Sirius Petroleum Share Discussion Threads

[dr rosso] 14/3/2018 13:26

Ororo is key for a few reasons, none of which have anything to do with proving an ability to flow o&g. Schlum, BP, Add, Cosl, Havoc have a combined decades of expertise and experience on that score.

#1 is that Ororo is the strategic hub, into which a no. of other fields in Chevron's 95 cluster will be tied. No point in producing from these outlying fields without a central processing facility

#2 is that Ororo itself is not insubstantial, considerably more than 24mb 2C, and will generate significant revenue, added to which will be the 100% recovery of pre-production costs

#3 is that they want the appraisal data from drilling, those upper D zones and sub-G in particular. On acquiring this, the FDP clicks into place + the proven 2P of the field serves as collateral for RBL which will add to the proposed REYL funding. That gives them access to the 7bbn 241, on which they have analysed all the seismic data which PGS passed onto Schlumberger

[sirianbotham] 14/3/2018 11:47

Perhaps we are not using Force and that was announced to stop us looking out for the Power...... It was hardly 'revealed' more a practical change of plan. Non Exec / Director appointments are not RNS material.

[dr rosso] 14/3/2018 11:31

The big issue with this Co. is that much of what is going on is not transparent. The latest snippet from linkedin reveals yet another senior manager employee, this one having spent the last 14 months doing subsea and other pre-production work on smaller fields that Sirius is involved with, and is now the production engineer.

A further example is that since May 2017, many pis have been keeping an eye on Power, only for it to be revealed this week that a completely different rig has been booked and mobilised.

[bumhammer] 14/3/2018 11:05

Developing the potential assets in tandem has been mentioned in the past 2 years. Remains to be seen if this is still the case. Would send our beloved share price up at a rate of knots if it were to happen

[astralvision] 14/3/2018 10:35

Thanks Edgein, all makes sense, good post.

[edgein] 14/3/2018 10:31

Astral,

A number of us see the significance of Ororo to SRSP. Its most certainly the key as it'll demonstrate the company's ability to achieve production and small field development. They've had others lined up for sometime according to the company, probably the owners of those assets want to see that SRSP can deliver with this consortium. There's no doubt the rest can deliver, BP, ADD, COSL, SLB, that goes without saying. If SRSP can get Ororo smoothly to production it books 2P and production and shows their strategy works. After that the queue or pipeline of assets that have been talked about for some time will likely get longer. Many have a good idea that Ororo is the key, but there is little doubt that its the first. The local companies we're involved with (the jv not the consortium of finance partners), have the local contacts to bring in more assets. I bought these as Ororo is the first asset and imo certainly not the last.

Regards,
Ed.

[leonsito] 14/3/2018 10:21

bsg goes around many boards making up stories/lies about placings. Just check out his posts, the words placing and lifestyle company are all over them. LOL

[astralvision] 14/3/2018 10:14

thanks minichris, all views are very welcome.

[minichris] 14/3/2018 10:09

I know it wasnt directed at me Astral but I agree with your summation.
It proves we can actually do the things we say we can and underpins everything with an income stream that can be used or borrowed against.

[astralvision] 14/3/2018 10:05

Sherl0ck Great post, the bit that has me puzzled for a while is the following: 'Ororo’s long overdue progression signals the nearing culmination of all of the company’s plans, i.e. that other things are also on the cusp of being revealed.'I've heard before that Ororo is the key and your post again suggests that.Why is it, in your view, that the development of Ororo will signal srsp's plans like the acquisition of further assets?My own thoughts are that perhaps we need to demonstrate to the holders of these other assets that we are able to successfully develop them to add value and for that we require a world class team (tick), the financing ( sort of tick when REYL are confirmed) and that we can deliver on the operational front. With Ororo now full steam ahead the last requirement is about to be ticked. Dont know if that makes any sense, but would love to hear your take on the matter.

[1sonic] 14/3/2018 09:57

Bsg is talking utter rubbish...

[minichris] 14/3/2018 09:55

BSG... what?

Fully Funded drills, £10m BP deal, £100m Reyl deal and we are placing at 0.75p?

Ill eat my hat, but id say nonsense.

[dr rosso] 14/3/2018 09:53

Yes, looking promising. In view of that, does anybody REALLY think that a bundle of 13m shares was sold for £125k the other day?

[sherl0ck] 14/3/2018 09:50

All that really matters is that a very smart plan is gradually unfolding before our eyes and eventually it will be fully obvious to all exactly why Glencore and our current large partners signed up and why it’s been so difficult and taken so long to get to this point.

For the umpteenth time: “the Company's focus has been on reviewing the opportunities available to the Company, both in terms of ASSETS in Nigeria and the OPTIMUM FINANCING and long-term strategy for developing those assets.” (29/6/17)

Many have long felt that if this was only about Ororo we would have raised the money and drilled years ago. The big challenge is how we access attractive and exclusive assets in a highly efficient manner and critically, in a way that no one can cry ‘foul’.

