Sirius Petroleum Share Discussion Threads

[sherl0ck] 18/1/2018 09:31

With production numbers being thrown around and even mention of 200k boepd(!) I thought it useful to provide a bit of context when it comes to the production of other O&G companies. (The big caveat is the difficulty in comparing mcap value on this criteria alone as there are so many other variables. Plus some are more focused on exploring & monetising their discoveries than standard production / some have many other valuable strings to their bows like LNG projects / mid & downstream activities etc).

- Tullow: <90k bopd (£3bn mcap)
- Ophir: 12k (£500m mcap)
- Kosmos: >30k (£2bn mcap)
- Premier: 75k (£500m mcap but £2.7bn debt)
- Afren: was ~ 50k net (£1.6bn mcap at 2014 peak)
- Aiteo: 90k
- Seplat: ~ 50k (£670m mcap)
- Oando: 43k ($2bn revenues)
- Shell: ~ 600k+ boepd (1000+ producing wells )
- Chevron Nigeria: 230k boepd
- Total: averaged 125k over their 50+ yrs in Nigeria
- Exxon Nigeria: 550k (300 wells)
- Addax Nigeria (owned by Sinopec): 130k+
- Eni Nigeria: 117k

Growth to 50k net for Sirius would be really outstanding and equate to high prominence. 100k truly exceptional. 200k would bring us firmly into the territory of IOC majors that have been operating in Nigeria since the ‘60’s!

[drrichard] 18/1/2018 08:10

Morning Ht et al. It rather looks like it will be a notional month and not an exact calendar month after the AD that the rig will be mobilised, doesn't it? A few more days then.

[drrichard] 17/1/2018 22:48

Agree, Vatna. Production for me, maybe TO when the assets stream leads to serious production. But surely, the JV partners are big enough to take forward our shallow offshore development project? Is that not why they are with us?

[1sonic] 17/1/2018 22:48

Vat before the co. Change fro investment to production there was nothing to sell....

Now they are an oil and gas production co.

Just need a few marginals and block... oh and the famous rig to arrive, drill oil and we are game on, game over and takeover... only my opinion though.

Longer term we would make more money if we didn’t sell but who gives anymore most have had enough..... me included!

Need closure to move on from this!!!!!

[vatnabrekk] 17/1/2018 22:28

If the plan is for SRSP to be bought out, why did they bother going through all of the hoops to change it from an Investment Co. to a Production Co.?

[htrocka2] 17/1/2018 22:06

just curious...


I wonder if we'll get any commission from Owena and/or Guarantees for selling hydrocarbons on their behalf?



from an rns.
'... Sirius has agreed with BTG Pactual to split equally the proceeds from the marketing of any crude oil from sources introduced by Sirius outside of its own production'

[1sonic] 17/1/2018 22:04

Are we talking Far doc?

[dr rosso] 17/1/2018 22:00

Would BP/Reyl line up such a monster deal for Sirius to handle? Have they the capability? With due respect I'd say no due to a complete lack of O&G production experience. Bring on t/o. Partner 4. Look East.

[1sonic] 17/1/2018 21:54

Keep selling suckers!

Our day will come in one big RNS.

Sellers will be buying back in but how much will they have to pay!

Only needs one rns to say a takeover bid at 20p has been made and this will rocket in hours if not seconds!

Buy, keep buying and hold.

All these years and still not drilled.

Best bit is these suckers sell and price drops I just keep topping up.

Simply lovely....

[dr rosso] 17/1/2018 21:37

It does look like they were setting up to go in H1 2017, hence Kuti's optimism of first oil. One suspects that the drilling scheduled for July 2017 was revised in view of the leaked approach by BP. Following due diligence the irresistable prepayment/offtake deal was announced in Aug 2017. Such optimisation of funding meant the ditching of the BTG marketing deal signed back in Sept 2014.

Seabed survey, rig selection, podcast superhero. Yes, it really was all set up for O2 being spudded in July 2017, as per Rockflow cpr.

Instead they took the new multimillion dollar offer on the table, the BP/REYL route, and signed the JOA. With the illustrious band of shareholders now seated at the 1p table, it does indeed look set for takeoff.

[vatnabrekk] 17/1/2018 21:18

Not really, Dr.R., the CoslPower has been stacked for months, nay years, earning nothing, same as hundreds of other rigs, so they are probably delighted to have the possibility of getting it on hire.

They have several others tied up in Norway as well.

[dr rosso] 17/1/2018 21:08

Interesting that CNOOC/COSL is content to keep its $90k per day Power rig idle/warm-stacked for such a considerable length of time until definitive contract dates are revealed.

[dr rosso] 17/1/2018 21:02

Surely can't be for much longer they can continue to pull the wool over pi eyes

[dr rosso] 17/1/2018 20:56

The great hope this time around is that the host of itk worthies have jumped on the bandwagon, taking the opp to load up with hundreds of millions of shares, the share price having been conveniently suppressed through lack of meaningful news updates prior to AD. And conveniently allowing further hundreds of millions of share options at a distinctly unambitious figure.

[dr rosso] 17/1/2018 20:52

The point is that nothing this lot predicts, in terms of drilling, installations, actually turns out to be true.

[astralvision] 17/1/2018 20:47

Dr Rosso http://www.siriuspetroleum.com/images/uploads/Admission_Document_30_November_2017.pdfTry page 61, clearly dated 2nd June 2017. I suggest the latest date is the most relevant one.So they revised the original report, that much seems pretty obvious given the expected spud dates on page 118.Not too hard to grasp, is it?

[dr rosso] 17/1/2018 20:38

Our boy's on overtime.


Clearly dated 6 Sept 2016

So what caused the drilling to be rescheduled? Full cpr doc was not released in Sept 2016. Just as well, another expected deadline missed

[bronislav] 17/1/2018 20:37

Drrichard.when bobo came out in Q12017 on the vox interview stating hydrocarbons by H1.was the funding in place ,rig on its way,etc etc etc.if not how could he claim this.?The funding must of been in place.
Feb2017 raised £2million forequipment mobilisation.

Re admission doc surely has to be correct and precise.

[astralvision] 17/1/2018 20:30

Regarding the spud dates in the AD, it's all really quite straightforward.The dates quoted on page 118 are in the CPR contained within the AD.Clearly those dates were null and void by the time the AD was issued. I guess they could or should have changed the dates, but the fact is theAD took a lot longer to get out and anything that would hold up its publication still further, like sending the CPR back for changes, was simply not worth doing.The expected spud date , March 2018, is given in the AD on page 20 under 'letter from the chairman' dated 30th November and thus is the latest available information regarding dates and other matters.Please note the CPR is dated 2nd June 2017.The dates in the CPR do however give a useful indication of the timings for the wells following in from Ororo2, just add 8 months to get indicative timings.Another conspiracy theory blown to shreds.

[dr rosso] 17/1/2018 20:28

Rockflow issued their CPR in Sept 2016. It clearly states that the spud date for O2 was intended to be July 2017.

Curiouser and curiouser. Await the special one's explanation...

[drrichard] 17/1/2018 20:27

Bron, I think, as with most things Sirius, it was money. Recall that it is the BP deal which has levered open the $100M funding stream? The BP deal came in much later than the othe JV partners were lined up.

[dr rosso] 17/1/2018 20:20

Never mind the month, Q1 or H1, this lot can't even get the YEAR right. First oil was scheduled for Sept 2012, ffs. Or was O2 secretly spudded in July 2017 but nobody bothered to tell us?