Sirius Petroleum Share Discussion Threads

[drrichard] 27/5/2018 16:09

And, Dr, goodbye and good riddance to Guarantee Petrol who appear to have brought zippo to the table.

[dr rosso] 27/5/2018 15:59

Spot on Shez, Deadly and Bron.

A bit of application of logic brings us to the conclusion that the Ororo Project cash is ring-fenced, sorted for FDP. With hot rig Force turned to mothballs or ice, time to look elsewhere for developments. We may well see hc soon, but not from Force/Ororo.

In line with Co strategy, certain distressed assets are there to be picked off. With pre-drilled wells and previously producing until the backer`s cash ran out, a current operator such as Cavendish or Sapetro would happily hand over a 40% economic working interest in the lease in return for a funding injection which gets stuff out at $70pb. Similar to Seven Energy tho that one was a complete t/o of assets.

Put your money on another 1p placing tba alongside maybe a 50mb+ stalled-production field to keep the agm folk onside. OP goes on the backburner for a while, so rigspotters needn`t be wasting their time. Simplest solution is to sell off the Ororo subsidiary to a credible mid-tier outfit who are used to working with the likes of Schlum-Cosl-Add-Havoc-BP.

In the meantime, off we go with the new pipeline, office and logo. Rto, AD, egm call ..........

[carrbradshaw] 27/5/2018 15:53

Not sure if we get what? What is there to get. Are we drilling or not - why inform us they have got a drill. Whatever you're alluding to 1sonic is pure pie in the sky and speculation. I'm afraid nothing of such mystery is going on behind the scenes here.

[1sonic] 27/5/2018 15:42

Not sure if you guys get!.

Don’t be fooled Bobo and team are not stupid.....

12 trading days left and it’s a game changer for sure if the rig doesn’t move!!!! Only my opinion though!!!

We will see what they’ve been up to....

Sonic boom

[pipelinepete] 27/5/2018 15:36

AssetsThis week?

[bestdeal1] 27/5/2018 15:00

we have trusted for many years, been promised for many years, heard the rhetoric for many years, been blagged for many years. In which year will we finally have to accept that this company is going nowhere and this is all one big ponzy? After the AGM? end of this year? After the next ISA's top up, H2 2019? 2019 AGM after they feed more bull??...................2020 after another ISA top up??

After the next three failed attempts to move a rig?? BOBO its a RIG, you use it to drill FFS, it's fundamental to producing Hydrocarbons......... where th F is it............Sack COSL and find another provider............................

just thinking out loud....................................

[minichris] 27/5/2018 14:06

I know HT, I was being flippant. In Sirius we trust.......Maybe

[htrocka2] 27/5/2018 14:00

minichris
'My money is down the Sirius drain Shez...'

Oh no it's not.....keep the faith,(I've been here longer than most)

[dr rosso] 27/5/2018 12:50

Alternatively be prepared for news of a near-production asset acquisition which requires raising some cash for a bargain farm-in opp, imminently cash-generative. Enough to quell the natives` revolt. Bit like Lekoil, with Atikikpo marginal nicely in production whilst their big 310 block remains stalled.

[dr rosso] 27/5/2018 12:32

£50k per month needed to keep the lights on. Issue 5m shares per month at 1p. Agm authority for an extra 900m (the rest set aside for options-warrants-converts)keeps everything ticking over for another 180 months/15 years. Best give Matt Groening a ring to write the scripts.

[dr rosso] 27/5/2018 12:25

Did Mr West get told every 3 months that he`d be out shortly?

[dr rosso] 27/5/2018 12:20

The most likely scenario is that commencement of drilling/production of the Ororo Project is waiting to be signed off at the highest level. AD refers to MPR and others, with particular ref to the approval of legal participatory interest which takes the 40% stake out of the trust holding arrangement.

My view remains that the 40% was pre-agreed a long time ago for handover to a competent genuine and credible O&G producer, with Sirius to receive a payoff plus return of around $10m in pre-production costs, including the advance delivery of 4 wellheads + the initial $1.5m handed over to COSL.

I think, even on a fairly modest price achieved, such news would be welcomed and approved by those attending the June agm. What begs the q however is that, if a substantial sum is to be paid over, why the need to issue up to 5.4bn shares. Could be that NewCo hands the cash over on first oil, but NewSirius wishes to go ahead now with its new direction farm-ins.

What could be the significance of "whilst being net invested...."? Here it is:
"Sirius acquired rights to 40% of the Ororo field in 2011 and is entitled to a preferential cash flow of 88% while it is net invested in the project, which reverts to 40% post recovery"

[xerot] 27/5/2018 12:17

30 years in total that's more than Fred West got

[xerot] 27/5/2018 12:16

another 20 years here imagine that

[carrbradshaw] 27/5/2018 12:12

They are not setting it up for someone else to drill - we are drilling but it will be done at a snails pace. There will be no dream sell off - these will see it through even if it takes them another twenty years. If you're invested here - it's for the long long term.

[dr rosso] 27/5/2018 12:01

So what`s with the new smart office? They could employ Heinz-Jurgen Butterball as the give-nothing-away receptionist.

Pi "Good morning, is there any news on drilling?"
HJB "I`m sorry, I didn`t catch what you just said"

Pi "Production imminent?"
HJB "I still can`t catch anything. Could you ring back next year? Danke." (drops phone)

[bronislav] 27/5/2018 11:57

Sirius have been telling us that they are going to drill ororo since 2012..Somewhere along the line in the six years that they have failed to drill, it eventually clicks that maybe ,just maybe we might be getting everything in place for someone else to drill.The Reyl funding could easily be facilitated on any one of our pipeline of assets ,in particular the ones we are in discussions with ,mentioned in the presentation at the end of 2017.Of course it's speculation but what else can shareholders do if they want to put some meaning on their Sirius investment.

[carrbradshaw] 27/5/2018 11:52

I'm with you Dr Rosso - where is the excitement here because I must of missed it over the last seven years. They've strung this out so long that it's become a torture. I spoke to someone from the company recently and they even sounded like they've had enough. Year after year of broken promises - just let the whole thing be over soon and quick to put us out of our misery.

[dr rosso] 27/5/2018 11:37

"our strategy to derive significant value for our shareholders and partners via the acquisition of high quality marginal field oil & gas assets to build a strong upstream business. The Ororo field itself represents an optimal first asset, with an existing flow test and with a potentially rapid time to first production." (10/10/11)


"as we seek to build a substantial portfolio of producing and near-production assets in Nigeria." (30/11/17)


".............................................................................................. " (27/05/18)



Exciting?

[twentysixpointtwo] 27/5/2018 11:05

Well if they don’t come up with something either before or at the meeting then the meltdown on here will rival the tears in Aston yesterday. 😊

[sherl0ck] 27/5/2018 10:31

“The proposed contingent liquidity facility, which is being structured by REYL, is intended as an innovative and competitive method of providing certainty of funding for the full development of the Ororo field..... We are very excited by this development and anticipate REPLICATING this structure as we seek to build a substantial portfolio of producing and near-production assets in Nigeria." (30/11/17)

No need to try and flog our interest in an undeveloped and potentially attractive field when we can much rather leverage off-balance sheet financing via the prospective oil flows from proven assets.

[dr rosso] 27/5/2018 09:39

Can we appoint Karius so as to up the level of competence?