Monday’s news also validated that our plan is on track. We’ve paid Cosl the renegotiated deposit and the rig is being mobilised. No partner issues and no waiting for PIGB etc. Ororo’s long overdue progression signals the nearing culmination of all of the company’s plans, i.e. that other things are also on the cusp of being revealed.

Long term investors have already done the really hard part by hanging on in here for years. Time to now sit back, relax and see exactly what unfolds here over the next few months.

[bsg] 14/3/2018 09:49

Looks to me another placing on its way 0.75p is my estimate. This is now a lifestyle company for the BOD.

[dr rosso] 14/3/2018 09:46

AD 24 does indeed confirm £7.23m received. Due respect to Mr Sherl0ck. May the Force be with us.

[edgein] 14/3/2018 09:36

Sher,

You've more patience than I have to combat the conspiracy theorists, next conspiracy will be along in a moment no doubt.

In the mean time Bobo is about to use the Force in Nigeria, who knows by the end of the summer Yoda might even make an appearance.

Regards,
Ed.

[sirianbotham] 14/3/2018 09:34

I think that's the first set to Sherlock DrR

[sherl0ck] 14/3/2018 09:25

Ad doc p.1, 4, 13, 23, 24, 25 etc.....

P.23/24
“Pursuant to the Unconditional Placing, the Company HAS RAISED £3.9 million (approximately US$5.1 million) (before expenses) through the Unconditional Placing of the Unconditional Placing Shares with investors AT THE PLACING PRICE”.

Pursuant to the Conditional Placing, the Company HAS CONDITIONALLY RAISED £3.3 million (approximately US$4.3 million) (before expenses) though the Conditional Placing of the Conditional Placing Shares with investors AT THE PLACING PRICE...”

The AD is published after the shares are placed and so they know the total monies secured and share count.

[edgein] 14/3/2018 09:22

Welcome aboard Curry, good timing fella.

Regards,
Ed.

[dr rosso] 14/3/2018 09:02

Standard procedure is to announce the results of a proposed placing eg.......

21 November 2017
Premier African Minerals Limited

Successful Fundraising via PrimaryBid to Advance the Zulu Lithium Project
Premier African Minerals Limited (AIM: PREM), AIM-traded multi-commodity mining and resource development company focused on Southern and Western Africa, announced on 20 November 2017 an underwritten offer to raise approximately £0.5 million (before expenses) at 0.4p per new Ordinary Share (the "Offer"). The Offer was made exclusively available through PrimaryBid.com.
The Offer received a very strong response from private as well as institutional investors and was oversubscribed. The Offer was on a "first come, first served" basis and was closed early at 7.02pm on 20 November 2017 once a total of £1,008,125 was surpassed. The Company is delighted to announce that following excess demand, the aggregate subscription amount of the Offer has been increased. The Company has raised gross proceeds of £ 1,008,125 through the Offer.


eg
29 September 2017
Mosman Oil and Gas Limited
Issue of Equity to Fund Expansion

Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, announces the Company has raised £600,000 by way of a placing and subscription of 50,000,000 new ordinary shares of no par value in the capital of the Company ("New Ordinary Shares") at 1.2p per share by share price Angel Corporate Finance LLP (the "Placing").


eg

5 October 2017
W Resources Plc
£1,000,000 Equity Fundraising
W Resources Plc (AIM:WRES), the tungsten, copper and gold, production, exploration and development company with assets in Spain and Portugal, has completed a placement of 240,000,000 ordinary shares of 0.1p per share ("Ordinary Shares") at 0.375p per Ordinary Share to raise £900,000

[eye2] 14/3/2018 08:57

seller done for now

[dr rosso] 14/3/2018 08:54

Companies confirm eg

13 July 2017
NU-Oil and Gas plc
NU-Oil is pleased to announce that it has completed a placing of new ordinary shares of 0.1 pence each in the Company ("Ordinary Shares") to raise £1.1 million in total before expenses. The Company placed 100,000,000 new Ordinary Shares (the "Placing Shares") at a price of 1.1p per Placing Share.

No doubting here that NUOG successfully placed 100m at 1.1p



SRSP placing arrangement was no more than a proposal, confirmation notably missing.

[sirianbotham] 14/3/2018 08:49

DrR there was no confirmation either that they didn't raise the full amount listed in the AD - this would be more noteworthy than achieving what they said they would do.

[drrichard] 14/3/2018 08:41

Welcome back Currypasty. Good to see you back in and very good timing I hope! And, I might add, a little more than a punt now-rig timetable awaited , two drill programme paid, all to play for now!