the big boys already having been signed up to produce.

[dr rosso] 03/11/2017 09:08

The other parties are covering themselves. It is the task of Agent Sirius to bring the venture to the brink of production. The BP $10m revolving facility only kicks in when oil flows. They want to see this project derisked before committing funds.

The other partners are prepared to forego a proportion of the upfront fees. It leaves Sirius sitting on a shoestring budget and having to find the pre-drill money, sorting the subsea installations. The main route is through a mix of equity/debt funding.

Nov 2016 AGM saw approval to allot up to 4bn shares. Live with it. Get the Ororo Stakes underway with this funding otherwise this horse is a faller at the first fence.
I must say that the other parties have been very patient. I dare say they know the true value of the pipeline of assets once in production.

[vatnabrekk] 03/11/2017 09:02

If they raise all this cash, then hopefully they will be able to afford to organise a search party to find the rig?

[xerot] 03/11/2017 08:58

Get the money raised fast and get this pumping oil asap that's the only way we are ever gonna make a profit here and for the time, hassle and grief it's just not been worth it.

[htrocka2] 03/11/2017 08:54

Dr and drr...love your optimism with talk of drilling.....and they haven't got the money yet.

The other point being that the CPR was based on three wells and with only two mentioned now, would that require a new field development plan?

[deadly nightshade] 03/11/2017 08:51

yes typical aim masses and masses of dilution followed by a consolidation followed by morr masses and masses of dilution. i know folk probably thought i was on something when i kept saying i would be happy at 2p but i have been around aim long enough to know that 2p was a very sensible realistic target. all the talk of 50p was pure fantasy

[kwizza] 03/11/2017 08:50

mine was just a quick work out ie $20M roughly £15M at 1p

[cornishtrader1000] 03/11/2017 08:50

They had the shares approved at the last AGM so we knew they would all be used. If the leak is true (he was bob on last time) I see this as positive that we're close to the AD and progression.

[dr rosso] 03/11/2017 08:47

No different from receiving an 80% mortgage to buy a house. The norm. The borrower in any deal has to prove commitment.

2 weeks to get this funding sorted. Add to the AD. Call GM for late Nov for shareholder approval. Get the rig moving. Still a chance for H2 oil.

[cornishtrader1000] 03/11/2017 08:41

Kwizza, isn't it $12.5m at 0.1p.

[dr rosso] 03/11/2017 08:41

What I suspect is that the burden has fallen on the Co. to raise a proportion of the funding itself. This is quite normal.

Didn't the same happen across at Sound Energy where Schlumberger committed to fund 75% of Moroccan gas project. This is not an unusual situation. Take for example a house purchase where the borrower is expected to find a 20% deposit.


Previous rumour was that Sirius was having to come up with £4m. Such a commitment could mean a further dilution of 400m shares at 1p. So be it. If it's £7m, 700m shares. If £10m, 1bn extra. It also serves as a handy sweetener for those being offered the opportunity to back the Co., unless those shares are heading for the likes of Cornhill who will forward sell into the market.


Placing at 1p. OK, just get on with it. They have authority to issue up to 4bn, and that's the fully diluted figure we should be looking at.

Getting Ororo started is the priority, which should result in the mcap heading to £80m. It is only when the full Ororo 2P come through on drilling, and other major assets of the venture are revealed that we will see a significant rise in the share price But it will happen.

[htrocka2] 03/11/2017 08:41

I've been accused on this board of reverting back to old rns references....well here's another one.

[cornishtrader1000] 03/11/2017 08:40

Possibly more to do with getting the shares into the correct hands or giving a final opportunity to long term funders to have a final grab than the need for the money. Surely if the asset is that good, and POO rising, debt funding along with the BP cash and deferred payment should have seen us over the line.

[carrbradshaw] 03/11/2017 08:39

New shares are likely to be between 0.7 and 1p - jeez - they'll come back at less than we were suspended for. This is a very short burner - come back in a few years.....zzzzzzzz

[htrocka2] 03/11/2017 08:35

ref vatnabrekk


'Well, well, well!'....according to the article it'd only 'well well'


ps...I was under the impression that finance would no longer be a problem due to the BP tie up?....has the BP deal hit the buffers?