Sirius Petroleum Share Discussion Threads

[6cer] 17/1/2018 16:07

If Sirius does 60 bopd or 200 bopd what will the share price be then ? Close to my 50p prediction ?

[vatnabrekk] 17/1/2018 16:04

MiniChris: I agree, that's my understanding as well, that SRSP only get their hands on the 40% after first oil, and then only after ministerial approval.

[detective captain sean signal] 17/1/2018 15:55

Cheers, Justine.

[drrichard] 17/1/2018 15:52

Indeed Carrbradshaw, the problem with avatars is that no-one knows who anyone is, or,indeed their motive for posting. I have heard of a few CEOs posting on ADVFN BBs, although you would hoe that they should be hard at work attending to the company and not posting.

[carrbradshaw] 17/1/2018 15:47

Ha ha - as if John Bick would be posting on here - good grief!!!

[astralvision] 17/1/2018 15:29

Good afternoon Dr Rosso

Don’t forget the ‘approximately’ btw, not to mention the ‘expected̵7;

From the AD

‘.....with rig mobilisation expected approximately within one month from Admission ....’

[dr rosso] 17/1/2018 15:21

Yes, it's your information

[astralvision] 17/1/2018 15:04

MinichrisSounds about right to me, the truth is a lot more boring than the conspiracy theories!Dr RossoMust admit, I've read that AD several times, glutton for punishment. Also attended the GM and basically they confirmed at the GM stuff that's already in the AD, for anyone to read.It's a mine of information, you should try it.

[dr rosso] 17/1/2018 15:01

19th Dec Readmission means that one month is up 2moro

[minichris] 17/1/2018 14:07

Astral, my interpretation of the 40% cobblers (lol) is that the FTSA terms read like this -
that once we have fulfilled our obligations, producing from O2 being one of those, THEN we will seek ministerial consent to transfer.

Its simply in escrow until we have completed our end.

[htrocka2] 17/1/2018 14:01

He's in the 'last chance saloon' now....With ref to the AD...it's got to go this year.


'an earlier Kuti quote of "60k bopd easily achievable",....

[dr rosso] 17/1/2018 13:03

Compliments to AV for the comprehensive reading of the AD. Our boy seems to know it backwards. Impressive insight into how he hears that things are being progressed on the field itself. Quite remarkable given the fact that, notwithstanding the supposed new transparency of reporting, the rest of us mortals seem to have been informed of fuk all.
Here's to Jan rig mobilisation, and, considering an earlier Kuti quote of "60k bopd easily achievable", a revamped target of 200k bopd from multiple assets.

[handygandhi] 17/1/2018 12:18

Malcy announced in his blog very shortly after the AD was published that he was going to speak with the Company and report back.
Did he ever do so?
Perhaps he did and has been sworn to secrecy.

[htrocka2] 17/1/2018 12:16

DR. Why have a held in trust arrangement? Sounds like an 'Escrow' situation.

[dr rosso] 17/1/2018 12:04

Take delivery of installation equipment. Tubing hangers, wellheads, Christmas trees.
Announce work in progress towards completion of installation + subsea pipelines. Couldn't be simpler.

[dr rosso] 17/1/2018 12:02

Booking and paying for a named jack-up rig. Hand over $3m. Announce the payment made + the contract terms. Why shroud everything in secrecy and confidentiality? Couldn't be simpler.

[dr rosso] 17/1/2018 11:59

40% working interest. Couldn't be simpler. So why have a "held in trust" arrangement?

[htrocka2] 17/1/2018 11:43

related item

kwizza...Eland Oil and Gas came out with an rns today, they currently have a J/V in OML 40, which is land based but not a million miles from Ororo. Their current share of oil production from the J/V is 5344 bopd and plan to increase it to circa 10,000bopd The point being, this target is not beyond the realms of srsp's projection, yet Eland Oil and Gas currently have a Market Cap of £183.5m and make the following claim.....

(prior to todays rns)
"Our focus on the Opuama-8 infill well and the near-term work programme continues and I look forward positively to updating the market further as we, together with our partner NPDC, achieve more success on the OML 40 license which is becoming one of the largest producing assets of any E&P company on AIM."

(peanuts)

[kwizza] 17/1/2018 11:11

In the Vox interview earlier mentioned $164/180M @ $45/50 oil, over next 5 years be a wee bit more now with higher oil prices

[htrocka2] 17/1/2018 10:53

Astra...the rns extract below was posted.... about there weeks ago., (there's no allusions to 'probably', 'possibility', 'expected'...but they use the verb 'has' which is defined as 'posses', 'hold', 'have'.)


'The latest re the 40% is the latest in a long line of absolute cobblers, but not to worry'


rns extract 21/12/2017
Sirius has a 40% economic interest under a Financial & Technical Service Agreement has entered into a Joint Operating Agreement ("JOA") in August 2017 with its indigenous partners Owena Oil & Gas (100% state owned entity) and Guarantee Petroleum, who own 27% and 33% respectively. The mid-case gross recoverable 2C contingent resources are 24mmboe.

Sirius has agreed innovative funding and operating partnerships with global industry leaders to execute the drilling campaign to first oil. The initial Ororo-2 well program aims at delivering an initial production of 2,700 bopd in H1 2018.

[astralvision] 17/1/2018 10:24

I love a good conspiracy theory, and Dr Rosso is certaibly good value for them(anyone remember the 'real BP'!!!!) over the last 5 years or whatever. Truth is not one of them has ever come right, but, hey, there's always next time.

The latest re the 40% is the latest in a long line of absolute cobblers, but not to worry.

page 17 AD

In October 2011, Sirius Ororo entered into the Ororo FTSA with Guarantee and Owena which provided for the transfer to Sirius Ororo of a 40 per cent. participating interest in the Ororo Field. In exchange for this interest,the Ororo FTSA provides for the appointment of Sirius Ororo as the sole service provider assisting the operator, the provision by Sirius Ororo of certain technical, financial and operational support to Owena and Guarantee
on an exclusive basis, and following the decision to proceed with field
development, the requirement to fund the development of the Ororo Field on a 100 per cent. basis. Upon completion of reentry and flow testing, which result in production, the Ororo FTSA also requires that Sirius Ororo pay the amount of US$500,000 in aggregate to Guarantee and Owena. At such time,Sirius Ororo will be entitled to a preferential cash flow from the production of crude oil to recover its investment in funding the field to production of first oil , receiving 88 per cent of net cash flows from the Ororo Field, until full cost recovery is achieved. Following this, the Ororo FTSA envisages that Sirius Ororo’s cash flow entitlement will revert to 40 per cent. in accordance
with its equity interest . As at the date of this document, the 40 per cent. participating interest in the Ororo Field is held by Guarantee and Owena on trust for Sirius Ororo, a structure adopted
by some of the other London quoted companies developing Nigerian oil and gas assets.The transfer of such participating interest to Sirius Ororo is intended
to be perfected at a later stage, whi ch will be subject to the MPR Minister’s consent,as well as consents from both NNPC and Chevron

[kwizza] 17/1/2018 10:14

Thanks ht drr

[drrichard] 17/1/2018 09:44

Ht, Kwizza, I am sure a recall HAVOC saying that the old hardware in Ororo 1 was unreliable, hence drilling right next door.