Sirius Petroleum Share Discussion Threads

[deadly nightshade] 20/1/2018 19:02

thanks 1alfi, just needed saying, i just do not like the total lack of engagement this company shows its shareholders, i have invested money in another company, i don't like naming names as folk will think i'm am trying to talk it up, but they are brilliant with their shareholders keeping them informed updating their website with bits of handy info. this lot should take a leaf out of their book

[1alfi] 20/1/2018 18:19

That, deadly nightshade, is a cracking post!

[deadly nightshade] 20/1/2018 17:54

you can't also just dismiss all those years of limited news flow that shareholders had to suffer. if they have turned the corner now why not reveal more like simple updates about this rig about these other "assets" if they did this and put a bit of spring in the share price then folk wouldn't have the hump watching this share price tank every week

[deadly nightshade] 20/1/2018 17:46

the 64 thousand dollar question is have cosl been paid the 3 million which needs paying in advance weeks before rig dispatch. if it has been paid then why no RNS. if it has not been paid then how will this rig be moving by end of january???

[6cer] 20/1/2018 17:29

Yes agreed - excellent post astral.

[drrichard] 20/1/2018 16:53

That, astral, is a cracking post!

[astralvision] 20/1/2018 16:30

If I could offer a few views , links and thoughts on some of the recent thought-provoking posts.
Note, I’m not telling anyone how it is, or to bury their heads in the sand or anything else of that nature. I’m offering up some views for debate. I trust that is ok on a discussion forum.

Firstly, marginal fields.SRSP, in their recent presentation said on page 11



‘Next bid round expected late 2017- early 2018

• Sirius intends to partner with Ondo State government & other indigenous companies to farm into new fields being awarded

• Sirius intends to approach other bid round winners to farm into potential opportunities’

I know folks don’t want to hear ‘expected’ or ‘intend’, but when an event is yet to happen it is reckless , misleading and possibly illegal to use any other more definitive term. I believe the directors gave that information in the best of faith, quite honestly if some folks believe SRSP’s bods raison d'etre is just to feed investors a pack of lies, then they should sell and move on, asap. Again, before I’m shouted at, expressing my view. Please feel free to hold and moan/whinge/complain at every opportunity if that is your thing.
It sounds to me as if the PIB bill is awaiting final sign off from the president and it would make sense if the marginal round happened post this event. Today is January 20th, SRSP have expressed the view that the marginal round will happen early 2018, I think the harshest of critic would say as a minimum ‘early 2018’ is Q1, or up to April or whatever. It is out of SRSP’s control , but they’ve expressed an opinion and based on the evidence I can see, that opinion seems fair and measured.

Moving on, the suggestion is that SRSP are waiting for some unspecified time for a further bill regarding the tax implications of marginal fields. My suggestion is that there is absolutely no evidence for this and there is a lot of evidence that this is not the case.
Again, some of this may come down to whether you believe carrying out surveys, having equipment delivered, structuring a finance and partner consortium is some sort of elaborate charade or you trust that the company is proceeding with the best of intentions. If you believe the former, I struggle to understand why you would hold, but that’s your affair, so I move on. Specifically regarding the PIB and SRSP, again in the presentation I gave a link for , SRSP say:

‘• Petroleum Industry Bill - likely to infer onshore and shallow offshore licensing preference for indigenous companies’

That sounds very positive to me. Moving to the GM, Bobo Kuti said the following:

'The petroleum industry bill that is passing through legislation we believe is a very very good thing for Nigeria, it makes it more transparent as a nation and I believe it bodes well for Sirius and it’s strategy’

That strategy is one of partnering with indigenous companies. That sounds positive and no indication whatsoever it’s holding up the show. This attitude and view is shared by companies in a similar space, eg Eland Oil take the view that:

‘As currently drafted (draft 87!) there is no material impact on Eland (marginal improvement in Eland’s fiscal position’

The above is slide 23 from Eland Oil’s Capital market day of last year, link here:



Finally, there is the view that as SRSP have never produced so much as a drop of oil to date, numerous deals have come and gone, then they never will. I think that is an understandable, to some extent, point of view to take.

I will just quote BK here from the GM of a month ago:

‘it’s a very exciting time for us. It’s taken a really really long time to get to this point, it’s been a little bit difficult to finalise negotiations, but we’re there now, we are going to be embarking on the campaign’

Now I can understand folk who, not unfairly, say that BK has said quite a few things in the past and it's not come to fruition.
My view is that SRSP, prior to the re-admission, were never in a position to carry out O&G activities in terms of drilling and other hardware related activities and they didn’t have the required partnerships or the correct financial set up, for whatever reason.
Now whether they should have made this clearer or investors should have done more due diligence I don’t know, and I’m not really that interested. I prefer to deal with the here and now and what the situation is going forwards. They are , for the first time ever, as far as I can see, fully financed, with the correct structure and partners to implement their strategy, the first of which is to exploit the Ororo field. If you look at how much cash SRSP had prior to the recent fundraising you can see what a nonsense it is that SRSP could do anything other than plan, construct the consortium , raise finance , anything else was impossible.

The first reply I’m expecting is probably along the lines of where’s the bloody rig then? Labuan probably, SRSP have given out an ‘expected’ (there’s that word again, but you don’t get too many definitives on the O&G industry) spud date of March 2018. I would estimate if they are going to meet this date then the rig would need to be mobilised from Labuan by mid February latest, given the 30-35 days or so journey and time for preparations at the Nigerian end. I sincerely hope they meet this time table, but I’m not about to string them up right now. I’m happy to wait and see.

