Sirius Petroleum Share Discussion Threads

[1alfi] 12/10/2018 19:28

Abrogate can also mean suspend. If Sirius meant cancel the services of COSL why didn't they state it in a more specific term ?

[bronislav] 12/10/2018 19:14

We have a rig and we might drill...How is that anymore positive than the summer 2017and 2018 statement...WE HAVE A RIG AND WE MIGHT DRILL.astral vision?

[astralvision] 12/10/2018 18:51

BronislavRe belly full of cosl, that's purely my guess.Certainly cosl have not endeared themselves to srsp or others in the consortium, wether they have a part to still play I don't know, we'll see.I'm very happy that they've secured a rig, Schlumberger crewed and ready to spud this quarter, hurrah!I certainly ain't demanding a specific date, I think most of us would be happy if they get the right quarter/half/year!Excuse me for concentrating on the positives.

[vatnabrekk] 12/10/2018 18:25

The RNS on 8th October stated: "...announces that it (SRSP) has decided, by mutual agreement with COSL, to abrogate its agreement with COSL for the supply of a jack-up rig for the drilling programme on the Ororo field, OML 95."

"Abrogate really means cancel. So it seems to me that SRSP won't be using the Force to drill Ororo, but that doesn't necessarily mean that they won't be using it for something else.

The RNS also stated that "...the Adriatic I, and meets the specifications required for the Company's proposed drilling programme at Ororo-2 and Ororo-3." So what about Ororo 4 and 5, for which they have already taken delivery of the well-heads? do they still intend to drill these two wells, and if so what rig do they intend to use? Furthermore, if they do not now intend to drill these two wells, should they not be telling us about that?

Then they go on to say: "As previously announced, the Company and its operational partners, Schlumberger and Add Energy intend to achieve the spudding of Ororo-2 at the earliest possible time during Q4 2018." So their operational partners are Schlumberger and Add Energy, but not COSL. Was COSL not categorised as one of the operational partners previously, or were they just a drilling contractor?

As always, SRSP's RNS leaves more questions than answers.

[bronislav] 12/10/2018 17:53

Well astralvision if we have had a belly full,of COSL would Sirius not have to tell,its shareholders such in an RNS.The consortium is crucial to our abilities to pick up assets and if one of the members is no longer a member then I would prefer to know now and get it out of the way rather than leaving us to play the guessing game.
Only my opinion but I would think COSL are still part of the consortium and the force still has a future in Nigeria ,I just don't believe it's under Sirius that they will be drilling.As for specific timing on the Adriatic ,if Sirius can't give an approximate date for spudding then it leaves long termers wondering why .The rig is in Nigeria for goodness sake ,it's not that difficult to give us a date is it..We HOPE to drill in Q4 is not good enough in my view.Shareholders have had ten years of hope and STALLING still springs to mind when I read the Adriatic rns.

[bronislav] 12/10/2018 16:22

Thanks for the replies fellow sufferers.

[astralvision] 12/10/2018 16:17

well done mc, that sorts that one!

[astralvision] 12/10/2018 16:15

nice news flow floats my boat or pipeline laying barge or jack up rig, or hlv, whatever is yer poison!
yes, the COSL blockage has been cleared, it was bunging up the rns pipe and now I think we should be set fair for better weather and pastures new, or something like that!

[minichris] 12/10/2018 16:13

A quick 2 minute google finds this article -



Additionally, Sapura Offshore has been awarded a subcontract by Saidel for the provision of construction engineering and offshore construction of a gas evacuation pipeline project in the Delta Region of Nigeria, operated by Shell Petroleum Development Company of Nigeria.

[drrichard] 12/10/2018 16:12

Rig may be due on site in November but I would imagine some nice news flow leading up to that Astral-firming up on rig status for one.

[astralvision] 12/10/2018 16:06

vatna, rather more concise than me, too much time on me hands today methinks!
To be fair to myself, my summing up of 'nowt to report' hit the nail on the head!

[astralvision] 12/10/2018 15:59

ok, its a quiet day and I'll bite.
Not sure if I count as a 'rig spotter', was more looking for a hlv to carry the rig, also not sure anyone has retreated anywhere.... but what the hell


Regarding the Adriatic, the rns tells us it will become available in November, that seems pretty detailed to me, seems little point looking for it, but it's there, vatna reported the marine traffic link a few days ago.


Sapura900, I'm not really that interested as I don't believe it has anything to do with srsp, but who knows? Anyway, its parked up nr Port Harcourt, which ain't near Ororo, as a 10 sec fiddle on the Marine traffic site will tell anyone who wants to know. But it ain't too far away either, to be fair, but I assume there's a fair number of these sort of vessels knocking about in an area like Niger delta, or perhaps not.
Anyway, I will leave that one for the barge pipe laying aficionados amongst us and if it goes on to do great things for us I will be delighted.


Force, well, I would reckon it's still sat sunning itself on the Dubai dockside, I certainly wouldn't rule out it re-appearing although, imo, the odds are against it as I would think SRSP have had a belly full of COSL and it's time to move on. But, hey, perhaps not, who knows, assets to drill, a completely refurb rig, why not if anyone can get them to shift it in our direction. In which case it still needs one of those pesky hlv and you can bet it's odds on to be a COSCO vessel that eventually does the deed. Nearest one, the Xin, still at anchor in Oman round the corner, if that sets forth and has Dubai as it's destination it might be worth dusting down me hlv spotters gear and keeping half an eye on the damn thing.


