Sirius Petroleum Share Discussion Threads

[aventador] 17/1/2019 10:21

Basically we are months off revenue at this rate, and that's only if they get the rig on site by Feb which looks like a miracle.

[edgein] 17/1/2019 10:21

Alfi,

Yes, according to bobo the CLN was for costs for additional acquisitions and the later tranches for possible cost overruns on any of their projects.

Well I'm now much more confident that we'll see Ororo spud in the near term than at any time when COSL was involved. Imo we've never been closer to drill Ororo than we currently are. We're next in line for the Adriatic-1 which is well advanced into its current job. I'm looking forward to the next 6 months as a SRSP holder and I haven't said that in a long time.

Regards,
Ed.

[htrocka2] 17/1/2019 10:18

just out of curiosity....As the 109 deal has , as yet, not been acknowledged by the company, Cantor's 1p 'when they hit oil' target can only apply to Ororo. Presumably a new target will be issued when the 109 deal has been signed off.

[minichris] 17/1/2019 10:05

In my opinion, the funds were needed quickly. Why? I don't know, others have intimated at an acquisition.

But whatever it was we didn't have time to raise in some other way.

[1alfi] 17/1/2019 09:58

Thanks for the replies Edgin. Lets hope we have an ororo spud soon but I have to admit I am not overly confident.

[1alfi] 17/1/2019 09:51

So we drill ororo and oil flows and we get ten mill from BP but we still require additional finance by means of the loan notes ?

[edgein] 17/1/2019 09:48

Alfi,

The BP money is likely to go towards the drilling of O-2 and or O-3. Personally I'm now anticipating multiple RNS releases regarding offtake, Ororo drilling, Ejulebe, potentially Barak etc all within the next 4 weeks or so. That's not including another other potential acquisitions or projects they're looking at.

Regards,
Ed.

[vatnabrekk] 17/1/2019 09:48

Thanks Ed for that info.

[edgein] 17/1/2019 09:45

Alfi,

Why, Well according to the company they've Ororo, Ejulebe and addional projects to fund that cannot be done without money. Even due diligence before further acquisitions requires money. According to Bobo's statements its not all about Ororo and Ejulebe but other assets too, seems they're keenly working on this pipeline of assets they talked about. That seems to involve money from various sources now that Barak have made an appearance too. That's a lot of juggling and goodness knows where the share price will be in 70 days, we may be onto O-3 by then.

Regards,
Ed.

[1alfi] 17/1/2019 09:43

Yes rod I can agree on that first tranch -its the requirement of the 2nd 3rd 4th tranch that puzzles me. As Edgin has pointed out we should have 10 mill from BP as soon as oil starts to flow or thereabouts.

[edgein] 17/1/2019 09:41

Vatn,

I guess after about 30 days into drilling Ororo, its around that time they intend to wireline O-2, all that logging etc will be done before the well is hooked up to the barge. They may do the initial flow tests from the rig rather than straight onto the barge, so plenty of time yet. Around the end of the 45 day drill they'd likely hook it up to the barge. Then O-3.

Regards,
Ed.

[rod99] 17/1/2019 09:38

1alfi, turning your point around, maybe they needed the money immediately to get an asset over the line this week.

[vatnabrekk] 17/1/2019 09:34

That raises an interesting point Edgein, I wonder what the situation is regarding the barge that we've been told about, that will store the oil and the gas. I wonder when it is planned to get it on location.

[1alfi] 17/1/2019 09:34

Edgin - to me it is irrelevant what the loan money is to be used for. My point is that if we are expecting revenue from ororo then why would we not use that ororo revenue instead of costly loan.

If we were to spud at the end jan / beginning feb, then how long after spudding until revenues start to come into Sirius bank account.

[edgein] 17/1/2019 09:23

Alfi,

No they have a pre-payment offtake agreement with BP. So in essence they get paid before they produce the oil. Also the temp storage barge for Ororo is capable of handling both the oil and gas produced. The gas is likely to have a delayed payment as per normal. If you read the CLN agreement again Bobo suggests its for acquisitions and not for Ororo.

Regards,
Ed.

[kwizza] 17/1/2019 09:18

Based on late start for Niger Delta drill I would say February for us

[1alfi] 17/1/2019 09:15

"The Company will draw the first tranche of GBP1.75m immediately. Two subsequent tranches of GBP0.75m and GBP0.5m may be drawn down only after grant of authority by Sirius in General Meeting to issue shares under all subsequent tranches ("GM Authority") and then only after a minimum period of 70 trading days from the date of the first drawdown."

Does the above indicate that there will be no revenue from ororo in 70 days time. If there is revenue from ororo then why not use that money for finance requirements.

[deadly nightshade] 17/1/2019 09:13

If it follows that plan edgein we will be rocking and rolling let's hope the "experts" running this don't throw a spanner in the works like they usually do. Got to try and remain positive.as you say the rigs gotta move at some point

[rod99] 17/1/2019 09:13

Ed thanks for replying,

I hope you're correct but I don't see what you are basing the "it has to be close to the end of operations now " on ?

[deadly nightshade] 17/1/2019 09:09

Looking at the share prices we would have got more return investing in Graham Lyons infrasrata at least that's bagged a couple of times. puts this load running this to shame every time they open their mouths the share price drops I think I prefer it when there were no rns's

[edgein] 17/1/2019 09:05

Rod,

Well a tug spotted at the rig yesterday or day before was +ve, if we get a second tug spotted soon to retrieve the anchors then yes Jan spud still possible. A few days to get to Ororo, about 7 days to get testing and in position. It'll be tight if they leave in the next day or two but possible. Hopefully see some more tug movement around the Adriatic soon. Late Jan or early Feb makes little difference in the grand scheme of things. But the Adriatic will have to shift at some point and its bound to be close to the end of operations now. Just depends on when Adriatic comes onto contract with SRSP. I reckon soon then its relentless drilling with SRSP according to the latest schedule.

Regards,
Ed.

[rod99] 17/1/2019 08:57

Edgein from yesterday,


Edgein16 Jan '19 - 09:19 - 88756 of 88827
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Rod,

Do you know how close SRSP are to drilling and developing Ororo ?


Thinking again about your reply, no I honestly don't know how close we are, do you still think we will drill Ororo this month, I've got my doubts.
Thanks in advance.