Sirius Petroleum Share Discussion Threads

[htrocka2] 04/6/2018 23:05

verdant.......enlighten us....what did you hear?....I'm curious.

ps... opportune, because what ever is holding this back I'm sure will be revealed at the AGM.....Thursday week.

'Sirius Petroleum (AIM: SRSP), the Nigeria focused oil and gas development and production 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, the Company expects to be able to provide an update on timing for the spudding of the Ororo-2 well in the near term


The rns could be construed that it's COSL who are waiting for information from SRSP for the mobilisation date and not SRSP waiting for COSL, who may be suggesting that they're still waiting for confirmation that a final piece of the jigsaw is now in place, hence time to go......the rns doesn't imply 'IF'..... but 'WHEN'( My knowledge of the science of rhetoric is very limited)

[verdant] 04/6/2018 18:40

well that was couple of good posts today. Why is it an opportune moment to pop up htrocka? I bought these after over hearing someone in a pub.

[sherl0ck] 04/6/2018 16:09

#PIBPublicHearing

The Senate President
@SPNigeria
UPDATE: #PIBPublicHearing.
Today, the Nigerian Senate is holding the Public Hearing on the following Bills:
-Petroleum Industry Fiscal Framework Bill;
-Petroleum Host Community Bill; and
-Petroleum Industry Administration Bill.

(Follow the conversation using the hashtag above)

[dr rosso] 04/6/2018 15:28

LEK is a genuine O&G Co. BoD and Snr Mgement Team largely Nigerian personnel who have plenty of production experience. Background work going on at 2 major OPL blocks whilst their marginal field has flowed nicely, moving towards 10k bopd.

[htrocka2] 04/6/2018 14:52

'....only then can us pi's make a decision on where we think this might be heading'

LEK's 'Finals' posted today...and I thought they made interesting reading. Their current M/Cap is circa £104m and actual production is 7000 bopd (average). On a par with LEK, let's assume we also produced 7000 bopd...surely this would also give us a M/Cap of £104m...and equate us to 2.94p p/s, however, we are programmed for 10,300 boepd (including gas)...should take the share price up to 4.32p ish X 88% =3.8p...This is for ORORO ONLY.





I'm fairly certain that once the ball starts rolling, loads of 'hot' money will flood in and the share price will 'spike and be all over the place.

[deadly nightshade] 04/6/2018 13:16

lessons to learn all around though, its up to us pi's at this agm to finally get to the bottom of what has or has not been going on here the past few years. this lot have now have had 10 years to deliver what they said they would. we have got to form our own opinion's on what return we think we can expect. as i have said before are the current bod up to the task of returning shareholder value? if this was a ftse 350 company would this lot still be in a job after 10 years of no shareholder value? deep questions need asking at the agm and proper answers need to be revealed and only then can us pi's make a decision on where we think this might be heading.

[edgein] 04/6/2018 12:45

Htrocka,

With respect that is a quote taken directly from the SRSP website, not something I wrote. Also Chevron didn't take over Gulf oil, yes Gulf oil drilled O-1 as Chevron didn't exist at that time. Gulf later merged with Standard oil of California and then re-branded itself under the new name of Chevron. So technically it was drilled by Chevron under its old name, so SRSP's website is correct.

Regards,
Ed.

[bronislav] 04/6/2018 12:25

Stop it carrbradshaw.your already counting your cash..haha only joshing ..uncertainty mixed with expectation ,what a recipe .

[carrbradshaw] 04/6/2018 12:17

Yes - very worrying the way they've gone about things but I'm just hoping there's a massive blockbuster about to be unveiled and they just haven't had the time to keep us minions updated- then all will be forgiven!!

[bestdeal1] 04/6/2018 11:58

on the other hand we have heard this over and over and over and over and over . You get the idea..

We appear to be talking about a company who cannot get their partner to tell them where the rig is. Whether true or not it sets a pretty negative picture of the BOD IMO.

wheres the rig
I thought you had it
no you were organising it
maybe the cleaner knows

[vatnabrekk] 04/6/2018 11:47

AGM a week on Thursday!

[htrocka2] 04/6/2018 10:46

You've come in at a very opportune time verdant....June is a very, important month for this company....interesting news in the pipeline..it could be transformational.

[verdant] 04/6/2018 10:29

well it's all new to me I bought sum rem before but who knows about this one

[htrocka2] 04/6/2018 09:44

Edgein....with respect, Gulf Oil drilled Ororo 01,,,and 12 sandstone reservoirs were discovered.



(Chevron took over Gulf...and includes the 01 data)

[edgein] 04/6/2018 08:52

Oh the water depth is fine:

"Sirius’s initial focus is the Ororo field, which was originally operated by Chevron in 1986. Chevron drilled Ororo-1 and hydrocarbons were discovered in seven sandstone reservoirs (D1 to D5, F and G). Four of the reservoirs were tested, two produced oil (D3 and G) and two produced gas condensate (D4 and D5). The original Ororo-1 well tested at 2,800 bopd and contains 125ft true vertical thickness (‘TVT’) of net oil pay."

