Sirius Petroleum Share Discussion Threads

[htrocka2] 10/8/2018 12:12

bleemster.... to show how desperate those pirates are...some use rubber pump up dinghies against machine guns...total lunacy.


ps....just to get back to the Oilex Ltd situation, their application to the Government to ratify their JOA status resulted in an 100% spike today......we never got one of those.

[bleemster] 10/8/2018 11:19

this tickled me -
come at me bro

[dr rosso] 10/8/2018 10:46

If the plan was to cover up events by pretending o be completely incompetent buffoons, that plan has worked to a treat.

[aventador] 10/8/2018 10:31

It would have been more enjoyable landing face first in a stinky cow pat than enduring 10 years stuck in this investment.

Let's hope we aren't delayed much longer.

[pipelinepete] 10/8/2018 10:12

Agreed bum and vats longer post All lined up, and full support by all parties ready for the summer trigger :)

[xerot] 10/8/2018 10:02

I think the time is fast approaching where an egm is called and vote of no confidence in this board is returned.

They are an embarrassment to being a company directors and should be ashamed of their woeful and pitiful performance so far.

[vatnabrekk] 10/8/2018 09:52

(reaching for calculator) 4x0 = 0.

[bumhammer] 10/8/2018 09:42

Could be they are setting up multiple projects to run in tandem.
That would certainly be a warranted and most welcome delay,
The speed at which things progress would be x4

[vatnabrekk] 10/8/2018 09:36

If I was Mr Big Oil (or anyone else for that matter) considering buying out SRSP, I would be giving some serious thought to their current status and exactly what I would be buying, i.e. what value.

- 40% of Ororo and possibly 40% of other pipeline of assets. Only problem is, SRSP doesn't have ownership of this 40% at the moment as it is held in trust by Guarantee and Owena, and won't be released until first oil is produced.
- Refund of all amounts paid out by SRSP on behalf of the consortium to get everything organised. But only after first oil.
- Off-take agreement with BP Oil, and up-front funding loan from BP. But will only be triggered when flow rates reach a certain level on a consistent basis.
- Payment to be made by SRSP to directors and consortium partners, after achieving first oil.
- Rig contract established, but rig several thousand miles away from drilling location.
- Upfront mobilisation fees of $3M still to be paid when/if rig loaded on to HLV.
- Up-front drilling fees for first 15 days paid out, 1.5M, but no rig on location.

So what value would any prospective buyer put on a company with such current status? How much per share might we get? Probably not a great deal given the risks and uncertainties.

I think if I was a prospective buyer, I would be saying as everything seems to depend on achieving first oil and sustainable flow rates, I would rather see the rig on location and get to the flow rate stage before I start writing cheques.

So my conclusion is that there will be no buy-out until the rig is on location and actually working.

IMHO of course.

That's why I'm a keen HLV watcher!

[1alfi] 10/8/2018 09:31

Reyl loan has no value until it is in SRSP bank account and the LOG monies only have value when Sirius starts to spend it. Consortium members are just names on paper until they actually do some work.
What has been achieved since the publication of the admission document ?

[htrocka2] 10/8/2018 09:30

'Cove Energy didn't seem to have any issue selling undeveloped Mozambique gas assets to PTT for $2bn. Similarly Addex undeveloped Nigerian block went to Sinopec for $7bn'

As I said...I'd like Guarantee Petroleum to confirm SRSP's status in the Ororo project..(is that a lot to ask)..I'm getting immune of SRSP's 'confirmations'

LEK had to go down the 'rough road'.

[aventador] 10/8/2018 09:14

10 years not a drop of oil still.
Come on time to tell us what's really going on no more secrecy cover ups get some news out and return share holder value.
Sale or production either will do preferably the latter the speed this lot operate who know when we will see a profit again.

[astralvision] 10/8/2018 09:00

Memory is a bit hazy but in addition I seem to remember Cove or i think it was Cove's partners did a reasonable amount of development work to add value to the asset.imo, the view that we can just flip options or whatever on undeveloped assets for big bucks does simply not stack up. If it did stack up, why would the owners of said assets simply not sell them themselves and if it was all that easy and straightforward then the 'assets ' could have been flipped yonks ago.Unfortunately, imo, there is more slog to go through before we reach the 'promised land' , which has not been made any easier by the COSL delays.I am (stupidly?!) optimistic that this frustrating period of poor news flow and lack of operational progress will soon be drawing to a close.We will see.

[astralvision] 10/8/2018 08:49

I presume Cove owned or part owned the assets they were selling.

[dr rosso] 10/8/2018 08:47

The lack of updates comes as a relief from the pitifully phoney stuff that was being churned out about proposed drilling in the next quarter. Come on, lets hear what is being covered up..........

[dr rosso] 10/8/2018 08:44

Cove Energy didn't seem to have any issue selling undeveloped Mozambique gas assets to PTT for $2bn. Similarly Addex undeveloped Nigerian block went to Sinopec for $7bn.

[htrocka2] 10/8/2018 08:41

o/t


I see that Oilex Ltd have suspended themselves today so as to obtain Government ratification to the transfer of percentage owed in a JOA that the partners seem reluctant to hand over...(it would be nice to see something on Guarantee' website that indicates all is well and going smoothly)

[solarno lopez] 10/8/2018 08:33

Well said Astral !!

[astralvision] 10/8/2018 08:32

solarnoYou seem most definiteWhat is 'it' that we would be handing over? At the moment 'it' is a share in an undeveloped small marginal field.As far as I can see value will only accrue here by developing and acquiring assets using the financial model srsp have set up. That is likely to take some time, although i'm forever hopeful that the speed of progress will be a tad greater than the glacial one they have delivered to date.

[aventador] 10/8/2018 08:32

Why not Solarno.. another year will be over soon and no sign of this rig an rns or first oil by end of summer what's going on?

[solarno lopez] 10/8/2018 07:27

That's why they wont, they will simply hand it over to someone else.

[deadly nightshade] 10/8/2018 07:21

good post bleemster. the thing for me is if they ever do announce further assets what concerns me is the speed this lot work they would make a snail look like a 100 meter gold medal winner so to get anything into production and earning a revenue which in turn creates shareholder value is something this lot appears to no grasp. thats why i hope we sell the lot off if not i hope we get a whole new transparent board who are open with the shareholders and actually understand how to get a project moving fast and into production