Sirius Petroleum Share Discussion Threads

[shez20] 23/1/2018 16:58

'I know they said H1 last year then H2, but difference is last year they were never ever in a position to do that, although the intention was there.' So in march when bobo stated all still on target, what was he thinking?? No one can give a answer to this question! With everything that has happened since and time frames it is pretty obvious we were not going to hit that target and they had to know in march! If this hits further delays a dread to think what will happen to the sp! Also AV you missed off they promised oil in H1 of the previous two years from that as well! Lti here have well and truly been lead down the garden path upto this date

[astralvision] 23/1/2018 15:30

thanks minichris, exactly as I would expect.

[minichris] 23/1/2018 15:27

Power is still warm stacked AV.

[astralvision] 23/1/2018 15:15

htrocka

Sorry, but you are completely wrong.
(Note, not telling you to bury your head, but to check your link again, we can all make mistakes)

The link you gave clearly stated ‘in readiness for drilling in LATE 2018’

The February on the bar chart is for Feb 2019, not next month!

We have not been prioritised over, a nonsense as I said before in a previous post.

COSL Power was in Labuan on 18th December according to SRSP, so it can hardly be expected to be finishing off a multi well campaign in West Africa in a week or so.

[htrocka2] 23/1/2018 15:02

(Ref Nkembe T S Agreement)

'...and then the question becomes one of rig loading and shipping time , circa 4-6 weeks, and that pushes the dates back to early Feb, as you say.'


drr... I'm surprised you're not with me on this one.....The Nkembe Cosl/ADD/Havoc contract in Gabon, started about November 2017, and programmed to end January 2018...that means the Cosl Power, which is already operating in 'West Africa' should be on its way to ORORO, ABOUT 185 MILES AWAY, by the beginning of February...blow the photo up in the pdf...I presume there's only one Cosl Power. (all you need to know is on a previous post of mine)

The Nkembe Cosl/ADD/Havoc project , in view of the time scale, was prioritised over ORORO...hence all the confusion and changes in dates from H1/H2 to "circa" March 2018.

[astralvision] 23/1/2018 13:17

vatnabrekkYes, I agree, they used the expected word or something similar Nevertheless and understandably investors will be looking for that March time line.

[vatnabrekk] 23/1/2018 13:11

astral: as I've mentioned above, I don't think they have actually tied themselves to a 31-day time slot, because Bobo said "circa" March 2018, which I would interpret as possibly somewhat before March, or possibly somewhat after March.

[astralvision] 23/1/2018 12:48

1alfiRe 'tangible' infoWe've had a number of RNS and RNS NON over the last month giving operational and personnel information, so more of the same. I'm sure everyone would be delighted to hear an update as to where we are re rig/drilling/spud etc. Personally I don't feel we're at the point where they 'have' to say anything as, as far as I'm concerned, they said March spud and that is still possible. I know they said H1 last year then H2, but difference is last year they were never ever in a position to do that, although the intention was there.Now we've got the cash, partners, structure so I see no reason at all why they can't proceed, my only proviso being that to tie themselves to a 31 day time slot may yet prove to be unwise, but we will see.

[1alfi] 23/1/2018 11:58

AV - "I can see nothing wrong, as I think Dr Rosso has suggested, with an operational update, at a time that makes sense, ie srsp have something tangible to say."

AV in your opinion what 'tangible' information would require an operational update ?

[vatnabrekk] 23/1/2018 11:49

In his interview on Vox on 30th November Bobo said "We anticipate the rig arriving on site to the drilling location circa March 2018, where we’ll be executing the first well.

The word "circa" was used, which doesn't sound like a firm deadline commitment to me. Perhaps he gave a more firm commitment at the GM on 18th December?

[vatnabrekk] 23/1/2018 11:44

Also, how long do they need for "hook-up" etc. after arriving on location, before spud?

[minichris] 23/1/2018 11:17

Its 30 days minimum transit time from Labuan AV, add a day or so either side for loading and unloading.