So there we have it, not so much a retreat as nowt of real interest to report, esp as we've now got a rig a matter of hours/few days away from Ororo.

Passes the time anyway.....

[1alfi] 12/10/2018 15:59

Bron - I would consider the most significant one, of your three to watch, at the moment would be the supra 900 pipelayer. If its within the scope of connecting anything to Ororo2 location it would be a good sign of progress made.

[vatnabrekk] 12/10/2018 15:53

I haven't retreated, Bron! I'm keeping an eye on the Force, because I'd love to know where she is going to end up. Also watching the HLVs Xin Guang Hua, the Zhi Yuan Kou, and the three Xiang vessels. And of course the Adriatic I and Sapura 900. But so far nothing to report. I'll let you know if anything happens!

[bronislav] 12/10/2018 15:16

Amazing all the rig spotters have retreated.
Three targets ..The COSL force .the Adriatic and the sapura900 PIPELAYING vessel.
.personally I don't believe Sirius know when they will drill ororo or surely they would have added some detail to the Adriatic rns.
Will ororo be left until last? Acquire another asset ,trigger REYL monies ,acquire rest of portfolio.Force shipped to Nigeria.adriatic moved to ororo and readied for spudding .Then all Bobos plans come together and that leaves incoming company all 2019 to busy themselves to coincide with mr dangotes refinery coming on stream in 2020.

[aventador] 12/10/2018 12:17

More nonsense, surely the rig can just turn up and drill as planned.
They woudlnt state q4 2018 if there was more red tape to hold it up surely.
Time for less scaremongering or finding reasons for delays, the price is still surely massively undervalued considering we should see progress soon, time to back them.

[htrocka2] 12/10/2018 11:48

'Operator of the Adriatic 1 drilling rig would need DPR consent before that rig sets foot in the Ororo field'


Ororo's in the Niger Delta...the rig's already in the Niger Delta....so what you're saying is that they need four months for permission to move the rig?

[vatnabrekk] 12/10/2018 10:43

Spud in January 2019?
Surely not, Dr.R.
Surely you don't expect them to miss their target date of spud in Q4 2018?!

[minichris] 12/10/2018 10:40

Source on the DPR 4 month consent Dr?

[dr rosso] 12/10/2018 10:26

Operator of the Adriatic 1 drilling rig would need DPR consent before that rig sets foot in the Ororo field. Given that such approvals take around 4 months from application, it cannot be that Sirius has suddenly just decided to dump COSL and go for an alternative rig. The Co. would've hatched the new move back around June time, which corresponds to them inventing that guff about an extended recertification of Force.
In other words, they've known for quite a while that Force was not going to drill O2. Perhaps the penny dropped that such a rig couldn't operate in such shallow water + the fact that using a high spec $90k per day HPHT jack-up was massive overkill for O2 appraisal initial drilling.


The alternative scenario for Adriatic is that, due to delays with Force, they really have luckily found a local rig coming to the end of its contract and hastily signed it up. That being the case, mobilisation in all its forms can start in early Nov. That includes a 2-3 month application approval window to DPR, which would mean that the O2 well can be spudded at some point in January.
A glance at the Shelf website confirms that Adriatic 1 is contracted by an unnamed customer for the period Jan 2019 to Feb 2020. 400 days, but could be on a 135-day appraisal basis, with an option to continue operations.

[dr rosso] 12/10/2018 10:08

Co. needs to stop terminating contracts. 2015 agm has Bobo telling attendees how great the BTG marketing agreement is. 2 years later and it's completely ditched. Glencore before that.
Is BP still with us 18 months on?

[vatnabrekk] 12/10/2018 09:50

I am fairly sure that we will see the Force in Nigeria or elsewhere in West Africa in the next few months, although it may not be working for SRSP. I wonder what will happen to the $1.5M. If SRSP has actually terminated the contract then I would expect that they would forfeit the deposit.

[dr rosso] 12/10/2018 09:41

"We are very satisfied with our other business development activities in Nigeria, and we believe that Sirius remains well-positioned to deliver capture on our pipeline of additional opportunities in a timely fashion. We look forward to updating our shareholders as we make further progress."

Nicely backs up Sherl0ck's 289 post, which includes "...In line with our strategy we are continuing to appraise assets with production growth, appraisal and exploration potential.’

Sounds fantastic, except that the first quote is from an rns exactly 7 years ago.



November is pretty much the last gasp, because all the dreams so far have turned to fairy dust, with a share price to match.
And what has happened to COSL? Seems mighty odd putting out a progress report stating things are ongoing, then little more than a week later, it's change of plan, we have signed up for a different rig. Has the Force contract been terminated completely or are they bringing it into use at a later stage, having handed over $1.5m?

[sherl0ck] 12/10/2018 09:04

I hope the extra wellheads ordered might actually end up being diverted to another new field. O-2 & O-3 will be enough to secure Ororo full field development financing so I’d personally prefer an initial 4.5 month programme that maximises things by shifting the rig part way through and potentially ensures we’re fully funded to develop two assets.