Sirius Petroleum Share Discussion Threads

[deadly nightshade] 11/4/2018 17:57

1sonic looks like your post has hit a nerve with the village idiot phil, good post astra i am as frustrated as most here but we have got to keep dreaming of the end picture, i am a bit more confident now we have a bit of action with target and neptune

[1alfi] 11/4/2018 17:54

So once again what exactly are we getting for free. Your reply does not clarify anything being given for free drrichard.

[pipelinepete] 11/4/2018 17:53

Fantastic post astral, post of the year for me

[vatnabrekk] 11/4/2018 17:51

There seems to be some tug activity near to the Saleh location.

Can Dr. Rosso or Astralvision (or anyone!) please confirm that this is the location that the COSLForce was last on hire?

[astralvision] 11/4/2018 17:46

exactly, thank you for the reply drrichard

[drrichard] 11/4/2018 17:45

1alfie, Astral is referring to this paragraph in the 20/3 RNS

In addition, Sirius has concluded amended terms with COSL for the COSL Force jack-up rig, extending the initial program to cover both the Ororo 2 and Ororo 3 drill programs for a lump sum of $9m (payable in instalments related to drilling milestones), on the assumption that the duration of the work will not exceed 90 days from the spud of the first well in the program and assumes a 45 day work duration per well. If the duration of the work exceeds that period, then daily rates will thereafter apply. In accordance with the amended agreement, Sirius has made an initial deposit payment of $1.5m to COSL.

[1alfi] 11/4/2018 17:41

Astralvision - "we have been able to do a 'buy one get one free' deal with COSL"

What are we getting for free ?

[pervertphil] 11/4/2018 17:34

Of course u do sonic. If u did why bother posting on here. Stop this ramping. It is PATHETIC

[astralvision] 11/4/2018 17:33

No, it hasn't taken them six and a half years to find the rig, that's the easy bit and approaching 4 months on from when everything is in place, meaning partners, structure, financing then that in itself is not a lot of time, especially as in the last month we have been able to do a 'buy one get one free' deal with COSL and now the initial programme will be two wells drilled. I do appreciate it has been one very very long wait for some and also appreciate the cynical attitude borne out of experience of some long term holders

What it has taken then six and a half year to do, which Bobo at the GM freely admitted it a very long time, is find the optimum way to exploit off-shore marginal fields in Nigeria. There have been several false dawns and several blind-alleyways but the path ahead is now clear and, imo and plenty of others for that matter, the overall package of partners, financing, operations is one you would be hard pushed to find elsewhere in a £30m cap oil company.

It's pretty clear that this is about more than just Ororo and a rig, otherwise it's a massive sledgehammer to crack a relatively modest nut.
Whilst some may dismiss 'rig hunting' and 'hlv hunting' and the like, as it seems to be generally agreed that Ororo is the key that unlocks the door, for a whole host of reasons, then I'm keen to see that the key is actually travelling towards said lock, that will ,imo, happen soon enough and jolly good when it does.

I would agree with critics of the company who, quite reasonably, point to drilling in March/April etc (let along going back further!) and it is disappointing that the company are unable to meet deadlines they themselves have given out. Goes down as bloody stupid imo, but there we are, I don't think spudding the well in April or May is going to make any difference to the ultimate value here, but like most folk I will be pleased to see action on the operational front.

On the further assets front that could drop anytime and I look forwards to hearing more on their plans for assets in due course.

[dr rosso] 11/4/2018 17:25

Changing contracts is a bit like Average Joe changing his underpants.

RIG: Depthwize; Power; Force

OFFTAKE: Glencore; BTG; BP

OWENA/GP: FTSA; Amended FTSA; FARA; JOA

FUNDING: Glencore; Nima-Levant; LOG/BP/REYL

[htrocka2] 11/4/2018 17:12

October 10th 2011

'Subject to satisfactory completion of the preliminary works programme, including Environmental Impact Assessment and Drilling Site Surveys, and subject to rig availability, Sirius anticipates that production from the Ororo field could start as early as Q3 2012.

Brent crude $125 a barrel (at the time)


Maybe Astra should have posted his fleet of rigs video to SRSP H/Q.Surely it's not taken them six and a half years to find a rig.

[cautioussid] 11/4/2018 17:00

Brent crude $72

[1sonic] 11/4/2018 16:17

3 year high

[ileeman] 11/4/2018 16:14

Oil smashing 52 week highs.

SRSP are perfectly positioned now even if drill does extend into May.

[sherl0ck] 11/4/2018 15:31

President Buhari is in London this week and meeting with the Shell CEO to discuss their and other parties $15bn O&G investment that ‘will lay the foundation for the next 20 years production and domestic gas supply’

“Further meetings have also been scheduled for the President to see some prominent British and Nigerians residing in Britain,”

[1sonic] 11/4/2018 14:56

POO $71.75

[bumhammer] 11/4/2018 14:06

Thanks Ed,

Thats makes sense.

Cheers

Sonic, you are off youre rocker mate.
Enlighten us please :)

[1sonic] 11/4/2018 14:03

Thing is Perv - I know something you don't....

It's not about the current share price either...

[edgein] 11/4/2018 13:59

Bumhammer,

Basically because phase I is likely to consist of 2 wells O-2 and O-3. They've ordered in the wellheads for O-4 and 0-5 for the subsequent phase of development but they may or may not be drilled until next year. But they've got them in Nigeria, perhaps to accelerate development, we'll find out in due course why they were enroute to Nigeria early March. Perhaps with the rising oil price the financiers for those bonds will be keen to get on with the job. Next updates will be interesting. So basically price should be looking rosy after drilling O-3.

Regards,
Ed.

[pervertphil] 11/4/2018 13:35

Some might say it's been a Sonic booooom todayHis prediction strike rate currently sits at 0% success

[bumhammer] 11/4/2018 13:17

Edgein,

thanks Ed but why O3 in particular?

[vatnabrekk] 11/4/2018 12:54

Pick the one you like!

[astralvision] 11/4/2018 12:37

hunt the rig....

[mkkev] 11/4/2018 12:20

So near where the AOS Neptune was the other day (the Saleh 2 Nav aid), there now appears to be a tug (Omeed Taher) and an achor handling vessel (Ghaznavi), navigating around nothing ... Interesting tracks.