Sirius Petroleum Share Discussion Threads

[deadly nightshade] 18/5/2018 12:34

minichris it would be nice to have some lovely juicy assets revealed then a generous rights issue where by the pi punter gets a good deal and we can chip in and fund what ever needs raising. i would gladly stump up a bit more cash if we have a concrete plan going forward

[deadly nightshade] 18/5/2018 12:30

yes its time to spring a big rabbit from the hat. as sherlock said yesterday if its going to be some big news revealed then you would have thought it should drop in the next week i can't see it dropping the day before the agm. lets hope for a egm on the same day although surely we are looking at a reverse takeover if these assets are as big as we hope???

[htrocka2] 18/5/2018 12:14

The BOD would only issue a large wedge of shares with equivalent news to match.

[minichris] 18/5/2018 12:09

And just to be clear, IF the rig is all part of some elaborate scheme where it was never meant to move, blah blah... I will happily come back here and acknowledge how wrong I was, eat my humble pie and wash it all down with the most expensive champagne I can find. I like the rest of you only care about the outcome.

[dr rosso] 18/5/2018 11:58

BoD cannot in June get away with another batch of "what shall we fob these attendee saps off with this time?"

[shez20] 18/5/2018 11:53

Totally agree doc!

[dr rosso] 18/5/2018 11:50

The fact that the drilling rig never moves time after time after time, be it H1 2017 etc etc etc clearly shows that it is not being held up by an operational, contract overrun, maintenance, repair or whatever, issue.

I would expect however that the 200mb OML95 hub package is now complete. With asset pipeline sorted, we shall receive news in early June that the Wing Wang Woo or similar has loaded up Force, and appraisal drilling of the first field, wherever that may be, will commence within 45 days ie mid-July.

[kwizza] 18/5/2018 11:46

Just out of curiosity was the Cosl Power used anywhere else

[shez20] 18/5/2018 11:41

If it was just about technical problems that caused the delay then we would of been made aware of this! No one can answer the issues with Bobos statement last March as there is only one reasonable conclusion to it! You can carry on making excuses for them with your rose tinted glasses on! You could look at it that they have had a shocker, didn't produce when oil was way over $100, countless failed deadlines, massive share count about to get a whole lot bigger, no drill still in site, no 100m secured until we have drilled ororo! I could go on forever! I have never questioned risk with drill and I agree we are in best position we have ever been but the risk is what our shares will be worth when they finally get round to drilling with the confetti shares they keep issuing

[minichris] 18/5/2018 11:20

As I say, I'm not disagreeing, only the BOD know those reasons why we are still sat rig less. I just wanted to highlight that aside from missed deadlines the whole process isnt a quick one.

On this occasion we could assume that something made us miss our allotted HLV, their rarity meaning that weeks if not months are then added because of this.

If we missed a previous deadline, whats to say it wasnt for a very good reason? Yes, we have been told nothing and that is the fault of the BOD, but one for the conspiracy theorists, were we "allowed" to be told?

I dont subscribe to the theories that the current or past management are/were scammers, maybe a few rules were bent, who knows, but we all knew what we signed up for.

This is a Nigerian oil company that happened to weather one of the lowest oil prices in my memory, failed off-takes, failed funding and come out the other side with funding for 2 wells, £100m and who knows what else.

The huge risk has gone.

[deadly nightshade] 18/5/2018 11:10

if we are to get 50% more dilution maybe them 1.12 share options of the bod were not such a gimme as we thought. if the share price does drop back a lot on more shares and this lot fail to get this into production asap then 1.12 could well seem a long way away. what we need to get clarity on is concrete drilling and production times to start getting revenue in so as to avoid more dilution

[shez20] 18/5/2018 11:02

Chris with the timeframes you have set out above just explain to me how your believing bod were still on track for drilling in h1 last year when bobo did his March/April podcast!

[shez20] 18/5/2018 10:55

Is this news to the bod chris? Did they not know timeframes of mobilising a rig? This is their job mate! Clutching at straws now!

[minichris] 18/5/2018 10:47

Again, im not going to disagree with your rig comment Shez but I want to add -

The logistics of preparing a rig the size of the Eiffel tower must be complex.

Disassemble every part that moves and make it secure for transport.
Stock it, consumables, fuel, whatever.
Arrange a rare vessel to meet it in a position suitable for loading.
Arrange suitable tugs and an AHT powerful enough to actually move such a large rig.
Weld it to a special jig constructed on the deck of the HLV for the specific type and size of rig.
Move the rig several thousand miles.
Arrange Insurance
Arrange staff, hiring, moving, training.

Then reverse it at the other end.

I think I read somewhere that the average time to prep a rig was 75 days (thats from my head, dont quote me).

[shez20] 18/5/2018 10:29

Agreed dr Richard but it's time we see it in black and white and the share price reflect upon this! No more jam tomorrow bod!

[drrichard] 18/5/2018 10:26

Ht, that would be bloody gorgeous, and is the sort of major asset that our big partners are looking for, "world class" indeed.

[htrocka2] 18/5/2018 10:14

Shez...

I posted this some time ago....but got poo-pooded on this board, however, at about the same time as the TP presentation was given and prior to the release of the AD.....the following was issued. Bresson Energy were in discussions with Ondo State regarding the acquisition of OPL 241. I believe we have an interest in this Licence and Bresson have come to some arrangement/solution to field. I also believe that the statement made by Bresson ...ie'.. would seek to bring additional equity partners on board to co-manage OPL 241' refers to us....With the early AGM and 'possible' rush to issue more shares, hints that a consensus has been reached regarding the block.....this would also explain the continual rig mobilisation delays.



'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'

[hansen5] 18/5/2018 10:11

Shez20, your 9.05 can’t argue with that.

[shez20] 18/5/2018 09:53

Rugbybloke how long has this or the previous rig been due to set off shortly for now? Our portion is about to get a lot smaller post agm also!

[rugbybloke] 18/5/2018 09:43

Disagree I think that fully funded and with Rig shortly on the way to a proven asset this is very much derisked.

[shez20] 18/5/2018 09:27

Personally although I would snap your hands off right now I don't see the sale of ororo!

[shez20] 18/5/2018 09:25

Whatever news comes out before agm needs to be significant enough to compensate for another 50% shares that will no doubtlessly be in count by year end and that is just to get us back up to 0.8p! You know as well as I do that this has all been about dishing shares out for the past few years! We can't draw on the loan till we are producing from ororo so where's the money coming from for another asset?

[bronislav] 18/5/2018 09:12

She'z..it just goes to show that the drill was not the priority .getting the rig in place and ready to spud with everything else in place was the priority..All packaged up and ready for collection.

[kwizza] 18/5/2018 09:12

As long as they don't turn the egg timer over and off we go again Bron