Sirius Petroleum Share Discussion Threads

[ileeman] 12/3/2018 11:37

Think a few stale bulls need to clear shouldnt take too long, appraisal well with big upside not hard to see what is going to happen over coming weeks.

[astralvision] 12/3/2018 11:37

The news was anticipated, traders had taken positions and some will now move on, inevitable.
That does no take anything away from what was an excellent piece of news today and it is reasonable to expect the share price to move north, but we may have to clear the traders out first. Good news is the volume is there and those that want to leave, or join, can do so with ease.

[dr rosso] 12/3/2018 11:37

Share shifting



"The COSL Force is a new-build state of the art rig which has a rated operating water depth of 375 ft and a rated drilling depth of 30,000 ft"


Hardly likely therefore for its use to be restricted to Ororo field which sits on the continental shelf in just 27 feet of water, with TD 10k feet.

[2prsimo] 12/3/2018 11:32

a lot of selling on what seems like good news - 4.5m just gone through in the mid 8's

[minichris] 12/3/2018 11:30

Vat, add a day or two for loading, ~28 days transit and one or two more the other end and your going to be tight spudding in April.

Calculated ETA:2018-04-01 22:01 LT (UTC +4)
ETA Calculated at 11 knots
Reported Destination:ABU DHABI

[vatnabrekk] 12/3/2018 11:17

@minichris: Yes I agree that the Treasure is a better bet for transporting the Force, but the ZHI YUA KOU left Shanghai a couple of days ago and is currently at the north end of Taiwan heading south. Due Abu Dhabi 31st March.

[dr rosso] 12/3/2018 11:07

JOA on the IWP includes rig mobzn, but still no sign of any PSC.

[jenny tulwought] 12/3/2018 11:06

Given what we already knew, what we've learned this morning and the current SP,
- has there ever been a better time to buy SRSP?

[pipelinepete] 12/3/2018 10:35

so we have 120 days to grab the other assets and have just enough money on the table to prove up Ororo to ascertain a full portfolio value. very very busy period q2 :) news news news

[lordz] 12/3/2018 10:32

From August 14th 2017 news.

[keysersosse] 12/3/2018 10:30

Not that it remotely matters now, but the Power was last seen in the North Sea preparing for a drill there.
I told a couple of close friends this last week.

As I said last week, keep a very close eye on the companies doing the maritime security and when they link up in Nigerian waters in roughly 4 weeks time...

I’ve no doubts whatsoever that a certain chap from one of them is in direct contact with the BOD this very morning.

Elevenses old boy ?


Well done everyone.

[lordz] 12/3/2018 10:30

Plus $10 MILLION FROM BP.

[htrocka2] 12/3/2018 10:28

There's plenty of news out there referring to todays rns (one that estimates srsp new NAV at $96m)....but pointless posting them, they'll only be classified as 'teas leaves'.

[dr rosso] 12/3/2018 10:26

Yes, good work. What continues to puzzle me is the insistence on deploying an ultra-sophisticated HPHT jack-up, now at a pretty steep $100k per day, to drill a deviated appraisal well (O2), followed by a further 45-day programme for a 500m horizontal well into the D3 reservoir (O3). This is all relatively simple stuff at around just 10,000 feet, and looks like a mighty big sledgehammer to crack a smallish, albeit quite lucrative, marginal nut. Especially with the big name partners. Sub-G, hub and other much larger asset revelations still being kept on hold, hence mcap sticking around £35m ahead of drilling and other developments. £200m in prospect on initial true disclosures.

[vatnabrekk] 12/3/2018 10:22

The ZHI YUAN KOU is due to arrive at Abu Dhabi on 31st March.

[minichris] 12/3/2018 10:21

Boksalis (Dockwise) Treasure is docked in Dubai. Id chose that over one that will be another 20 days before it even gets to the UAE

The Zhi Yuan Kou is going to UAE via China... long way round lol!

[djj2014] 12/3/2018 10:17

Looks like good news overall, muted market reaction is disappointing. Let's hope we get some favourable coverage and renewed interest to edge the share price up.

[sirianbotham] 12/3/2018 09:52

AV - Zhi Yuan Kou - that's going to find the Power which is in NeverLand and then going subsea route to Gabon.

[sirianbotham] 12/3/2018 09:51

of for christ sake

there was clearly a delay in getting the Location Approval from the Marine Warranty Surveyor that wasn't anticipated when the AD was released. Rather wait for $3m to be paid, 60 days notice, 30 days transit time etc they have renegotiated the contract with COSL (which looks a better deal reducing the deposit) and got a rig (of the same oversized spec) that's available sooner to keep more or less in line with the March timetables.

The Power may well end in Gabon (but not for a few months) or NeverLand and it will be purely coincidental.

[sherl0ck] 12/3/2018 09:49

Looks like Bobo’s visit to Singapore (where Cosl is based) was very worthwhile with some great renegotiations, reducing the mobilisation deposit from $3m to $1.5m and seemingly lowering the cost of O-2 from just under $6m (when taking the additional daily profit/bonus payments into account) to $4.5m.

All of which means that the really big news today, that’s been missed so far, is that we are now fully funded to drill O-2 AND O-3 regardless of securing any additional funding. Contrast this with the original plan outlined on pages 19-20 of the Ad doc:

“....will initially comprise the drilling of the Ororo 2 well and following its successful completion, and subject to the Company securing further funding, will then comprise up to a further four wells..... the Company’s level of funding will enable it to drill and complete the Ororo 2 well only.... Following completion of the Ororo 2 well and conditional on further funding being obtained, the drilling rig is intended to proceed to drill the Ororo 3 well”

Fantastic work Bobo and the rest of the team!

[astralvision] 12/3/2018 09:47

I note the COSCO vessel Zhi Yuan Kou is en route to Abu Dhabi. Just saying!

[htrocka2] 12/3/2018 09:36

'The fact that they have changed rigs would suggest it was something more than just a bit of red tape AV.....'

Maybe the 'Power' was diverted to Gabon after all?

[astralvision] 12/3/2018 09:24

1alfiWhatever, upwards and onwards, happy days.

[1sonic] 12/3/2018 09:18

It will undertaker...