Sirius Petroleum Share Discussion Threads

[bumhammer] 21/1/2018 19:32

Hands up if you thought after the new Ad Doc we'd have a much clearer picture of the company we are invested in..
Clear as Mud.
Total utter leap of faith

[dr rosso] 21/1/2018 19:08

"do you believe they ever intend to drill"


Appraisal drilling and testing .... yes (D1 is an untested zone, likely gas/oil prolific, so is very important, also sub-G HPHT which explains COSL Power)

Production drilling .... no (the multiple assets are likely around 50-100x what has so far been declared as 2C on Ororo), imo it'll go the same way as $7bn Addax)

[dr rosso] 21/1/2018 18:47

2mins 42secs "operations on this field will commence in H1 this year

3min 13secs "to achieve first oil later this year"

April 2017

[dr rosso] 21/1/2018 18:32

3min 0 secs "on track for H1"

4min 44secs "we are very excited and we plan to start drilling in H1"

5min 20secs "in production and cash-generative later in the year"



March 2017. Comes across loud, clear and confident..... and its all complete indefensible bullhsit whatever the apologists say. Who is pulling his strings?
Credibility rating zero.

[dr rosso] 21/1/2018 18:14

"would have been wiser to maybe hedge his bets a little more and say H-1!"

What, again?

[sherl0ck] 21/1/2018 18:03

They didn’t say they weren’t ever going to farm in. Bronislav asked what the result of the ROV was, hence my slightly tongue in cheek answer that the result was we didn’t farm in.

A more up to date reference regarding asset evaluations is on p.181-182 in the AD:

“Havoc is technical advisor to the Company and provides a technical and commercial assessment of the oil and gas assets, which the Company is interested in acquiring or farming into, including all geological and geophysical services required.”

My hope is that a good proportion of Havoc’s costs have been related to this. It was also hinted at 2016 AGM that we complete CPRs on assets we’re serious about, so hopefully Rockflow have also been busy.

It’s clear that the strategy has never been about how we progress Ororo independent of anything else (29/6/17), which is probably why most can’t fathom why it’s taken so long to get to where we are. I hope we’ve had a rather unique challenge that other AIM O&G companies could only ever dream of having, namely ‘what on earth is the optimum financing and long-term strategy for developing a shed load of fantastic assets that others can’t get their hands on’!

If all we ever had was just Ororo, I suspect we would have either drilled it by now or folded.

[1alfi] 21/1/2018 17:47

Thanks Sherl0ck. For all the times I have read the RNS's I can never remember the company stating that they were not going to farm into those assets. I shall have another look.

[1alfi] 21/1/2018 17:28

Sherl0ck - "ROVs were conducted on two assets in 2013 to help determine whether we’d farm in. The result was that we didn’t."

Have you got RNS reference that verifies the above. Thanks

[sherl0ck] 21/1/2018 16:43

ROVs were conducted on two assets in 2013 to help determine whether we’d farm in. The result was that we didn’t. I can’t imagine any company would publicly release the actual valuation figures on assets we don’t own, especially if we still hold exclusivity options. Even if we don’t hold options there’s no point giving competitors info we paid for.

Ororo deeper sands info would certainly have been interesting but until they’re actually drilled they remain speculative and sadly, for our current purposes, perhaps of less value than we might hope. (14/3/12 - “These deeper sands represent potentially significant upside compared to Sirius' original evaluation of the field, although there can be no guarantee these sands are fully present, or will prove productive, until drilled and tested.”)

I spoke with an O&G expert who has authored many CPRs. I outlined brief info on Ororo and Sirius’ plans for O-2. When I asked his views on why we might not have mentioned anything about the deeper sands in the CPR, he replied that funders would only strictly be interested in what has been drilled already. He felt it was sensible to report on what we already know, raise the money to drill, investigate the deeper areas and then hopefully expand the resources/CPR accordingly.

Subsea survey could still be of full value to us when it comes to planning the route and positioning of the rig. It may also have been a necessary pre-mobilisation step for Cosl etc.

Personally, I felt the one questionable move Bobo made at GM was to promise the drill in March. Whilst we all hope this will be achieved, there could yet be things out of our control. After previously missed self-stated deadlines, unless he was absolutely certain (he wouldn’t be pushed on whether it was early/mid/late March etc) I think it would have been wiser to maybe hedge his bets a little more and say H-1! “Under promise/over deliver” and all that.

[xerot] 21/1/2018 16:41

This is worse than prison as at least you have a release date

[1sonic] 21/1/2018 16:28

Why have an AGM and GM on the same day???

Delaying tactics!

There was never going to be an H1 last year! They knew it and Bick knew it.

Wouldn’t surprise me if there’s no Q1 this year let alone H1 this year.

[openfield68] 21/1/2018 15:58

As King Edward said to a beautiful Jersey Royal....how about a spud date?

[6cer] 21/1/2018 15:00

If what we pi's keep baying about eg drill rig deployment date etc is sensitive information then what's to stop the bod from issuing an rns stating that reason ?

[bronislav] 21/1/2018 14:10

Bottom line is we are informed that Q1 for oil, i hope me meet this latest deadline for loyal patient shareholders.There is no reason we cannot .

[busahale1] 21/1/2018 14:08

On the RNS debate, can some more experienced o and g investors enlighten us as to what other similar, if there are!, Companies do. Is it usual eg to RNS rig transport dates?

[bronislav] 21/1/2018 14:06

How about the result of the real options valuation on two assets or gaffneys results from the deeper cpr on ororo1 for starters sherlock or why we do a subsea survey when we had no chance of drilling. going to drill or obtaining a well permit when we had no likelyhood of drilling.Too many unanswered questions.All my view and opinion and there may well be reasons but as shareholders we are left to guess and speculate.

[astralvision] 21/1/2018 14:04

Detective CIt is my view that the company does wish to promote itself, witness the presentation made before Xmas and that presentation is now on the SRSP web site. SRSP have only been an O&G company for all of a month, yet we have had several RNS detailing work done towards exploiting Ororo. Not enough for some, but I for one am happy with that. I believe we will have a year of strong news flow and , at long last, SRSP will have a good story to tell and promote.Wrt monies paid, owed or whatever , it is not,imo, a question of saving on the RNS cost. It is a question, as my post suggested, that they are simply not allowed to do this for a whole host of very sensible reasons, not least of which it sets a precedent in such financial matters.Operational matters is a different kettle of fish.

[cornishtrader1000] 21/1/2018 13:58

In money saving terms they could have also merged to EGM and AGMs together. Good to have some positive and interesting debate here.

[bronislav] 21/1/2018 13:57

After pateintly sitting through two suspensions and trusting the board for over seven years most longtermers feel they deserve something concrete from the company ,something specific saying we have a drill date that we are endeavouring to work towards .Q1 is still shrouded in uncertainty on the back of historic drill dates not met.

[sherl0ck] 21/1/2018 13:22

Inform the market of what exactly to raise the share price?

[qprallan] 21/1/2018 12:55

Agreed Bron they did mess up on the warrants RNS, however, that was probably considered a necessary amendment. My point was that it has already been said that we will pay the 3 mill and to save the cost of an RNS, they probably think its unnecessary to confirm.