Sirius Petroleum Share Discussion Threads

[jenny tulwought] 15/4/2018 16:13

vatnabrekk
15 Apr '18 - 09:18 - 77471 of 77478
0   3  0


If that was the case they wouldn't have put out the last RNS saying that the rig was about to be mobilised "shortly".

Seems more likely to me that something cropped up a couple of weeks after the release of that RNS to delay the programme further.

====

Sir,

The news update about the imminent departure from The UAE - and the April 'spud', was deemed relevant enough to announce via an RNS in March.

If this is no longer the case (due to whatever delay, unforeseen when that RNS was released), why was this not deemed sufficiently relevant to merit an amended date via RNS last week - or whenever the delay became apparent?

[drrichard] 15/4/2018 15:48

Interesting to look at Friday trades, apart from an isolated not insignificant 3m buy, all the buying was done by lunchtime. Makes one wonder if there was a leak re early week news?

[1alfi] 15/4/2018 15:38

On the 4th December presentation, Mark Henderson said that Schlumberger, Add Energy ans COSL were all ready and that Sirius was good to go. In view of this I think that the spud delay is related to something apart from the above companies.

[busahale1] 15/4/2018 11:54

If only one of the çrew of the Force had an investment in Sirius and could keep us informed.

[kwizza] 15/4/2018 10:39

So for the time being it seems like the "FORCE" is not with us....

[vatnabrekk] 15/4/2018 10:29

That certainly makes sense HT. COSL are the ones who have to arrange transport for the rig, and they also have the HLVs capable of doing that. It's unlikely that they will want to use anyone else's HLV if they can use one of their own, although they may have to in the end. Problem is, it seems that their own vessels are busy doing other things, and the ones that were in the UAE vicinity have gone elsewhere now.

My own thoughts were, and still are, that the recent hold-up related to the rig itself or the HLV to transport it.

[htrocka2] 15/4/2018 09:55

ref to both rig rns'


'COSL Drilling Pan-Pacific Limited ("COSL") has confirmed and identified the "COSL Power" as the Jack-up rig which will be utilised for Ororo field upcoming drilling campaign.'


'COSL have optimised the drilling campaign for Sirius by electing to deploy the COSL Force jack-up rig as opposed to the COSL Power'


In both rns's, COSL themselves are determining which rig will be used, SRSP are merely passing on this info. Delays can be attributed to COSL themselves...

As far as 'RNS saying that the rig was about to be mobilised "shortly".' take a look at the earlier 'Power' rns and the adjective 'upcoming'....which is defined as 'imminent', 'on the way', immediate', 'arriving', 'impending'. The choice of words belong to SRSP whereas the 'Power' belongs to COSL...Conclusion, SRSP are as eager, as we all are, to get the show on the road however, inference suggests that the hold-up seems to be COSLs end.

[vatnabrekk] 15/4/2018 09:18

If that was the case they wouldn't have put out the last RNS saying that the rig was about to be mobilised "shortly".

Seems more likely to me that something cropped up a couple of weeks after the release of that RNS to delay the programme further.

[dr rosso] 15/4/2018 09:16

Awaiting contracts to be transferred over to NewCo amid the big thank you pay-off for delivering what the Co. was tasked to do from the outset.

[bestdeal1] 15/4/2018 09:02

maybe the delay is that the BoD have re-negotiated the cost of the portaloos and we are waiting for a new batch to be delivered to the Rig?

[aventador] 15/4/2018 08:24

He don't know what's going on like the rest of us.. can't see there being a takeover we only have a share on one field it's not gonna be worth 10p 20p 30p it's worth less than 1p currently.Until we get multiple wells and more assets signed up and in production then that's all we gonna see.If we see the latter then double figures possible but how many more years is this gonna take been a decade and not even got one small well going yet let alone multiple ones.With the big players on board and secrecy we all hope this is about to change though and that's why we are all here for double figure share price problem is up until now we are in the dark so it's all a guessing game as always.

[fishandchips2] 14/4/2018 22:18

Doctor Rosso

Let’s just say you’re right.

What do you see the final price for this share?

10p / 20p / 30p / 40p or more.

Obviously I’m talking about a takeover price.

You seem to know a great deal so just interested in your thoughts please.

[dr rosso] 14/4/2018 22:05

Whoever moves the rig will be the new leader of the pack, imo. Clearly things are outside Sirius control as it makes way for NewCo. Since the 12 March rns promising mobilisation of hot rig to Nigeria for April drilling, Force hasn't moved a cm from its Saleh field offshore UAE position. So who's calling the shots? Oando, Seplat, Sapetro, Conoil or some mid-tier Chinese entity that'll take the reins for the offshore drilling campaign. It ain't Jolly Jack for sure.

[deadly nightshade] 14/4/2018 20:12

interesting to note that nigerian oil company oando had their shares relisted for trading thursday, looking back through past posts i see dr rosso at one time flagged up oando as a possible connection

[vatnabrekk] 14/4/2018 15:04

Thanks minichris.

[astralvision] 14/4/2018 14:17

What specific work should be going on at Ororo prior to drilling?Thought we had done everything required like surveys, ea etc etc. Now awaiting rig.iLeeman, we know for a fact COSL Force was in UAE on or around 1st April as AOS Neptune paid it a visit and it was in Neptune's AIS logs, as reported on this thread for anyone to check at the time.Beyond that date my information is it was still in UAE about a week later.It may have moved since a week ago, as it was due to leave 'soon' and was making active preparations to do so. As the journey time will be 25-30 days or so and say a weeks set up time, then, imo, the chances of making an April spud are pretty close to zero, and that's assuming it has left and with a fair wind!I presume we will get an update within the next few weeks.

[minichris] 14/4/2018 13:56

Vat, the only work going on near and in the far corner of the Ororo marginal was a handful of work boats and construction jackups working on the Isan platforms and well heads.So far no obvious Ororo specific work.

[ileeman] 14/4/2018 13:48

According to Astral rig is still in UAE

[vatnabrekk] 14/4/2018 13:45

Dr Rosso - I'd appreciate your thoughts on my post 77453, please.

[activeservo] 14/4/2018 13:35

This is especially true for rig owners who are typically low cost operators. The last rig we used was like being in the 70s! Wood panelling and doors hanging off the LQ..horrible.

[activeservo] 14/4/2018 13:15

Absolutely, our platforms cost far more, are only 5 years old.. if you don't legally need it, then you don't buy/install it. Otherwise you're just wasting money...

[dr rosso] 14/4/2018 13:08

State-of-the-art ultra-sophisticated HPHT jack-up costing tens of millions and someone forgot to instal a simple satellite tracker?

[vatnabrekk] 14/4/2018 13:06

I don't think anyone is expecting to get a signal from the COSLForce at the moment. They certainly wouldn't be transmitting while in transit anyway.

[activeservo] 14/4/2018 12:48

In fact, does it even have AIS? I haven't checked..