Sirius Petroleum Share Discussion Threads

[htrocka2] 12/5/2018 23:12

'The company wishes to advise it is awaiting clarification from COSL, the Company's international rig partner on timing for completion of mobilisation of the rig. On receiving this clarification.....'

definition of 'clarification'..

'the action of making a statement or situation less confused and more comprehensive..' 'to make (an idea, statement, etc.)t free from ambiguity.'

You've got to laugh....the BOD are complaining that COSL's rig mobilisation requires 'clarification'...ie, free from ambiguity....that's the pot calling the kettle black....a taste of their own medicine that they give us.... they don't like it and find it hard to swallow. Now they know how we feel when they issue rns's.

[vatnabrekk] 12/5/2018 17:37

You are right Astral, I had forgotten that the RNS of 20th March was still stating that drilling would start in April. In which case the rig would have had to start moving about the end of March or first week in April, just at the time when the ZHI YUAN KOU was in the UAE. Was it the intention to use that HLV to transport the Force to Nigeria? And if so what cropped up to make them delay that intention?

[bronislav] 12/5/2018 17:23

The bill sets the limit for various kinds of licences,3years for exploration licences etc.
The president may direct the neW Nigerian petroleum regulatory commission(the main regulatory body) to negotiate and award petroleum licences to qualified investors outside of the bidding process The bill also sets out the rates of tax and royalties for gas and oil enterprises
It's fairly clear that without the PIGB being signed off investors etc would be apprehensive about commiting until the legal framework is in place.

[astralvision] 12/5/2018 17:11

vatna
Anything that has happened was later than 12th march, as the RNS on 20th march still had an April spud date.
At that point we should have been right on top of it, a matter of weeks from spud.

[vatnabrekk] 12/5/2018 17:00

I actually can't see why it should be the signing of the PIGB that is holding us up. They knew the situation with the PIGB ages ago. They knew it at the time of the GM, and again when they told us that they expected to drill in April.

What unexpected thing happened between 12th March when they issued the RNS and the first week in April when they aborted despatching the rig from the UAE? For me, that is the critical question.

[bronislav] 12/5/2018 16:22

6cer.i would say this company has created a perception that we have been ready,it's clear we have not been ready ,the publishing of the admission document proved that.I suspect we have not long to wait if it is the PIGB that has held us up,let's hope it is the PIGB and then we can all walk away with some reward for the long years invested.If not we might be around for a long wait.

[bronislav] 12/5/2018 11:25

Htrocka...it may well be we are nothing to do with opl241 and not of any interest at this stage..The focus is getting the rig on site and being in a position to spud.Once we reach that point it's my belief that all will fall quickly into place.Only then will we know what other assets are lined up and whether we are involved with only ororo or much more on oml95.We are good to go ,consortium etc so its out of our collective hands .Only one conclusion remains for me,the timeframes are shortening fast.

[vatnabrekk] 12/5/2018 11:20

They may have written it off in the Accounts, but that doesn't mean to say that it's no longer valid, so they may still have a valid claim on a share of 241.

[drrichard] 12/5/2018 11:13

Which, presume, DrR, is why we are partnered up with Ondo State? And, indeed, signed up Bobo, so we could see our way through the trees to the sunny uplands the other side.

[dr rosso] 12/5/2018 11:09

Nigeria is effectively run by tribal chiefs and their dynasties. Politicians in the past have gifted oil blocks, many of which have remained undeveloped, to such powerful people, including army generals. Getting things moving in Nigeria is a tortuous process, with deals collapsing at the last minute. Buhari will be well-intentioned and can have an impact at ministerial level but some of these indigenous Companies are a law unto themselves.

[dr rosso] 12/5/2018 11:03

No reflection on the quality of the 241 asset, just that LEK turned their attention to a different gas block OPL236? After several years OPL310 has become a problem. The issue involves MPR not giving the go-ahead. reason not known but it could be that it has a clueless minnow (Optimum Petroleum) designated as operator, exactly as has SRSP.

[sherl0ck] 12/5/2018 10:30

P.91
c) Impairment loss on E&E assets
During the year, due to the uncertainty surrounding further development of OPL 241, the Group IMPAIRED US$1.1 million in Exploration and Evaluation asset incurred in respect of OPL 241.

[htrocka2] 12/5/2018 10:18

Bron..

I went through all of LEK's rns's including year/half year Reports...and the extract below is the final reference made to OPL 241 (If I've missed something...please correct me)


26. Financial commitments and contingencies (29/09/2016)

(a) On 17 October 2011, Lekoil Nigeria Limited signed the prepayment agreement relating to a proposed acquisition by Lekoil Nigeria Limited of an interest in another Nigerian field, OPL241 from Oilworld Limited ("Oilworld"). It was proposed that Lekoil Nigeria Limited acquire a 10% participating interest in OPL241 subject to negotiation of a commercial transaction and suitable documentation being agreed (the "OPL241 Acquisition") and certain payments being made by Lekoil Nigeria Limited to Oilworld.

Lekoil Nigeria Limited paid a deposit of $1,000,000 on the understanding that this would be held by Oilworld as a deposit and applied by Oilworld towards any subsequent acquisition by Lekoil Nigeria Limited of a 1% participating interest in OPL241. Ministerial consent would be needed for the transfer of the interests although the OPL241 acquisition has not been completed and Oilworld is still holding the sum of $1,000,000 as a deposit on the above basis. The Prepayment Agreement also states that, if the OPL241 acquisition does not complete, Lekoil Nigeria Limited would have a right of first refusal over the 10% participating interest in OPL 241 held by Oilworld (including the 1% interest to which the $1,000,000 deposit above refers). Oilworld commenced sole risk 3D seismic acquisition in 2013' (end of quote)


The bottom line.. Although no further investment was made, Lek have not written this $1m off or made an impairment charge against the cash held by Oilworld with the 10% dispute under the 'OPL 241 Prepayment Agreement'

[bronislav] 12/5/2018 07:53

Mr BUHARI from all accounts is a man that tries to steer clear from corruption.However politics play their part in most things .It's no coincidence in my view that the timing of his announcement to run for a second term came not long after the PIGB arrived on his desk.Its likely select Nigerians will be in a position to benefit significantly from the passing of the PIGB and these powerful people in Nigeria will have some say on the outcome of Mr BUHARI,s bid for a second term.The signing of the PIGB may be something that Mr BUHARI will use to get those powerful people in his political camp...It's no secret that huge amounts of investment has been held back until a clearer picture emerges after the PIGB signing.The president's recent visits to the UK also coincide with all these connected Nigerian events and it may well be that we have a need for something that Nigeria have a glut of...

[1sonic] 11/5/2018 22:28

Interesting watching the news tonight on Marine apps and if you don’t want to be spotted!

[6cer] 11/5/2018 21:27

Hope all this delay doesn't result in any member(s) of the consortium pulling out.

[dr rosso] 11/5/2018 21:22

Pure speculation but I`d say that GP is not considered fit, by both the authorities and the consortium, to be the operator of the first asset, and ways are being considered to remove that role from them.

[deadly nightshade] 11/5/2018 21:14

cosl are not drilling for free they are being paid a massive sum of money of which we are told a down payment deposit has been paid. as bron says something else is holding this up

[shez20] 11/5/2018 20:59

It would be great to have a boss like bobo!Boss am sick Bobo- when you back in champ?In the near term, probably h1 sometime!Bobo- no problem see you November mate

[dr rosso] 11/5/2018 20:42

H1 2017, Q1 2018 and April have now been replaced by "near term" and "coming months". Which broadly translates as "we aint got a fukn clue when drillin will start."