Sirius Petroleum Share Discussion Threads

[riskybisky] 01/5/2018 18:46

Fair enough.

[x1000] 01/5/2018 18:38

The ordinary usage of "mobilise" does not apply. In oil speak "preparation for active service" better describes the reality.

Nevertheless, the bigger question(s) is (are) whether the delay is manufactured and why ?

[riskybisky] 01/5/2018 18:32

Mobilising does not mean moving it.


mobilize
ˈməʊbɪlʌɪz/Submit
verb
verb: mobilise
1.
(of a country or its government) prepare and organize (troops) for active service.
"the government mobilized regular forces, reservists, and militia"
synonyms: marshal, deploy, muster, rally, call to arms, call up, summon, assemble, mass, organize, make ready, prepare, ready
"the government mobilized regular troops and reservists"
2.
make (something) movable or capable of movement.
"the physiotherapist might mobilize the patient's shoulder girdle"

[twentysixpointtwo] 01/5/2018 18:25

There is a twitter post from a couple of hours ago quoting a question put to Gable asking whether the rig has been mobilised or not as the RNS is ambiguous. The response from “John” (I assume Bick) says “no” and they are waiting on COSL.

[astralvision] 01/5/2018 18:16

vatna
There is no doubt the wording, in a very simple rns, is ambiguous and open to all sorts of interpretations.

[astralvision] 01/5/2018 18:11

cheers oldpiper, but those rig sites are completely or often inaccurate and of limited use.

[vatnabrekk] 01/5/2018 18:10

Let's take a forensic look at the RNS again. It says that SRSP:
"...is awaiting clarification from COSL ... on timing for completion of mobilisation of the rig."

I think it's fair to assume that by "completion of mobilisation" they mean "delivery of rig to location". I can't think of any other interpretation. If the rig was en-route, as I believe some are suggesting, then surely COSL and SRSP would know precisely what the ETA would be because the master of the HLV would have told them. Therefore they would not now be "awaiting clarification ... on timing for completion of mobilisation".

So from the ambiguous wording that has been used in the RNS I can only conclude that the rig has not yet left the UAE, and that so far they don't really know when it is likely to leave the UAE, and that is why they are unable to say when it will "complete mobilisation" at Ororo.

Also that they don't want to admit this in a nice easy-to-understand transparent statement.

Of course, as ever, AIMO, and I may be wrong!!

[astralvision] 01/5/2018 18:10

I would love the rig to be sitting off shore Nigeria and ready to go.
But there's a few things that concern me:

1)Re the 12th March release, yes, Bobo thanked COSL for 'the excellent work they have done on mobilisation'. Yes that was past tense, but nowhere did it say that mobilisation was complete. Mobilisation, as I've become aware, is a series of steps that culminates in the damn thing sitting in position and the drill ready to turn.
the RNS of 12th March said we had obtained 'preliminary location approval' and that

'commenced mobilisation of the jack-up rig for delivery direct to Nigeria.'

(As an aside, always wondered about that 'direct to Nigeria' bit, what was it going to do, a sight-seeing tour on the way?)

Anyway, although past tense, nowhere was it suggesting that the mobilisation process was complete.


2)We know, nailed on ,100%, that the rig was still in UAE some three weeks later, April 1st, I believe. AOS Neptune, a supply vessel, went to Force, it's on the AIS logs, it was in the relevant port's entry (Saqqr, from memory).

It's a 25 day journey from UAE to Nigeria, and that's at a brief rate of knots. Now it's possible that we've missed the hlv that took it there. Personally I don't think so, but we could have done. even so, it would be luck to get there by now, and that's assuming it left the day after the 100% nailed on intel that it was in UAE. That seems unlikely.

3) I know many have a low opinion of the board, does that go for their Nomad, advisers, brokers as well? because the suggestion then is that the Force is sitting there ready to go, but they've put out a 'clarification notice' ? I'm not sure about that one, that sounds like deliberately misleading investors and I don't think they are doing that.

4) it certainly is correct that the RNS does not mention Force or UAE or delays, but there again if clarification is expected shortly, you wouldn't talk about a delay until you had a chance to quantify that delay, otherwise it's all rather pointless.



I've got a few ideas of my own, but will keep 'em to myself until we get that 'clarification'.
Interesting, as I suggested earlier, we finished the day flat. Hmmmm.

[xerot] 01/5/2018 18:03

They will never spell it out that's for sure

[pipelinepete] 01/5/2018 18:00

The company had to give an update, one they weren't quite ready to give.I think the rns was held out until the last minute as maybe, just maybe other news was being pushed for first. The rns as KS fantastically put, was very cleverly worded and maybe even rushed out, even the time of day was odd.A real sense of anticipation now as the final push is upon us.

[shez20] 01/5/2018 17:58

Jenny totally agree!

[oldpiper] 01/5/2018 17:58

hxxps://www.infield.com/rigs/coslforce-jack up-60654
Current Location Nigeria
Region West Africa
Operating Status Operational
Operator Sirius Petroleum

[jenny tulwought] 01/5/2018 17:41

Here's what has annoyed me about this RNS:

a) They would have known weeks ago that their April spud plans/promise had foundered.
b) The reason given: "The rig ain't ready" ain't a reason.
c) Explaining why a 'hot rig' ain't ready is 'a reason', but none such given.
d) Complete lack of empathy for us long suffering investors.
e) Complete lack of contrition following another broken promise.
f) I'd also like to know WTF "near term" means.

[shez20] 01/5/2018 17:34

Why would the bod word it the way they have done is the question?

[aventador] 01/5/2018 17:31

It does actually say awaiting timing for completion of rig mobilisation suggesting it is already mobilised on route..If so then the schedule for spudding could even be a couple of weeks away if completion of mobilisation is very soon maybe we jumped to the gun a bit?! ..Watch this space.

[aventador] 01/5/2018 17:20

Good post keyser maybe more than meets the eye here..

[thedoogster] 01/5/2018 17:15

Good to see you here again Keyser! Eagle eyes eh mate ;)

[twentysixpointtwo] 01/5/2018 17:10

I’ve been as fed up as anyone and believe this update should’ve come sometime ago given it became obvious to us all timelines had slipped. However, this sounds like a circumstance out of the company’s control. Perhaps the rig had something wrong with it that needed fixing. A spare part may have needed shipping in from elsewhere and it’s tsken a while. Something has changed it’s status from “hot” to barely lukewarm. All in all we should’ve been told earlier but perhaps Sirius are as frustrated as us.

[vatnabrekk] 01/5/2018 16:51

Yes, one might be forgiven for thinking that "completion" could suggest that the rig is on the way. But sadly I don't think that's the case. However, as you say, we'll see.

[astralvision] 01/5/2018 16:44

VatnaIt's an interesting choice of words"completion of mobilisation of the rig."I look forwards to the near term update, it may prove even more interesting, we'll see.

[vatnabrekk] 01/5/2018 16:37

"...awaiting clarification from COSL..."
Are they not in daily contact with COSL? Surely they are not just sitting there sucking their thumbs waiting for the phone to ring or an incoming email to ping? I just don't believe that they have no idea what's going on.

"...on timing for completion of mobilisation of the rig."
Completion of mobilisation? Never mind that, clarification on timing for start of mobilisation would be nice right now!