Sirius Petroleum Share Discussion Threads

[htrocka2] 14/5/2018 15:58

Barclay Nominees are not recorded any longer.

[drrichard] 14/5/2018 15:57

I think to two 5M trades were bed and ISA'd Deadly

[deadly nightshade] 14/5/2018 15:51

ht barclays are not holders themselves they are just holding shares for clients. was that 5000000 a share transfer might be why they screwed the price down

[htrocka2] 14/5/2018 15:48

Sherlock...take a look at the latest FT top institutional holders.Barclays has gone missing..
and where's the holding rns ?

[deadly nightshade] 14/5/2018 15:38

6cer good post thats why i want to go out on a high with this share as i personally will never stick another penny into aim investing i would rather shove it on a roulette wheel

[deadly nightshade] 14/5/2018 15:35

one would have thought that there is too much risk in not allowing this pib to be fully past. its vital to the nigerian economy and buhari has been travelling the world lately meeting trump and may etc and the last time i looked nigeria's main wealth is in oil so unless they open the country up to investment then they will never prosper fully. lets see if the mm's have a big enough pair this time to dip into the 0.70's. hopefully one last tree shake before we get some news

[shez20] 14/5/2018 15:05

Rumour was Reagan/Corvus was selling some start of last year with share price around 1.2-1.3p while bobo was doing pod casts to us chumps claiming all on track for h1 last year!

[6cer] 14/5/2018 14:40

I hope its not a disputed ownership problem at this late stage of the game.

[solarno lopez] 14/5/2018 14:14

Thanks for the back up Sherlock

[drrichard] 14/5/2018 13:26

1Alfie, I think it is pretty clear, as you say, that we have the means and legal power to drill Ororo but it is what comes after that might well hinge on the PB. Given that, will any of our huge partners want to come out to play for Ororo alone?

[xerot] 14/5/2018 13:18

we basically in limbo until they say what is going on.

No idea what's happening at all

[1alfi] 14/5/2018 13:10

DrRosso rns 22/4/2016

"Additionally, having previously announced that the Company and its Partners would apply to the Ministry of Petroleum Resources in Nigeria to legally ratify Sirius' 40 per cent interest in the Ororo Field, the Directors no longer consider that this step is necessary. According to recent DPR guidelines, approval by the Minister of Petroleum Resources (the "Minister") is required for assignment of any right, power or interest in an Oil Prospecting Licence ("OPL"), Oil Mining Lease ("OML"), Marginal Field ("MF") or Oil and Gas Pipeline Licence ("OGPL") as required under the provisions of the Petroleum Act Cap P10 Laws of the Federation of Nigeria ("LFN") 2004 ("PA") and of the Oil Pipelines Act Cap O7 LFN 2004 ("OPA") respectively. However, the Company entered into the FTSA agreement, which sets out Sirius' 40 per cent economic entitlement with its Partners prior to the introduction of these aforementioned guidelines and therefore the Directors are of the opinion that Ministerial approval is not required."

[dr rosso] 14/5/2018 13:06

Clues in the rnss. June 2017 gives big prominence to the NNPC reform...


President Buhari's administration initiated many structural reforms within the Nigerian National Petroleum Corporation Ltd ("NNPC") and the Ministry of Petroleum Resources ("MPR) to provide clarity, transparency, and accountability within the Nigerian Oil & Gas Industry.



These reforms continue to support indigenous projects and the Company's partnership with the Ondo State government, through Owena Oil & Gas Limited which is owned 100% by the Ondo State government, provides valuable access to proven oil discoveries located within Ondo State.



Efficient monetisation of associated gas, which could replace flaring and help develop the country's power sector, is a key focus of the Federal Government. The managing director of the NNPC reiterated their commitment to increasing Nigeria's gas production which is in line with our strategy to commercialise the gas on the Ororo field and generate additional sources of revenue.



On 25 May 2017, The Nigerian Senate passed the Petroleum Industry Governance Bill (PIGB). This is the first of five oil & gas-related bills, part of the Petroleum Industry Bill (PIB), which is core to President Buhari's reforms.



Overview of the Bill



1. Introduction of a new regulator - named the Nigerian Petroleum Regulatory Commission ("NPRC" or "the commission"), to serve as the supervisory body for the Nigeria oil & gas industry. The NPRC will replace the Petroleum Inspectorate, the Department of Petroleum Resources (DPR) and the Petroleum Products Price Regulatory Agency (PPPRA), and carry out their functions. This is slightly different from the provision in the previous version of the "complete" PIB, in which two regulatory bodies called the Upstream Petroleum Inspectorate ("the Inspectorate") and the Downstream Petroleum Regulatory Agency ("the Agency") were proposed.