Mid Feb could 'just' be within the right time frame.

[drrichard] 23/1/2018 11:16

Astral, I agree. Take the payment out of the question, for, according to the AD they could easily pay it on time, and then the question becomes one of rig loading and shipping time , circa 4-6 weeks, and that pushes the dates back to early Feb, as you say.

[qprallan] 23/1/2018 11:14

Dr Rosso "$3m still due to be paid to COSL by end Jan if they are to stay within the 60 days to the promised March spud. Earliest now is March 24th."


If the payment to COSL is for the "Power" and its still in Labuan, it couldn't spud in March unless its already on its way, which would indicate that the 3m has been paid

[astralvision] 23/1/2018 11:11

DrrichardThat also is my view, based on a very similar situation. It's not a question of saving money re RNS, it's more a case , imo, that not only is it not desirable, that the NOMAD may well not allow them to issue it. The information has already been released in the AD.Also, think about it, what a dangerous precedent it would set. Do we RNS every time we pay someone? At what level do we do that at? If we don't do it investors will assume we ain't paid. It's a can of worms and, more to the point, imo, that it would simply not be allowed.I can't think of any other listed company that issues regular RNS with who they have paid. That avenue of thought is a nonsense. imoNow don't get me wrong, I'm all for investors being informed, in a sensible and legal manner. From where I'm sitting since being an O&G company and having something more tangible to talk about, SRSP have kept investors informed.I agree with Sherl0ck, personally I think it was a mistake to offer up an expected spud date in as narrow a range as March, when there are so many variables out of their control. I'm not saying they are not going to make it and obviously I hope they do, but if it's later that would be disappointing but do be it.I can see nothing wrong, as I think Dr Rosso has suggested, with an operational update, at a time that makes sense, ie srsp have something tangible to say.Finally, if it still is the COSL Power, then my time line is mid Feb for latest mobilisation to spud in March.

[6cer] 23/1/2018 11:09

Also called the mushroom treatment.

[dr rosso] 23/1/2018 10:43

Aliens. Absolutely that's us, having been kept in a dark state of suspended animation over the last 8 years.

[dr rosso] 23/1/2018 10:41

Scrupulous, polite, courteous, transparent, honest, straightforward. Hmmm

[1alfi] 23/1/2018 10:32

Drrichard Courteous requirement to reassure shareholders that we are on track and with a potential to increase share price

[htrocka2] 23/1/2018 10:31

Has everyone on here been abducted by aliens?

We never left...

[drrichard] 23/1/2018 10:22

Dr R, if the AD is a legal document and it states clearly that the money is to be paid, I wonder, do they need to RNS it again?

[dr rosso] 23/1/2018 10:12

Change of plan re wellheads. Cameron's 2 Solidrill platforms are replacing the proposed CoSMOS H2. The new platform operates only up to 10k psi so it looks like plans to drill into 13k psi deeper sub-G sands may have been put on hold for the time being

If that's the case a super-sophisticated HPHT jack-up at $90k per day is way over the top. Whilst Power was "selected" in May 2017, no contract details have ever emerged and there's never been any ref to an actual booking. New Dec AD reveals an IWP which includes "booking a suitable rig in a timely manner". That could well mean that Power is off the menu and ADD/COSL have decided to opt for a considerably cheaper semi-submersible facility currently stacked much closer to O2 site than a 30-day trip across the Indian Ocean from Labuan.

$3m still due to be paid to COSL by end Jan if they are to stay within the 60 days to the promised March spud. Earliest now is March 24th.

[astralvision] 23/1/2018 10:02

looks like it

[aventador] 23/1/2018 09:14

Has everyone on here been abducted by aliens?Tick up.

[aventador] 22/1/2018 13:53

Mr ropers aaaaarrrrrrgggggghhhhh has turned into... zzzzzzzzzzzzz.
Wake me up end of spring hopefully to a much healthier share price