Sirius Petroleum Share Discussion Threads

[1alfi] 22/1/2018 13:29

Yes DrRosso a touch of reassurance would for sure change my hopes into enthusiasm

[openfield68] 22/1/2018 12:10

Thanks Dan....how I would love Sirius to 'head down to 3p'....

[daniel levi bmd] 22/1/2018 11:59

FYI

AN(g)US Energy. It Goes From Bad To Worse.... Another #Placing On The Way.....

You have been warned.

Dan
x

[htrocka2] 22/1/2018 11:35

I came across this interesting article from the 'PuraVida' website, (previously posted by myself). Apparently the Havoc/Add Energy J/V have until April 1st 2018 to make an important decision as to the Nkembe field (Gabon)option, regarding further funding and an option to increase to 80% their share in the project. The field was estimated to have as much as 880m barrels of oil, hence, in view of the time scale, must have be a priority. In the URL at the bottom of the page, there is this very interesting piece stating that a (non disclosed rig supplier) had notified and acquired the services of the Havoc/Add partnership to evaluate the field. We now know that the 'non disclosed rig supplier' are COSL themselves and that the evaluation of the field began in 'late 2017'. As seen from the COSL POWER manifest below, they are already operational with it's current location 'West Africa' and, in my view, currently on the Nkembe evaluation project for the Havoc/Add J/V.

The bottom line.....As O'keefe is the Chief Operating Officer at SRSP as well as CEO of ADD Energy, the COSL POWER rig allocation had been reversed and the later March date given. The Cosl Power programme, as I see it (and as indicated below) with its tight decision of the Nkembe project, threw a spanner in the works and took priority, however, when accomplished...(which should be about now), moves on to Ororo etc...finally returning back to Nkembe in late 2018, in which COSL have a direct interest. The Nkembe field in Gabon (just south of us) is a COSL/HAVOC/ADD ENERGY Joint Venture.




An extract from the PuraVida Energy website

'Havoc Partners LLP initial assessment and option agreement: ▪ Initial assessment: completion of 3D seismic reprocessing, interpretation of new and existing seismic data, deep structure mapping, optimising well locations, providing resource updates for Nkembe, Government liaison and interaction with Add Energy ▪ Option agreement: Havoc (or its nominee) has the option to acquire a 40%* interest in Nkembe by spending up to US$25m to appraise the Loba Discovery and test Loba Deep. Interest can be increased to 80%* should Havoc (or its nominee) elect to enter the second phase of the PSC and spend up to a further US$15m. If Havoc does not exercise the option and Pura Vida secures required funding, Havoc will earn up to a 15%* working interest in Nkembe ▪ The option expires on 1 April 2018'

[vatnabrekk] 22/1/2018 11:14

Probably not, qpr, I suspect it's heading for Walvis Bay for a reason.

[qprallan] 22/1/2018 10:19

If not the Cosl Power how about the COSLPROSPECTOR which is off SA at present heading towards Namibia.

[astralvision] 22/1/2018 09:55

Excellent posts Dr Rosso, very interesting thoughts and ideas, thank you.

(ps, assume in post 73941 you mean 'Jan 2018')

[solarno lopez] 22/1/2018 09:29

Keep up the good work Doc and thanks

[dr rosso] 22/1/2018 09:25

What now, having optimised the funding deal? March drilling?

Some changes have taken place since June. The proposed CoSMOS wellhead has been ditched in favour of 2 Cameron (Schlum) Solidrill platforms. It would not surprise me if Power has been dumped too in favour of a different COSL jack-up stacked closer to Nigeria (AD Page 18 now simply refers to "a suitable drilling rig". If they were ready to drill in H1 2017, the pre-production IWP must have been completed by now, with modified installations.

Jan 2018. Optimally positioned, not least key snouts in the bargain trough. Time for a bit of transparency to restore credibility. Self-imposed March spud deadline. Still remains to be seen who is coming in as Operational "Partner" No. 4 once the appraisal drilling results are in.

[solarno lopez] 22/1/2018 09:24

Perhaps we will have another leak from the chap

[drrichard] 22/1/2018 09:10

Nice one DrR, your most positive post for ages, I might add.

[openfield68] 21/1/2018 21:48

Fifth series a bit loose after the brilliant first four?

[dr rosso] 21/1/2018 21:25

Ray Donovan

[deadly nightshade] 21/1/2018 21:18

yeh but in fairness to chris he did buy into the placing how many other bod members dipped their hand in to their pockets nice to see their confidence in all this

[deadly nightshade] 21/1/2018 20:57

one thing that drew my attention in the AD was the two companies that helped with the placing. what i struggle to understand is why these two companies were needed to help with the funding when surely if there was a mr big behind this then he would have just stumped up 10 million dollars and took charge of all them shares. are the folk who bought into this placing just well off joe bloggs looking for a bit of interest on their capital or are they rich backers involved in this whole set up. anyone care to answer my questions with a plausible answer

[deadly nightshade] 21/1/2018 20:46

well its fair to say i personaly am invested here more in hope then expectation. probably not a sound way to invest my hard earned but i have always viewed this as a lottery style punt. i am only here because i was tipped this by a friend whose mate invested 30k in this at 4.5p they must still be as sick as a parrot if they have not already chucked the towel in. my one bit of sense was to watch this tank from 4p to 0.23p at which point i thought i would take a punt with a few k of my own. i have since bought more then sold 25% and am sitting at a 0.66 average so i am still up on my investment. just wish i knew where this was going as i would love to free up some funds to invest else where i have missed a few good chances of some good returns by having money tied up here

[1sonic] 21/1/2018 20:42

Seems we’ve all lost faith and so has the market!

Time to get some news flow out.

[qprallan] 21/1/2018 20:38

If our rig is still in Lebuan and the 3 mill has not been paid yet then there is no way the rig will arrive in March taking into account travelling time


"A further fee of US$3 million is payable to COSL for the mobilisation of the drilling unit no less than 60 days prior to the date the drilling unit departs for the Ororo Field."

[dr rosso] 21/1/2018 19:39

SirIanBotham actually nails it. There WAS certainly a plan to drill in H1 2017, backed by certain funding, including the BTG marketing agreement. Read the AD timeline and the mystery of non-drilling becomes apparent.

The leak came through that BP had approached the Co. with a funding offer. Such an organisation, a supermajor, would have no interest solely in a stranded marginal, but nevertheless carried out dd over a period of time, let's say 6 months commencing April 2017.
So, at end-April the proposed H1 was put on hold in view of what BP might offer. Sure enough, it was accepted in Aug 2017 and the partners signed the JOA in August.

The announcement of the termination of BTG was not made at that time, nor by RNS. It shows up in the AD that the BTG funding offer was kicked into touch in Sept 2017. Why ditch BTG? The obvious answer was that the new funding offer from a consortium of BP-LOG-REYL, consisting of well over $130m, was a far more attractive proposition on the table. Not only does it cover a 5-well drilling prog on Ororo, but it sets that field up, via FDP, for rbl to go in on far more substantial assets available to a cashed-up indigenous Co. An unscrupulous and unprincipled piece of business dealing without doubt.

Provided that the IWP has been managed competently, with well entry permits secured, the March spud is viable. To come out and say so is risking further ridicule and this time around there can be no excuses. If the deadline is not met, one comes across as an untrustworthy fool, with the Co. itself lacking transparency and credibility in the eyes of the market. Not so those placees who will know the score.

So they optimised the funding, in a questionably unethical manner. Whatever. Now just pay the $3m and mobilise the rig. Simple. 8 days ...

[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