2. The Petroleum Equalization Fund (PEF) will continue to exist. However, the PEF Act will be repealed, and the PIGB will serve as the relevant legislation for the existence of the PEF.

3. Establishment of three Commercial Entities - The Nigeria Petroleum Liability Management Company ("Liability Management Company"), the Nigerian Petroleum Assets Management Company Limited ("the management company") and the National Petroleum Company (NPC). These entities will replace the Nigerian National Petroleum Corporation (NNPC).



The management company will hold and manage assets under Production Sharing Contracts (PSCs) and Back-in Rights assets on behalf of the government of the Federation, while the NPC will be responsible for all other assets currently held by NNPC. Both companies will be 20% owned by the Bureau of Public Enterprises (BPE), 40% by the Ministry of Finance Incorporated (MOFI), and 40% by the Ministry of Petroleum Incorporated (MOPI). 10% of the shares of the NPC will be divested within 5 years of incorporating the company, while an additional 30% will be divested within 10 years. There are no plans in the bill for the asset and liability management companies to be divested.



The Liability Management Company will assume "certain" liabilities of the NNPC and the pension liabilities of the DPR, so as not to encumber the newly formed companies. The shares of the Liability Management Company shall be held by the management company, the NPC and the NPRC, in ratio of their respective liabilities. The Minister of Petroleum Resources ("The Minister") shall initiate the winding down of this entity once the liabilities have been settled.

[dr rosso] 14/5/2018 12:55

Could easily be awaiting the new arm of NNPC, tbc by one of the PIGB elements, to sign off the 40-32-28 participatory stakes in the field, then away we go. Everything looks set up.

[bronislav] 14/5/2018 12:49

Lots of theories abound.Its clear from reading theAD
That they hoped to.have the PIGB passed off in H12017.Sirius hoped to have drilled in2017 and subsequently the AD had to.be.ready.before the drilling in 2017.Page 118 proves this up with strangely the nomad letting it go without amending it and also.theREYL funding expected end of 2017/Q1 2018.The rig is likely sat close to Nigeria awaiting the green light.Once the.nnpc undergoes it's metamorphosis we can complete oml95 plans.That is when we will see.the true worth of Sirius.

[bronislav] 14/5/2018 12:49

Lots of theories abound.Its clear from reading theAD
That they hoped to.have the PIGB passed off in H12017.Sirius hoped to have drilled in2017 and subsequently the AD had to.be.ready.before the drilling in 2017.Page 118 proves this up with strangely the nomad letting it go without amending it and also.theREYL funding expected end of 2017/Q1 2018.The rig is likely sat close to Nigeria awaiting the green light.Once the.nnpc undergoes it's metamorphosis we can complete oml95 plans.That is when we will see.the true worth of Sirius.

[solarno lopez] 14/5/2018 12:41

Barclays are not and never were shareholders they held shares on behalf of others as nominee !

[htrocka2] 14/5/2018 12:37

QPR..please correct me if I'm wrong but I believe our biggest shareholder,Barclays, are no longer with us. Dr, your post sounds logical. Just look at the problems LEK are having claiming their rights.

[dr rosso] 14/5/2018 12:35

Issue is quite simply summarised here.

In order to proceed with operations on the first field, Sirius requires confirmation of a legal participatory (control rights) in the Ororo Field, as follows:-
Sirius Ororo 40%; Owena 28%; GP 32%.


Sept 2015 RNS
"Guarantee Petroleum, Owena Oil & Gas and Sirius (together “the Parties”) intend to apply to the Ministry of Petroleum Resources in Nigeria to legally ratify Sirius’ 40 per cent. participatory interest in the Ororo Field. This is subject to the amendment or waiver of certain terms of the FTSA, which have been highlighted by a recent review of the FTSA by the Parties, in order to confirm each of the Parties rights and economic interests under the FTSA, which comprises Sirius’ 40% interest, Guarantee Petroleum’s 32% interest, and Owena Oil and Gas’ 28% interest."

