Sirius Petroleum Share Discussion Threads

[rpat2] 23/4/2018 17:14

Rig on site?Just been checking the latest updates on the rig, and the status has changed from en route to drilling. https://www.rigzone.com/oil/Data/offshore-rig-search/rig-profile/1385/jackup/china_oilfield_services_ltd/coslforce/ Also the operator is now showing as sirius petroleum. https://www.infield.com/rigs/coslforce-jackup-60654 Rns this week!!From chickensoup lse post

[astralvision] 23/4/2018 13:32

I think you are absolutely correct Sherl0ck, I’m sure consortium partners will have a different view on Ororo2.
I just feel it’s a shame that the company puts out these operational dates to investors yet seem unable to meet them. There may well be good reasons for that, but no-one forced them to put out a date and naturally if a date is given out investors expect that date to be kept or an adequate explanation of why not.
It’s unfortunate, imo, that this issue is taking something away from SRSP’s attractions. This is not a trivial issue and managing investors expectations is an important part of any quoted company’s remit.

[sherl0ck] 23/4/2018 13:13

Consortium partners won’t be looking at Ororo the same way that most investors are; rather they’ll see it as an essential initial part of a considerably larger and far more complex strictly defined ‘PROJECT’; of multiple ring-fenced assets.... the operational phase of which fully commences when all the various operational, financial and legal interdependencies are agreed and in place (project service partners, CPRs, offtake secured, insurances, SPVs established, project financing, securitisation & hedging tools, local relationships and related paperwork etc).

The company outlined the plan to focus on project financing back in May 2015 and since then has been executing on this strategy step by step. The Ad doc and Dec 17 Presentation provides further clarity on this plan but as always, investors can make up their own minds as to whether they feel this is accurate or not.

[htrocka2] 23/4/2018 13:09

no problem vat...I enjoy your posts....cheers

[vatnabrekk] 23/4/2018 13:07

HT, of course everyone is entitled to their own opinion and to express it on this BB. I don't think I've said anything to suggest otherwise.

[astralvision] 23/4/2018 13:01

maybe he has Shez20....

[shez20] 23/4/2018 12:58

The doc has been waiting years for clarity of the company Astra!

[htrocka2] 23/4/2018 12:57

vat...we're all entitled to our own opinion....that's what boards are for.

from my previous post
'Specifically, we expect to see considerable activity in the oil and gas sector, as negotiations are ongoing for Bresson Energy’s acquisition of the 80 per cent stake in OPL 241 currently held by Owena Oil and Gas in order to assume full ownership of the block. Following Owena’s exit, Bresson Energy would seek to bring additional equity partners on board to co-manage OPL 241. We also expect to see new deals in the telecommunications sector in the wake of the Etisalat’s recent crisis, especially as there is strong evidence that Etisalat is set to dispose of its 40 per cent equity stake in Etisalat Nigeria'


Just to emphasise a couple of points....this was posted Nov 2017...with the comment 'the negotiations are on going...' and Bressen Energy, who for all intents and purposes are Oil world themselves''...'would seek to bring additional equity partners on board to co-manage OPL 241..'


.

[astralvision] 23/4/2018 12:30

Until we get some clarity from the company it all a bit pointless right now, imo.

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

The speculators are those who keep banging on about this Co. venturing into drilling and production, of which nothing has come to light over not weeks or months, but years.

[vatnabrekk] 23/4/2018 11:56

So, DrR, tell us what happened between 12th March and the end of March. What unexpected thing popped up, out of the blue, suddenly, to stop mobilisation "shortly" as stated in the RNS?

Nothing that you have speculated upon above came to light suddenly during that period. What were they not aware of when they issued the RNS on 12th March?

[dr rosso] 23/4/2018 11:25

Why on earth would Ondo State allow a minnow staffed by nobody with O&G production experience to be gifted 40% of multibillion asset package ultimately worth $30bn, and let this nothingness of an entity take it through all stages of production? Give away twelve billion dollars? It's simply not credible, it is not going to happen. The tiddler shell was brought in for its London market contacts, has now completed the 2 tasks it was given by Ondo, and awaits its payoff in the bargain.