In my view (but not in others) the recent news of Env baseline studies, appointment of COO, wellhead deliveries, MEM studies all in the last month or so are indicative of a company moving ahead with it’s strategy. Some folks ask for more information, then when it’s given if it’s not well drilled, producing, they are not interested. Fine, but to get to that point a lot of work has to be done first and I for one am happy to hear this news.

I’m looking ahead immensely this year as I believe SRSP stand an excellent chance of doing extremely well. There’s no guarantees in anything, beyond death and taxes, but on a risk/reward basis I have been happy to buy more.

Hope you all have a good w/end
AV

[deadly nightshade] 20/1/2018 12:58

yes bum thats whats stopping people from selling. i have money invested in another share which i am fully hoping will take off soon unlike this share the bod have invested a lot of their own money on share purchases which shows a great deal of confidence just weighing up weather to cash 75% of this share in and invest it in my other fancy

[qprallan] 20/1/2018 12:51

True bumhammer. I'll wait until the next day then.

[deadly nightshade] 20/1/2018 12:47

the share price sitting at current price just shows what the market as a whole think of this lot.they have produced no oil or revenue to date so in theory we are lucky to be sitting at 0.87. will be interesting to see on the next spike how many of them placing shares are dumped because everytime this share has gone up its come back down faster. the only time i will have faith is when the drill bit is turning over ororo. just hope and pray we get no more podcasts as i cant bare to listen to the bod

[deadly nightshade] 20/1/2018 12:47

the share price sitting at current price just shows what the market as a whole think of this lot.they have produced no oil or revenue to date so in theory we are lucky to be sitting at 0.87. will be interesting to see on the next spike how many of them placing shares are dumped because everytime this share has gone up its come back down faster. the only time i will have faith is when the drill bit is turning over ororo. just hope and pray we get no more podcasts as i cant bare to listen to the bod

[bumhammer] 20/1/2018 12:42

The day you do that qprallen, the next day they'll announce a block and upcoming takeover

[qprallan] 20/1/2018 12:24

Definitely more transparency needed. Hands up who thought we would be at this share price now after the AD. I am going to give this company until April to see where we are then. Getting too old now to keep getting up at 7am to read the invisible RNS updates

[dr rosso] 20/1/2018 12:21

Ticker changes on 1st Feb to YAFD

[htrocka2] 20/1/2018 10:13

DR...With ref to post 73845...regarding 'behind the scenes'.. I may be vindicated by the (not yet 100% passage of the PIB) as it appears that although the majority of the Bill has been passed and waiting the Presidents signature the most important element, with regard to SRSP's position, is the possible taxation implications that may effect the current five year exempt Status of Marginal Fields....It seems that this has not been included in the current Bill and will ensue 'in due course'.......which is obviously a very important element of SRSP's fiscal planning and maybe waiting for this confirmation the timing of which is beyond their control.


DR post 73845
'Deception by associates certainly. I believe the BoD has been equally frustrated by some distinctly dodgy goings-on behind the scenes. Never accused Bod of anything, certainly not corruption. They must have actually believed in their announcements via rns, podcast. H1 and all that. The trouble is that they themselves are not pulling the strings, consequently made to look a little foolish'


from the article below.

'Uncertainty over terms affecting taxation of upstream(Exploration and Production) oil development has been the main sticking point holding back billions of dollars of investment for the oil industry. This will be addressed later in an accompanying bill






An indication of the BoD (euphorically) pre-empting events can be seen from the article below whereby they said that information would be given on the acquisitions/involvements of further Marginal Field either by the end of 2017 or early 2018....As seen from the article below Authority has not been given to allot Marginal Fields until President Buhari signs the Bill Passage...which is, as yet, still on his desk.

dated 19/01/18
'The PIGB would create four new entities whose powers would include the ability to conduct bid rounds, award exploration licenses and make recommendations to the oil minister on upstream licenses'

the bottom (in my view)....we're not quite over the line ....yet... and just waiting to see that the Nigerian Government doesn't spring some unexpected surprises, the question being can they afford to wait for a further unspecified time for 'the tax implications to be addressed later in an accompanying bill'. The whole industry is awaiting this outcome with billions of dollars being withheld.

When President Buhari signs off on the PIGB...It looks as if Marginal Field involvement may well be the next rns.

All my opinion only. (I'm going for the record 'red thumb' award)

[bestdeal1] 19/1/2018 16:31

if Carlsberg did frustrated they would use this BB as a templete!

[1sonic] 19/1/2018 16:05

The share price makes me laugh. Wtf

Get some news out you twonks

Fed up waiting

[bumhammer] 19/1/2018 14:33

That actually made me laugh Aven - Well done son

[aventador] 19/1/2018 14:02

No threat to us we don't have a rig to attack.

[deadly nightshade] 19/1/2018 12:56

if it was a twitter pump and dump well it didnt go very well did it they must be losing their touch

[aventador] 19/1/2018 12:50

What idiot red arrowed me come on and have a debate if you want to comment.

[deadly nightshade] 19/1/2018 12:48

this share seems to be diseased i wish the bod would grow a spine and let us all know once and for all what is happening here. has cosl been paid this 3 million??? have schlum been paid their fee prior to rig being mobalized?? i am very tempted to sell out but knowing my luck how this lot operate they would then spring a rns.