Regards,
Ed.

[dr rosso] 04/6/2018 08:36

yeh, get a education, looser


Btw, Force/Power min water operating depth is 33 feet. Ororo shelf is a flat 24 feet. Maybe someone just realised that these jack-ups cannot function here.

[edgein] 04/6/2018 08:34

Htrocka,

You'll find that the vast majority of jackup rigs will be able to operate in water depths of up to 150m. that's not something unique to Force or the Power. There's most likely multiple idle jackups in Nigerian waters at this moment capable of drilling Ororo. There is the possibility of some clarification around or before the AGM, well that's what many of us are hoping for. Imo its more to do with the timing of the pipeline of assets than something specifically to do with the Force. Will the next sequence of events mean that they revert back to seeing what lies beneath the Ororo field. We'll just have to wait and see.

Regards,
Ed.

[deadly nightshade] 04/6/2018 07:35

verdant, are you still wet behind the ears? only saying as it looks like you have only just opened your account on advfn and already you are deramping. yopu might need to go back to primary school and get a education

[verdant] 04/6/2018 07:27

is this good news then Mr Rosso is it wipe out time again like last time ?

[dr rosso] 04/6/2018 07:13

Resolution 5: authority to allot shares
The Board is seeking, by resolution 5,to grant a newauthority over ordinary shares up to a maximum nominal amount of
£4,444,957 representing approximately 50% of the Company’s issued share capital as at 14 May 2018 (being the latest
practicable date prior to publication of this document).
If approved by shareholders this authority will expire on 31 July 2019 or, if earlier, at the conclusion of the Company’s
next annual general meeting.
Resolution 6: dis-application of pre-emption rights
The Board is seeking, by resolution 5, to obtain a power to grant ordinary shares without oTering them to existing
shareholders in accordance with pre-emption rights, which would apply in circumstances where:
1. the allotment takes place in connection with a rights issue or other pre-emptive oTer; or
2. the allotment is limited to a maximum nominal amount of £2,666,974, representing approximately 30% of the
nominal value of the issued ordinary share capital of the Company as at 14 May 2018 (being the latest practicable
date before publication of this notice).
If approved by shareholders this power will expire on 31 July 2019 or, if earlier, at the conclusion of the Company’s next
annual general meeting

[dr rosso] 04/6/2018 06:38

AGM Resolution 5 sees an up to 50% increase on the current issue of 3.6bn. The authorisation goes to 5.4bn if shareholders approve.



5.1. theDirectors be generally and unconditionally authorised pursuant to section 551 of the Companies Act 2006(Act) to issue and allot shares in the Company or grant rights to subscribe for or to convert any
security into shares oft he Company (Rights) up to an aggregate nominal amount of £4,444,957, provided tha tthis authority will, unless previously renewed, varied or revoked, expire on 31 July 2019 or, if earlier, at the conclusion of the next annual general meeting of the Company except that the Company may, before such expiry, make offers or agreements which would or might require Rights to be allotted or granted after such expiry and the Directors may allot or grant Rights in pursuance of such offers or agreement notwithstanding that the authority conferred by this resolution has expired; and
5.2. this authority revokes and replaces all unexercised authorities previously granted to the Directors to allot or grant Rights, but without prejudice to any allotment of shares or grant of rights already made, offered or agreed to be made pursuant to such authorities.

Specialresolution
6. That, subject to the passing of resolution 5:
6.1. in accordance with section 570 of the Act,the directors be given the general powe rto allot equity securities (as defned in section 560 of the Act) for cash, pursuant to the authority conferred by resolution 5 for cash as if section 561(1) of the Act did not apply to any such allotment. This power is limited to:
6.1.1. (subject to such exclusions or other arrangements as the board of directors may deem necessary or expedient in relation to treasury shares,fractional entitlements,record dates, legal or practical problems
in, or under,the laws of any territory orthe requirements of any regulatory body or stock exchange)the
allotment of equity securities in connection with an offer by way of a rights issue;
6.1.1.1. to the holders of ordinary shares in proportion (as nearly as may be practicable) to their
respective holdings; and Notice of Annual General Meeting
6.1.1.2. holders of other equity securities as required by the rights of those securities or as the
Directors otherwise consider necessary,
6.1.2. the allotment (otherwise than pursuant to paragraph 6.1.1) of equity securities up to an aggregate
nominal amount of £2,666,974;

[verdant] 04/6/2018 06:15

Doctor Rosso how many shares are you to be believing to be issued next time around ???

[dr rosso] 03/6/2018 20:59

Hopefully not. If you believe in greener pastures elsewhere, fek off there. Ciao.

[aventador] 03/6/2018 20:56

Haha lets await the next RNS, can't be many more to go before we are up and running I feel a blue week coming on.