Sirius Petroleum Share Discussion Threads

[dr rosso] 09/10/2018 13:40

Whatever.
For the first time in its 10 year life, in terms of field drilling ops, the Co. has to deliver. Current mcap is £30m. Once the full asset package is revealed, and drilling commenced, whether the Co./asset is taken out, that mcap should be targeting 10x that figure.

[minichris] 09/10/2018 13:09

3 day tow Rosso... not 30

[dr rosso] 09/10/2018 12:22

For D4 and D5 gas zones, easy access so no point in paying way over the top for a high-spec HPHT rig such as Force to drill wells 4 and 5. Leave them as highly likely option extensions for Adriatic standard jack-up.

[dr rosso] 09/10/2018 12:18

Don`t expect spudding of O2 until early January, as per the Adriatic 1 contract dates on the Shelf website. Can only assume that there is no other Customer 2 jostling for possession.

Amini finishes with the rig end-Oct. It has to be decommissioned from the Okoro field, towed into Port Harcourt for checking over. Not a 5-year recert job, one hopes. Mobilisation can then be commenced, including a 30-day tow to the Ororo area. The unit then has to be set up. That will include positioning the support platform, then attaching all the bits and bobs eg wellheads, subsea lines, etc. If all goes to plan, could be looking at mid-Dec, but how much goes to plan on field ops?

[handygandhi] 09/10/2018 10:39

I still have a hunch that Dangote is part of the endgame

[htrocka2] 09/10/2018 10:09

'Then the REYL deal will kick in for full field development...'


Once the drill bit hits oil it's difficult to comprehend the transition this company will go through, every thing from percentage confirmation by the State that will undoubtedly be reflected in a rerate to activating directors options, the full extent of the pipeline of assets that they've been on about for years will be revealed and planned future events that will take on more credibility than past promises....and you never know, if they produce enough hydrocarbons successfully as planned, when the Field Licence is renewed next May, it could be a twenty year one this time which would be yet another rerate.

[edgein] 09/10/2018 09:13

Vatna,

The plan for a long time was phased. O-2 and 0-3 intitially into temp facilities capable of handling up to 15k bopd. They'll get 88% of these early revenues. Then the REYL deal will kick in for full field development that will include O-4 and O-5. At least they've the wellheads in early for full development. Its interesting to see that the co and SLB are looking to get the rig onsite at the earliest time possible in Q4 now that the rig is currently concluding operations currently with the operator. Hopefully get our hands on this kit next month get it kitted out and spudded and into the money. It took long enough but it looks like there's light at the end of the tunnel at last.

Regards,
Ed.

[vatnabrekk] 09/10/2018 09:07

So they specifically mention Ororo-2 and Ororo-3, but what about Ororo-4 and 5? They already have the well heads for these, so are they going to bring in another rig to drill them? CSOL Force, perhaps?

[edgein] 09/10/2018 08:58

"The proposed rig is fully certified, currently concluding a well campaign with another operator utilising Schlumberger services and equipment on board the Adriatic I, and meets the specifications required for the Company's proposed drilling programme at Ororo-2 and Ororo-3."

This one sounds a lot hotter than the last one that's for sure.

Regards,
Ed.

[astralvision] 09/10/2018 08:27

Ys, level 2 now 4:1, just one MM left on 0.85, tick up soon?

[drrichard] 09/10/2018 08:15

Meanwhile, down on the ranch we have buyers-a good start to the day. ROll on another blue one as we start to rerate.

[vatnabrekk] 09/10/2018 08:13

Absolutely!

[astralvision] 09/10/2018 08:09

I've got an open mind on it, if Shelf announce customer 2 at some point, that will settle it! But you may never know, as we've seen, timescales and rigs can be subject to change. Clearly plan B was already in the wings 11 days ago when they told us about the Force, but it wasn't too hard to read between the lines that Plan B was being worked on or almost finalised.
But it's all by the by really, I'm happy we've got a rig, even better it's already in Nigeria and saves a 30 day tow, great that Schlumberger know the thing inside out, all looks set fair, let the show begin.

[vatnabrekk] 09/10/2018 07:57

I'm with Dr.R on this. I'm convinced that SRSP was the mysterious customer no.2 in April. I have always maintained that SRSP knew that there were big problems with the Force in April when she was towed into Dubai harbour on 11/12 April yet they didn't even come clean at the AGM in June. Also going further back, as they hadn't paid the $3.0M in December they knew that the Power couldn't be delivered in March but they never told us that. So I really don't trust anything that that they tell us.

[dr rosso] 09/10/2018 05:46

Seems an almighty coincidence that the new rig has suddenly cone available at super-short notice. Only 11 days ago we were being told that Force was having a facelift. Botox? Bolox, more like. In the last day or so they have managed to secure a Delta-based rig on a 135-day contract just as Amni was finishing with it following their extension to October.


Incidentally Shelf`s fleet of rigs was bought off Transocean. Wasn`t it around 2 years ago that someone on this bb claimed that Sirius had booked a Transocean rig?

[dr rosso] 09/10/2018 05:38

Squeezed in for a quick drill? Well, it is possible, but unlikely. 1st Nov to 31 Jan is only 92 days. Acc to Shelf, the Sirius contract is for 135 days initially.


Far more likely that this Adriatic standard rig was booked several months ago, but unannounced. End-Nov mobilisation would see spudding within a month. Payment begins when the drill bit turns... Jan 2019

[ken chung] 09/10/2018 00:11

It will be a fine short.

[mr roper] 08/10/2018 22:53

Aaaaaaaaaaaaarrrrrrrrrrrrgggggggggggghhhhhhhhhhhhhhhhbbbetttterrrrrlatethanneverrrrrr!

[astralvision] 08/10/2018 21:59

All depends if we're customer 2 or not, I don't think anyone can definitively say one way or the other.

[dr rosso] 08/10/2018 21:54

GSF Adriatic I MLT 116-C Angola Contracted Apr 07 to Apr 09 $180k


Day rate of $180,000 ten years ago


More recently, Conoil, Mike Adenuga`s Nigerian independent, was operating the rig from Oct 2017 to Dec 2017 offshore OPL 290.

[dr rosso] 08/10/2018 21:35

West Africa
Adriatic I MLT 116-C 350 AMNI Nigeria Apr 2018 to Sep 2018
Customer 2 (TBA) Nigeria Oct 2018 to Nov 2019

Commenced contract with AMNI in April 2018. Customer has option for one well.
400-day contract with Customer 2 (TBA).


The point here is that since March/April, there has been a contract in place for the Adriatic to kick off the Ororo drilling campaign commencing in October 2018.
All the stuff about Power/Force for O2 has been shown up as complete baloney. Hot rig my ass.