Not yet completed

[dr rosso] 14/5/2018 12:27

1.2 Sirius Ororo is held on trust for the Group
Olukayode Kuti, a director of the Company, holds 9,999,999 fully paid ordinary shares of N1.00 in
Sirius Ororo, and Aliyu Aminu holds 1 fully paid ordinary share of N1.00 in Sirius Ororo (together
constituting the entire issued share capital of Sirius Ororo) on trust for the Group as nominee pursuant
to declarations of trust dated 22 August 2017 and 6 February 2015 respectively.


1.4 Reliance on Guarantee and Owena and parties to the Commercial Agreements
As at the date of this document, Sirius Ororo’s interests in the Ororo Field are governed by the Ororo
FTSA, as reaffirmed, amended and restated by the FTSA Affirmation Agreement and FARA and the
Ororo JOA with Guarantee and Owena. Whilst the Company holds an economic interest in the Ororo
Field, as more fully detailed in paragraph 5.2 of Part I, the acquisition of its participating interest in the
Ororo Field has not been perfected.
In order to perfect such acquisition, the parties to the Ororo FTSA will be required to enter into a deed
of assignment and obtain requisite consents from the MPR Minister, NNPC and Chevron. As at the
date of this document, Sirius Ororo’s participating interest in the Ororo field is, therefore held by
Guarantee and Owena on trust for Sirius Ororo, a structure similar to that adopted by other London
listed oil and gas companies operating in Nigeria. Eligibility criteria for such consents in turn includes
completion of certain elements of the preliminary work programme under the Ororo FTSA, including
the provision of a cash backed guarantee in the amount of US$5 million, delivery of geotechnical and
seabed bathymetry surveys, rig slot confirmation and confirmation of activities for rig mobilisation.
There is no certainty that the MPR Minister, NNPC and Chevron will give their respective consents to
the assignment or that Guarantee and Owena will perform their obligations under the Ororo FTSA (as
amended and restated). Should the MPR Minister, NNPC and Chevron not give their respective consents,
the Group would only have a contractual right to enforce against its partners. Should the Group need
to enforce this contractual right, the Group would be reliant upon the efficient functioning and
impartiality of the courts of competent jurisdictions, which cannot be assured, and would be required
to expend its financial resources and devote management time to enforce its rights.
Furthermore, in order to commence oil production, Sirius will rely on the counterparties to the
Commercial Agreements performing their obligations. As a result, any breach by the counterparties of
any of these agreements could have a significant adverse effect on the business of the Group.

The Group holds a 40 per cent. economic and beneficial interest in the Ororo Field, which is a minority
interest. The Group may, therefore, be unable to control the operation of the Ororo Field. This may be
offset by Sirius Ororo’s control of the operating committee on the Ororo Field, where, in accordance
with the Ororo JOA, Sirius Ororo is entitled to nominate four out of eight members, one of whom is to
be designated the committee chairman with a casting vote.
In addition, the Group is not the operator of the Ororo Field, which is Guarantee, but is the sole service
provider to Guarantee. Should Guarantee terminate the agreement with the Group (whether validly or
otherwise), the Group would be less able to influence the operation of the Ororo Field, and its
operations and prospects may be materially and adversely affected as a result.

1.6 Licences
The Group’s activities are dependent, directly or indirectly, on the grant, renewal and maintenance of
appropriate leases, licences, concessions, permits and regulatory consents which may not be granted
or may be withdrawn or made subject to qualifications. Fines may be imposed and a lease, licence,
concession, permit and/or regulatory consent may be suspended or terminated if the holder, or party
to a related agreement, fails to comply with the obligations under such lease, licence, concession,
permit and/or regulatory consent, or fails to make timely payment of levies and taxes for the relevant
activity.
The Group has an economic interest in the Ororo Field, with the licence being held by other parties over
which it has no control

[dr rosso] 14/5/2018 12:12

". As at the date of this document, the 40 per cent. participating interest in the Ororo Field is held by Guarantee and Owena on trust for Sirius Ororo, a structure adopted by some of the other London quoted companies developing Nigerian oil and gas assets. The transfer of such participating interest to Sirius Ororo is intended to be perfected at a later stage, which will be subject to the MPR Minister’s consent, as well as consents from both NNPC and Chevron."

"In particular, no deadline applies to obtaining the consent of the MPR Minister to the acquisition by Sirius Ororo of its 40 per cent. participating interest in the Ororo Field"



Nothing further is going to happen until MPR and others confirm this 40% handover.

[primroselil] 14/5/2018 12:03

hxxps://www.desmog.co.uk/2018/05/10/exposed-elite-boys-club-running-london-s-opaque-oil-network