Sirius Petroleum Share Discussion Threads

[vatnabrekk] 17/4/2018 23:15

Yes, I get that minichris, but the thing I don't get are the clash of dates. The Force was apparently supposed to be working through March and April, and yet the RNS stated that it was anticipated drilling would start in April 2018. Something doesn't add up?

[minichris] 17/4/2018 23:08

For me hot is ready to go as apposed to warm or ready stacked where its ticking over and requires some prep.In this instance its hot because it was working a job for RAK. It was ready to go as soon as its job was done no prep required, just load it and restock the consumables.

[vatnabrekk] 17/4/2018 22:56

Here's something I don't fully understand:

In COSL's Annual Results 2017, released March 2018, on page 18 there is a chart showing the operational status of their rigs. CSOLForce is shown as being on contract (presumably in UAE) from about the beginning of March through to about the end of April. This is supported by the statement on page 15 that the Superior and Force acquired contracts in the Middle East in 2018.


And yet in the RNS dated 12th March it is stated:
"The COSL Force is a "hot rig" (tooled-up and ready to operate) currently offshore UAE..."
and also: "...and is therefore ready to be mobilised to Nigeria shortly."

If it was on contract during March (according to the Annual Results document) then how could it be "tooled up and ready to operate", and "ready to be mobilised to Nigeria shortly"?

Have I picked up something the wrong way here? Because I'm having difficulty squaring the circle.

[vatnabrekk] 17/4/2018 17:26

Nice one solarno!

[1sonic] 17/4/2018 17:24

She will soon be doing this.....

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

She’s only smiling as she bought millions of Sirius shares under a penny.....

[htrocka2] 17/4/2018 17:13

Probably discussing the repatriation of Billions of dollars of the former Oil Minister's stashed loot...that belongs to the Nigerian people.

[solarno lopez] 17/4/2018 17:08

As its politicians involved it will be called a Rigged Meeting !!

[vatnabrekk] 17/4/2018 16:57

Do you think they're discussing our rig?

[kwizza] 17/4/2018 16:25

The President has met up with the Prime Minister



perhaps a cuppa coffee at the new plush offices next :)

[htrocka2] 17/4/2018 15:05

o/t


I should have bought some World Cup tickets...

[astralvision] 17/4/2018 15:01

Don't think rig in Dubai is anything at all to do with money.It's more a question that it's recently come off contract with RAK and now requires transport to Ororo, so it's simply a question of logistics and not cash.

[htrocka2] 17/4/2018 14:38

Seems strange that the rig is purportedly stuck in Dubai yet when they get their hands on a bit of credit, obtaining expensive offices becomes the top priority.

[shez20] 17/4/2018 13:51

To me... to you.. to you.. to me...

[astralvision] 17/4/2018 13:48

Thanks Sherl0ck It's a strange one as, as you say, April date has been confirmed twice in March, as recently as the 20th March, yet here we are half way through April, a matter of four weeks later and April looks a pipe dream with Force sat on the quayside in UAE, apparently.Be nice if they wheeled out those other assets, in your own time boys....

[drrichard] 17/4/2018 13:27

Without access to the COSL SRSP BP Schlumberge agreement we don't know if COSL, for e.g., gets first refusal on any drilling either for Ororo or any new, near term assets. My guess would be that COSL , esp if giving us a discount, would want this. Esp given the potential size of the project, as we understand it.

[sherl0ck] 17/4/2018 13:19

You’re probably right. It was just an idea to try and square the twice-mentioned April timescale with the view that Force may not have moved. I do still think there will be a rapid expansion of activities across multiple fields this year and that the time it’s taken to get Ororo ready to progress won’t be replicated.

[astralvision] 17/4/2018 13:03

Sherl0ck

On reflection would using a local rig not cause problems in the following areas:

1) COSL is part of the consortium intending to roll out the drilling and production of multiple assets. Using a local rig would seem a strange thing to do, unless COSL have one going spare locally.

2) This is not any old drill to be farmed our to whoever. It’s a vital drill for SRSP on, at the moment, it’s only asset. I’m no expert, but it doesn’t strike me as an ‘easy’ well, it’s at depth and at pressure. Chevron had problems with pressure at depth. Therefore to maximise our chances of success we need the best rig going for the job, in fact if Force is overkill, so much the better. Not sure this is a job for a local non COSL rig, but freely admit I’m no expert.

I agree it would be great to get multiple rigs drilling, but before we get to that stage we need multiple assets and possibly cash flow from Ororo.

Any thoughts on the above would be appreciated.

[pipelinepete] 17/4/2018 13:00

I wonder if another one might pop up before the weeks out

[1sonic] 17/4/2018 12:57

nice.... 4.9 million buy order filled.

[pipelinepete] 17/4/2018 12:57

Some nice orders being filled the last few days :)

[astralvision] 17/4/2018 12:16

Thanks for the reply Sherl0ck I like the picture you are painting.

[sherl0ck] 17/4/2018 12:14

Yep. I’m hoping that lots of prep has indeed been done on other potential assets in our pipeline, which is revealed when we actually sign the deals. We know from the 2016 AGM that Rockflow prepare CPRs on anything we’re seriously looking at... plus Havoc do tech & commercial evaluation work. Recent sea bed survey may have expanded to more than just Ororo and with all other necessary permits secured, we’d be ready to kick off development activities in parallel on multiple fields. Now that would be more than a 20% mcap uplift.

[astralvision] 17/4/2018 12:03

Sounds an excellent plan Sherl0ck, but given all the preparation work required for Ororo in terms of permissions, surveys etc, do you think other yet to be announced assets could be drill ready within the next few months?