Sirius Petroleum Share Discussion Threads

[sherl0ck] 18/1/2019 20:29

The BP prepayment only kicks in upon meeting certain targets - including 500k barrels at the terminal (now FPSO) & >2500 bopd production. If we assume an initial 2500 from O-2 alone then it will take 200 days to reach the 500k.

There’s nothing in the AD that specifies the crude at the terminal has to be ‘Ororo oil’, so Ejulebe also flowing helps - plus higher daily O-2 figures & O-3 oil obviously make a big difference.

We can sell oil elsewhere until BP kicks in but if we imagine a min individual lifting of say 100k from the FPSO, that’s still 40 days at 2500/day... and it’s difficult to build up your 500k if you keep emptying the storage tanks.

Other intermediate offtakers also might not provide a prepayment facility and so there could be a delay on receipt of revenues. The BP prepayment will be great as soon it’s applicable but until then we’ll probably need access to additional funding lines like Barak etc. It’s definitely in our interest to get multiple assets flowing.

[1alfi] 18/1/2019 20:12

"Production eliminates the need for a drawdown agreement.."

LF that was the point I was trying to make when the RNS came out.

IF the well is spudded before the end of Feb, add on 45 days for drill, will take us into the second week of March - Add on another month for administration time, will take us into the second week in April when we should get the BP offtake monies. Why the need to borrow tranches of 500k when you have 10mill in the bank. And a stream of revenue coming off Ororo.

[dr rosso] 18/1/2019 19:30

GM certainly not needed for a loan drawdown,who are they trying to kid? Nor to issue extra shares because a further 1.7bn were authorised for issue at the last agm. On the other hand, GM would be needed for shareholders to approve an asset sell-off package, which is what everything is geared towards.

70 trading days from 15 Jan = 14 weeks to sell off. By George.

[lotusflower] 18/1/2019 17:53

Adriatic drilling Ororo will not be about Sirius producing.
Production eliminates the need for a drawdown agreement..
A GM not needed for first £1.75million,why then for other tranches.
GM for other more important matters.
LOG drawdown facility,specifically for going in on assets.
COSL force readied for a five year work program.
Adriatic to concentrate on Ororo.(The key to unlock it all).

[6cer] 18/1/2019 16:59

Looks like oil is on the way up again.

[aventador] 18/1/2019 16:15

Good but we need a hell of a lot more blue days to see value return here, let's hope we see more news over the next couple of weeks.

[twodegrees] 18/1/2019 15:29

whats with he 3 trades of 850000 at the same time

[drrichard] 18/1/2019 15:19

0.6 just paid. Any more buying and we might see a tick up again

[twodegrees] 18/1/2019 15:07

spread is as tight as it has been for weeks...Are the market makers short of stock...

[xerot] 18/1/2019 13:46

50p would cover it and all the agg

[1alfi] 18/1/2019 12:32

LF - would the bod be happy with 5p after all the time and effort they have put into this.

[vatnabrekk] 18/1/2019 12:27

Bum, COSL FARCE, I like it!
😄

[lotusflower] 18/1/2019 12:26

5pence would suit me.
Long-termers looking for much higher.

[1alfi] 18/1/2019 12:21

Not a clue LF, would be dependent on number of assets and related cpr's I guess.

[lotusflower] 18/1/2019 12:16

Adriatic drilling,how can we be sure.
The knackered force has just had a five year recert.
Drilling ororo would have meant the company could be self financing.
How much for Alf.

[1alfi] 18/1/2019 12:16

Assets, finance packages, cpr's, and infrastructure, put it all together in one neat little bundle and then sell it off.

[1alfi] 18/1/2019 12:01

I get the feeling that the drilling of ororo is notdependent on Shelf's timetable, more likely to be dependent on the readying of other assets and associated infrastructure.

[shez20] 18/1/2019 11:55

Don't forget cosl power mr B! They had the rig spotters busy on that one for 6 months too!

[drrichard] 18/1/2019 11:46

Yeh, Mr B, I know. SRSP timescales are slippery to be sure. But are Shelf's? We shall see.

[bumhammer] 18/1/2019 11:40

The amount of time taking waiting for ADRIATIC1, We may have well waited for COSL FARCE after all.. You literally couldn't write how this is playing out!

Dr.Richard, I admire your enthusiasm, but talking as though we will definitely see things in the next 4 weeks the way you do is just foolish considering the past record we've all endured.

[solarno lopez] 18/1/2019 11:30

Lotus flower, blossom of the East...……;…..regularly featured in Round the Horne

[lotusflower] 18/1/2019 11:26

ADRIATIC being used in a similar fashion to the POWER.
The Chinese almost ready to step in and pick up the pipeline.
The FORCE and ADRIATIC ready and waiting for the finish line.
Even Mr sher hinting at a takeover.
What price?

[dr rosso] 18/1/2019 11:16

Hilarious, I`m sure.

[solarno lopez] 18/1/2019 11:14

who is this imposter Sol118