Sirius Petroleum Share Discussion Threads

[pipelinepete] 17/4/2018 12:00

2 larger asset farms in would be nice. It would certainly give us something else to think about other than the location of the rig. I'm sure that would stop you worrying so much Vat.

[sherl0ck] 17/4/2018 11:56

With Henderson referencing 2 larger assets, won’t we realistically need more than a single rig anyway to fully exploit everything in a more timely manner over this next year? If so, let’s just get a local rig mobilised to commence Ororo operations this month whilst simultaneously preparing to get Force over to Nigeria in May.

[astralvision] 17/4/2018 11:54

Depends how short ones 'shortly' is and how soon ones 'soon' is, but I don't think Force being in Port is really going to add anything to the timescales.

[vatnabrekk] 17/4/2018 11:46

It just indicates to me that the timescale is expected to be longer if it's brought into port, not "shortly", but I could be wrong.

[astralvision] 17/4/2018 11:27

VatnaI think it makes sense to tow it to a harbour.If they left it in deep water then they would still need tugs to manoeuvre it onto the hlv. It's safe in harbour, it can take on all the supplies it needs without using supply vessels, from fuel down to basics like food.This way minimises vessel movements and costs. It's a relatively simple and quick job to tow Force out to deeper water to load onto a suitable hlv.Hopefully that will be relatively soon.

[dr rosso] 17/4/2018 11:19

Once the rerate platform is established, why bother with 20% mcap increases per year during production when the alternative is to double one's value every 6 months by using a big cash payday to pick off near-production distressed o&g assets at a fraction of their real value.

[vatnabrekk] 17/4/2018 11:16

If I'm right that the rig has been towed into Dubai harbour (and I stress if) then that puzzles me, because if it was just a case of waiting for a HLV to come along to pick it up "shortly" then surely they would just have towed it into a quiet deep water spot to await the hlv. Towing it into port is unnecessary time wasting and expensive. So if that is in fact the case, then it troubles me.

[dr rosso] 17/4/2018 11:15

Bury St looks plush enough for entertaining asset-rich Nigerian chiefs. The wife (wives) can entertain themselves in nearby Bond St.

[jenny tulwought] 17/4/2018 10:58

av,

So the RAK thing took longer than expected - fine.
But tell us Bobo, just fekking tell us - and we'd forgive you.

But keeping us in the dark, for no apparent reason, is unforgivable.



(unless the rig is there or enroute)

[htrocka2] 17/4/2018 10:52

DR makes interesting reading...and has a point. Below comes from the First rns along with the name change.


'Sirius's strategy in relation to marginal oil fields is to negotiate and enter
into joint venture partnerships with oil majors and technical partners under
which Sirius aims to negotiate opportunities such that:


* Sirius will act as the financial partner to the venture and provide 100% of the
funding in return for a 40% legal interest in the field;
* Sirius will hold an entitlement to 88% of net revenues preceding the recovery
of the Company's initial capital investment loan to the project and, thereafter,
receive 40% of the revenues generated under the venture; and
* Sirius will not pay a farm-in fee to enter into the opportunity.'


That was in 2008. Even with the Del Sigma deal, it was only to supply cash in exchange for the 40%. Not until 2012, four years later do they finally mention 'finding a competent drilling contractor by the end of 2012'(it never happen)...SRSP didn't want to get involved with the 'business end' of extracting oil. However, with Guarantee and Owena insisting that 'Sirius Ororo' be put into an 'escrow account (trust)..they've now been pushed SRSP to perform the actual drilling aspect of production. With the continual delays and rig excuses maybe there's 'horse trading' still in the offing with COSL, SRSP's initial strategy seems to be resurfacing. I can't go along with DR's concept of starting again because this would mean selling the 'silver' ie, the union between SRSP and Owena, which would then be tied with the new owner. I'm all for a sell out...but at 100% only. OK, they could join Pearland afterwards.....but do you really want to go through all this agony again?,

Those of you that have studied 'form critisism' will note that from all the rns's up to 2012 have the following parallels.. 'Progress on acquisition' 'Propose Investment', 'continue to review Marginal field assets', refer to 'Substantial Projects' 'Agreement to fund..'....some 45 rns's and not a single reference to drilling. As DR said a few years ago, and I quote, 'SRSP seem to want to do everything but drill'

[dr rosso] 17/4/2018 10:44

Spoke to Jamie Wotsit years ago and agreed to meet him at the Charles II Street office. When I got there, the concierge told me that Sirius had vacated the whole 3rd Floor some months previously.
I see that poor old Jack is still based at these premises. No move to Bury St for him.

[dr rosso] 17/4/2018 10:39

Heart of Mayfair.

Search Results
25 bury street
www.25burystreet.london/

25 Bury Street provides six floors of bespoke, crafted offices, accessed through a boutique concierge reception. Step through the generous entrance onto a granite and limestone floor, lined by a feature bronze wall that runs seamlessly to the passenger lifts. The building is home to the new world-class Colnaghi Gallery.

Description: 25 Bury Street provides 10,044 sq ft of bespoke office accommodation arranged over six floors with typical floor plates of c.1,750 sq ft. The office floors are accessed through a boutique concierge reception boasting a double height entrance hall with hand crafted finishes in textured bronze, granite and limestone ...

[vatnabrekk] 17/4/2018 10:26

Yes, I agree it's not good enough, and becoming too much of a habit.

But as I said earlier, we (HLV watchers) may have missed the vessel leaving UAE and the rig may turn up in Nigeria before the end of this month. Unlikely but possible.

I am still of the opinion that it's in Dubai.

[dr rosso] 17/4/2018 10:17

The point is that incorrect information emanating from the Co. is on more than one occasion finding its way into the public domain through official statements, be they podcasts, rnss, presentations. At best it is unforeseen slippage, at worst it is fraudulent misrepresentation. Either way it is not acceptable and the market needs to be enlightened instead of being kept in the dark. A one-off is forgiveable, but first drilling/oil was promised for Sept 2012. Astral himself has exposed all pre-AD drilling dates as nonsense due to lack of finance. Post-AD Q1, then April appear to have fared no better. It really isn't good enough.

[vatnabrekk] 17/4/2018 10:15

Excellent post astral, and interesting links.

Dr.Rosso: Is SRSP in the habit of announcing postponements and giving explanations to the market?

[dr rosso] 17/4/2018 10:12

In which case the 12 March rns is wrong. Investors are being misled. The Co. should immediately issue a price-sensitive announcement stating that the drilling proposed for April has been postponed. And give an explanation to the market.

[1alfi] 17/4/2018 09:54

Just waiting for the green light Pipelinepete :)

[sherl0ck] 17/4/2018 09:29

Just can’t see the logic in cheaply selling off the family silver so as to buy a bunch more new assets and start again.... when you can rather retain the silver, significantly improve the value thereof AND cost effectively secure more assets via leveraging off the BP/Reyl financing.

[aventador] 17/4/2018 09:28

More likely to be a drill still which will be delayed till later next month. Then we may see further assets still a long game here for time being.

[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

[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