Sirius Petroleum Share Discussion Threads

[deadly nightshade] 17/4/2018 09:05

sounds good to me dr rosso. learn from the past mistakes of ophir. ready the assets then sell them on for large profit. thats what ophir should have done with their two massive discoverys. lots of stranded oil fields in nigeria

[dr rosso] 17/4/2018 08:43

... whilst those involved haggle over the final pay-off for the twin asset options (95 hub and 241). Slimmed-off and cash-rich-to-be leaner Sirius has its new office in time for its new strategy. The crew can start all over again, picking off cheap acquisitions and bringing them either back into production or to the brink of production. I wonder how many asset-rich but cash-poor indigenous Cos have approached them. Nothing too strange there, esp considering that the BOD is jam-packed with accountants, nobody having any O&G field development experience. All sitting pretty on a huge no. of 1.125p options and a rerated £100m+ cash shell, this time able to act as an operating Co. with prospective new partners. Pick off Obe for starters? Cavendish, Sapetro etc etc.

Think about it? Why bring in Henderson, Hawkins, Haywood? Proven fundraisers. Done it with BG, REYL, LOG. Do it again from Bury St. on newly acquired assets.... all in the rnss.

[vatnabrekk] 17/4/2018 08:26

The rig? Having a grommet replaced in Dubai dry-dock!

[dr rosso] 17/4/2018 08:23

So where's the rig, where's the drilling? I must have missed something over the years. Ondo agent has completed its set tasks and now awaits pay-off. There is to be no drilling in April, and no production. That has never been Sirius strategy.

[drrichard] 17/4/2018 08:20

Taking on expert staff, developing a shallow offshore plan, exploiting near term assets, new offices. Sounds to me like production not early sell off.

[edgein] 17/4/2018 08:15

Dr Rosso is suggesting a very very strange strategy if he thinks the company is going to acquire assets, take all the risk, and sell them off before they're developed. PUD reserves get a much lower price than PDP reserves.

Vatnabrekk

"realise upside potential through appraisal activities."

This is also drilling activities. Something that SRSP will hopefully be conducting in the short-term. It'll be interesting to see if the pipeline of assets starts to materialize before, during or after this. They did previously hint at moving the rig to a new asset after initial drilling on Ororo (I guess after O-3). But that asset would need to be signed off and drill ready, seabed survey etc complete. Need to get their skates on if that is still on the table.

Regards,
Ed.

[dr rosso] 17/4/2018 08:14

Not a word about drilling in that strategy. Gameplan is to set everything up through initial work programme, then move on. If there is any drilling to be done, it'll be to collect appraisal data. Then sell-off, recovering all pre-production costs. An operating Co at work, not a production Co.

Take the cash offer then go on to pick off other assets for next to nothing

[dr rosso] 17/4/2018 08:13

No, it means bringing experts to assess a reservoir with a view to optimising flow

[vatnabrekk] 16/4/2018 23:17

"...and maximize hydrocarbon production and recovery..."

That sounds like drilling to me.

[dr rosso] 16/4/2018 23:12

Check out the AD. Co. strategy makes no ref to drilling

Page 13.. Company Strategy
The Company’s strategy is to target proven opportunities and maximize hydrocarbon production and recovery through the acquisition of discovered assets in Nigeria, with a particular focus on shallow water offshore areas and realise upside potential through appraisal activities. The Board will seek to farm into or acquire high quality assets located in major producing complexes of Chevron, Shell, Total, Mobil, ENI and other majors. The Company is in active discussions to farm into a number of near term production opportunities, leveraging on the commercial arrangements with its partners.

[dr rosso] 16/4/2018 22:56

Sinopec-style asset-pipeline sell-off is looking nailed on. Sirius simply transfers over the lease options and all related contracts. Take the cash and pick off a string of acquisitions for next to nothing, moving in with cash-strapped indigenous partners looking to restart their fields.

[bumhammer] 16/4/2018 22:45

If you disagree,Tell us how it's going to be..

[1sonic] 16/4/2018 21:56

Ouch bum!!!!

[bumhammer] 16/4/2018 21:45

Yeah but in all fairness Rosso's stuff if far, far more credible (and may I add ..readable) than your nonsense 1sonic.Time this farce was put to bed once and for allGood night x

[dr rosso] 16/4/2018 20:27

I'd say that this is a significant move. What strikes me as a strong possibility is that Sirius is going to offload the prepared assets (95 hub + 241 option) onto a proven O&G mid-tier. Job done, over and out. Credibility in bringing in funders + technical experts. Zero cred for drilling.

Let's say a price of $250m, bit of a bargain giveaway but it sets them up as a new-style independent indigenous Co. free to go in on other assets, with new partners who are struggling to raise funds. Cash-rich and picking up stricken fields for a song, restarting production within weeks. Obe, Seme are there for the taking.

Jolly Jack looks to be on his way out, leaving the all-important Bobo to carry on, backed by his posse of accountant advisers. Sorry but there is just no way they can be expected to be i/c production of 7 billion boe which the Nigerian economy is going to be dependent on.

Start the development process all over again, but this time as proven fundraisers, and cashed up. Restart production on fields in return for % stake.

New office heralds new dawn.

[sherl0ck] 16/4/2018 20:06

Nothing in their brochure appears to indicate this may be just a temp hot office, whereas 42 Berkeley Sq certainly did advertise hot-desking services.

[minichris] 16/4/2018 19:48

Another hot office or a real one this time tho?

[sherl0ck] 16/4/2018 19:44

Good spot 1alfi. I have a client very close by and it’s a nice part of town. BP office is also a stone’s throw away too. Would be strange to now secure a new office if we were about to disappear.

[vatnabrekk] 16/4/2018 19:29

Let's be clear, we can't be certain that there is any delay because we're not at the end of April yet. It's just that there has been no announcement that the rig has left UAE, and we (AIS watchers) haven't spotted any heavy load vessels leaving that area bound for Nigeria.

But of course it is always possible, albeit unlikely, that we've missed it, and SRSP may still surprise us by producing the rig out of the mists in the delta any time between now and the end of this month.

Isn't it exciting?!

[1alfi] 16/4/2018 19:14

Would COSL, Add Energy and Schlumberger have signed drilling contracts with Sirius without Sirius being in a secure position regarding their ability to fund drilling ?

[astralvision] 16/4/2018 19:01

vatna
they couldn't drill anyway before they had changed AIM status from investing company to operating company, they also needed the funds to drill,and the right partner set up, so they have only been in a position to drill since the beginning of this year.

I've no idea why they said that in previous years.

[1alfi] 16/4/2018 18:59

"25 Bury Street sits in one of London’s most desirable locations. With many of the best shops and restaurants in London plus excellent transport links, it is no wonder that the area is occupied by high profile businesses."

Sirius new office