Sirius Petroleum Share Discussion Threads

[drrichard] 22/8/2018 17:20

Edgein, cogent arguments. Does the REYL 100M sound enough to you, or do you see that as seed money, assuming of course that get Ororo on the boiler some time soon? For, as the BoD have suggested, more is to come once Ororo is up and running, which by the way, is funded.

[edgein] 22/8/2018 17:12

Sherlock,

Yes talking about farming into an asset and doing a deal on an asset with significant 2P is another thing as that normally requires the farm-in partner to have significant cash to develop said field. Therefore if the field isn't already producing, and if it were they wouldn't need SRSP, I would class it as 2C. Contingent on developmental funding. SRSP don't have a large cash pot for that and I don't see that deal being on the table over three years later either. The only hope of something like that is some sort of RTO and that's an extreme long shot to get 2P, I just cannot see that as a realistic possibility. Most likely next acquisition is another marginal or mature asset, unless they're as lucky as SQZ I cannot see them funding a cluster of old fields at present either. SQZ had Erskine acquired due to their cash balance at the time, the large acquisition came as a result of that also from BP. Therefore I could find it more believable that SRSP could do a deal with Chevron for mature assets and marginals if they had Ororo producing with booked 2P. So I'd like to see management here getting one field over the line as so far they've not made that look easy let alone the more fanciful theories.

Regards,
Ed.

[sherl0ck] 22/8/2018 16:56

bleemster - no company is realistically going to detail a proposed asset until a deal has been closed. In fact there will be strict safeguards in place to ensure nothing is leaked prematurely There’s also plenty of references to other assets in multiple RNSs over the years and the AD.

Edgein - I directly quoted company info and provided the relevant RNS/AD references so it’s not just a BB theory and I haven’t taken offence! Also note that Sirius has stated discussing the farm-in on an asset with significant 2P reserves (1/5/15) and has also indicated reviewing distressed producing assets (15/5/18). I also doubt these would just be handed over at this present time, but with the consortium & funding established, rig in Nigeria and operations commenced on Ororo, we’re in a very different position.

[edgein] 22/8/2018 16:35

Sherlock,

No offence fella but I'd like to hear the board's plan from the BOD rather than from BB posters. I see these theories time and time again from virtually all posters, but reality is somewhat different. I've been investing in O&G to know what fetches the big bucks and what doesn't. You can pick up contingent and prospective for next to nothing. The only thing that fetches large cash monies is 2P. SRSP isn't going to get lots of 2P just given to them. For them to convert Ororo to 2P or any other stranded or marginal development it needs to have removed its contingencies. NNPC wants production from these marginals and elsewhere up, they've apparently been pushing COPL to do just that. Its likely they've been doing the same for SRSP. Whether that is down to SRSP timing a deal to sign off on another drill ready marginal or not is another thing. Also that marginal will need FDP approval and drilling/environmental permission and site survey for placing sub-sea infrastructure etc etc. If they could prove that they can get one field developed and producing it would be a good start. Our best shot right now imo is one of these HLV's gets the Force loaded onto it.

Regards,
Ed.

[bleemster] 22/8/2018 16:35

The thing is Sherl0ck, if they told us about these "other projects" then we can get excited about them. But that fact is this is officially all we have to get excited about.

The only reference to an RNS and other opportinities/assets/etc. was a fly-away comment. Could mean they bought a new office printer for all we know (odds are unlikely) but were back to the old chestnut of TELL US WHAT THE FRACK IS GOING ON

Then we will be happy :)

[vatnabrekk] 22/8/2018 16:21

@Sherl0ck: I'm not sure that there are too many people wishing that Sirius would just drill Ororo in isolation and forget about everything else. As I've said already, I believe that drilling Ororo is the key that will unlock everything else, and that's why I'm very keen that they should just get on with it. If they don't drill Ororo soon, then they are in danger of losing the licence. And also, if they don't drill Ororo then I believe that the "everything else" will just disappear.

[astralvision] 22/8/2018 16:19

Hurrah, sounds exciting, when it happens!Shaken the piggy bank for a very modest few more, as if I didn't have enough of the damn things already!

[alamaison5] 22/8/2018 15:46

BUY: And again...2,670,000. A big one this time...

[alamaison5] 22/8/2018 15:44

BUY: 1,351,816 here we go again...

[sherl0ck] 22/8/2018 15:44

The bad news for those wishing that Sirius would just drill Ororo in isolation and forget about everything else is that this doesn’t appear to have ever really been the Board’s plan:

‘the Company's focus has been on reviewing the opportunities available... both in terms of assets in Nigeria and the optimum financing and long-term strategy for developing those assets.’ (29/6/17)

The good news is that by finally settling on and establishing the right operational and funding model for Ororo, it means that we can also then leverage and apply this to our other potential assets.

“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)

In a sense it’s maybe always been ‘all or nothing’ here. Whilst so far we’ve frustratingly waited a long time and witnessed the ‘nothing’;, when the rig finally moves and we commence Ororo operations, I think we’ll start to see the ‘all’.

‘The Directors intend that the Group will experience significant growth following its transition to an operating company and commencement of commercial oil and gas production.’ (p.43 AD)

[alamaison5] 22/8/2018 12:57

Aventador
22 Aug '18 - 12:45 - 982 of 985

Why u posting on this redundant thread?

Because I hate negative vibes...and there are far to many uneducated punters over-there, lol.

[aventador] 22/8/2018 12:45

Why u posting on this redundant thread?

[aventador] 22/8/2018 12:36

Nothing left to say or moan about just have to hope they come up with the goods it'll be late but they need to just do something.All awaits next few rnss.

[alamaison5] 22/8/2018 12:31

1,000,000 sold but! Still buying (BID) above .7p, lol.

[vatnabrekk] 22/8/2018 12:04

I haven't seen any tugs activity in the area where we know the Force was based, so unless I've missed it, it is my belief that it's still where it was. I can't think why they might bother to move it.

[bleemster] 22/8/2018 11:48

Has anyone got an updated location of the rig, is it still on the north side of the bay or moved back down to the south.


I am aware of the photos of it being in the north but im talking in the last few days? I've messaged my guy on the rig just before this, but waiting on a reply from him too.

[vatnabrekk] 22/8/2018 10:58

She is indeed modern, astral, built in 2016. Before coming to Dubai she spent a couple of weeks or more in Huangpu Port and then went for sea trials, so presumably she was having some work done, or perhaps the regular "service". So I would hope that she won't be in this harbour area for very much longer.

[bestdeal1] 22/8/2018 10:30

lol yes, fraudian slip,
we had the rug pulled from under our feet

[astralvision] 22/8/2018 10:12

I should think if any work was required on He Kou, it’s minor and these things are heavy duty and hard working so a certain element of maintenance and servicing must be essential.
He Kou looks a very good modern piece of kit, let’s hope it’s our hlv

[aventador] 22/8/2018 10:11

On a plus the price is blue