Owena/GP legal ownership of the Ororo lease remains at 100%, Owena has 80% of 241, shared with OilWorld. All that Sirius has is a 40% working interest in the Ororo field, held in trust, and a 40% option on 241. I expect both to be transferred over shortly from the Agent to a credible genuine O&G Company, at which point the drilling rig sets off from Dubai.

The accountants are then free to move on to their next venture. Sitting on a cash pile of £200m means Bobo's boat has well and truly come in. Let's say 180m options at 1.125p instantly rerate to 5.125p. £8m trousered in a flash.

Co. presentation even tells us that the brand new assets have been lined up.

[dr rosso] 23/4/2018 11:17

"COSL have optimised the drilling campaign for Sirius by electing to deploy the COSL Force jack-up rig as opposed to the COSL Power. The COSL Force is a "hot rig" (tooled-up and ready to operate) currently offshore UAE and is therefore ready to be mobilised to Nigeria shortly.
Once on station, it is anticipated, weather conditions permitting, that drilling of the Ororo-2 well will now commence in April 2018."


Seems clear to me from the above statement that Sirius is not in charge of anything. Get paid off ffs, take the agent fee, and set off in your own independent direction. For starters, get a new office. Oh, voila. Consortium won't be broken up, but a piece may well be broken off.

[cautioussid] 23/4/2018 10:43

Quid for cash is keepin quiet so all must be ok

[bumhammer] 23/4/2018 10:24

Dont care anymore.. im done

[6cer] 23/4/2018 10:12

If the bod are really concerned with rig delays then they would make explanitory announcements to explain but they do not. What does that tell you?

[1alfi] 23/4/2018 10:06

In my view, the change of rig was not the cause of the delay. It was the other way round, because of the delay it was necessary that a different rig had to be allocated to the operation.

[bumhammer] 23/4/2018 09:51

No its not the best is it

[astralvision] 23/4/2018 09:33

It's not the best, it has to be said although imv March delay was adequately explained by change of rig etc etc.And yes, to date speed of progress has not been one of their finest attributes.Ho hum.

[6cer] 23/4/2018 09:30

I'm awaiting the announcement that the consortium has broken up.

[dr rosso] 23/4/2018 09:23

Stringing people along with H2, Q1, April promises, then failing to drill, without any explanation each time, is quite frankly shameful, a disgrace.

[shez20] 23/4/2018 09:22

Astra we have ended up waiting another year after cosl,add,sch sign up waiting for bp! Then we had the three month suspension on top of that! Then everything should of been good to go! We still shouldn't be haggling with company's that have been with us for 18 months! I don't buy that this was the reason for the delay! They will of known they were using the force for sometime before we did! Once we came out of suspension everything should of been good to go and if it wasn't it shows our bod up imho!

[vatnabrekk] 23/4/2018 09:14

HT: I'm not suggesting that it will be activated JUST for Ororo, I accept that there are more assets in the pipeline, that's not rumour, that has bee stated by SRSP, so I am sure that that is generally accepted.

It was SRSP who said they were going to start drilling Ororo in April, not me. When they issued that RNS in March they clearly knew the situation regarding Ororo and the other pipeline of assets. They stated that they were going to start drilling Ororo2, then in a later RNS stated they were going to drill 3 and 4. No mention of the other pipeline of assets at that point although we know that there are other assets to come into the picture at some stage.

They have to start somewhere. They don't have to announce the entire pipeline of assets before they start drilling Ororo. There is no reason to suspect that we are waiting on the rest of the assets to come to light before they start drilling Ororo.

[htrocka2] 23/4/2018 08:50

vatnabrekk
22 Apr '18 - 22:50 - 77816 of 77827


vatna.... the 'Consortium', including COSL, will not be activated just for Ororo.... 2,700 bpd is not what the top five global entities signed up for.