Sirius Petroleum Share Discussion Threads

[deadly nightshade] 13/3/2018 10:01

who knows astra there was more interest in this share 4 years ago when we had next to no news and no hope of drilling. share price was 4p then with bigger daily share price movements on no news then what we are seeing now the market just does not seem to want to buy into whats unfolding here. folk keep saying buy now while below 1p but still keeps getting cheaper. 2p seems like one hell of a long way away.

[astralvision] 13/3/2018 09:52

perhaps the market views c £30m m.cap as the right sort of value for a company with one asset, a pretty small marginal field.
We all know the plan is to replicate the Ororo consortium on other assets, so perhaps a re-rate will only come when further assets are acquired?

[deadly nightshade] 13/3/2018 09:45

whats happening here with the share price is a total mistery folk reporting they cant hardly buy shares but mm's dropping share price down at will. looks like there is all the time in the world to still buy in here as the market has either no interest or the mm's have tens of millions of spare shqres. this is one big head scratcher

[deadly nightshade] 13/3/2018 09:45

whats happening here with the share price is a total mistery folk reporting they cant hardly buy shares but mm's dropping share price down at will. looks like there is all the time in the world to still buy in here as the market has either no interest or the mm's have tens of millions of spare shqres. this is one big head scratcher

[kwizza] 13/3/2018 09:24

Found some info Dr Rosso re rig, few years old though

[sherl0ck] 13/3/2018 09:24

Production Sharing Contracts are more applicable to Nigeria’s deep water areas and typically involve NNPC and IOCs, hence this holds no relevance to Ororo as a marginal field without NNPC involvement.

[edgein] 13/3/2018 09:20

Dr Richard,

Thanks for that, not as far back as I thought then. Its also interesting from the recent RNS that it sounds more like two separate wells rather than 1 well with lateral. They give each O-2 and O-3 wells 45 days each. It shouldn't take as long for O-3 if it were a sidetrack well, so are each of these wells being drilled from surface to the G sands? I would have expected O-2 to take up to 45 days, O-2a/O-3 for example to take about 20-30 days if it were a lateral kicking off above the G sands if it were to be a G sands producer. From the RNS sounds like two separate wells both of equal depth, but we'll see more on spud. I guess that's more on the plans for O-4 and O-5 plans for full field development and development of the gas pay, target of these first couple of wells are the oil sands to sample, pressure test and locate the gas oil contact and likely GOR etc. Sample and produce with the LPT.

Regards,
Ed.

[ileeman] 13/3/2018 09:17

Added a few more sub 0.9p.

[drrichard] 13/3/2018 09:11

Hi Ed,here you go
July 2016
he Company is pleased to announce that approval has been granted by the Federal Ministry of Environment regarding the Environmental Impact Assessment ("EIA") which covers the drilling of 3 wells on the Ororo Field and the installation of wellhead platforms.

I seem to recall someone posting that DPR required the data from three wells to get sufficient information for a gas development FDP approval

[bronislav] 13/3/2018 09:05

Its clear that recent same amount trades at slightly different prices and yesterdays volume has the look of shares moving from one holder to another .a large stake is being aquired in my view.

[edgein] 13/3/2018 09:04

Dr Rosso,

Yes as far as I'm aware the design is cluster wells, more than one leg per well. However if you go way back I remember reading an article saying they had environmental permission for three wells, think that was back from '14 or '15. Probably more now.

Regards,
Ed.

[dr rosso] 13/3/2018 08:59

Force details have been pulled from COSL website. As far as I'm aware it's the same high-spec as Power. Looks totally over-the-top in relation to what is planned acc to the latest rns.

[dr rosso] 13/3/2018 08:57

The recent huge trades are clearly not sells. If they were, the market would be flooded with shares, easily available amid a dipping ASK.

[sirianbotham] 13/3/2018 08:56

But do agree the numbers on the new deal look a lot better freeing up a bit of cash

[sirianbotham] 13/3/2018 08:56

DrR I don't think the BoD deliberately selected the Power with no intention to use it. If anything it was a very useful early indicator of their intentions by selecting what looks to be an over specified rig.

[dr rosso] 13/3/2018 08:55

I take it that O3 will be a horizontal sidetrack off the O2 well bore. Can't see how a separate surface location could be decided and approved without the O2 appraisal data in. Tied into the first wellhead platform. Still not ruling out an incoming production partner when the Production Sharing Contract is finally announced.

[edgein] 13/3/2018 08:49

wow talk about hen's teeth this morning, had to wait about 5mins as my broker tried to get 500k on the ask, had to pay a small premium not many about. Glad I'm already largely boot filled here from last year. Don't ever remember SRSP being as hard to get hold of in the past. Smells like a large order being worked today again too.

Regards,
Ed.

[dr rosso] 13/3/2018 08:31

Notwithstanding the deception leading to a wild goose chase on Power, the Co. has pulled off an advantageous new deal over the rig. The original arrangement involved fairly hefty upfront fees. $0.5m booking fee, $3m deposit, a further $4.5m once Power arrived within one nautical mile of the drilling location.

That initial $8m has been reduced to $2m. Balance now payable in instalments over a 90-day drilling period. The Co. will become cash generative so this frees up a substantial sum of money. The question now is what use do they intend to make of it. Sounds like the hidden asset is being lined up for acquisition.

Don't forget that full pre-production costs are recoverable from oil/gas revenue in 88% batches. Adds $5m to the coffers. Does this $9m to COSL also come back?

[edgein] 13/3/2018 08:25

Daily,

Read the RNS yesterday if you want to know what the rig is called and when its going to arrive. In the mean time folks will be casting their eye back to last summer when anticipation of July spud sent the shares to 1.4p. Now we have our rig mob RNS and commencement of drilling just next month, exciting times for holders now as this moves swiftly to first production. We'll get 88% NRI on that until project payback too! Fingers crossed that 0-2 and 0-3 will give some sweet numbers. If they set off soon we could get our spud RNS in the first half of April. Although early/mid/late April is largely irrelevant in the grand scheme of things, buy em, pay for em and enjoy the summer as SRPS becomes a producer of oil and likely gas too.

Regards,
Ed.

[eye2] 13/3/2018 08:21

people can only sell once (; once seller done it will go bananas

[eye2] 13/3/2018 08:20

daily lol, nice spin on things , see you at 1.3p then

[1sonic] 12/3/2018 21:47

Dailylama...

Good luck waiting!

I’m and who I’ve got in here will now be soaking up any sells.

Forget waiting for payday...

You’ve missed the boat...

Lol

[dailylarma] 12/3/2018 21:41

3 or 4 weeks

[dailylarma] 12/3/2018 21:40

Will come back and buy in 3 or weeks time.Plenty of time to load up