Sirius Petroleum Share Discussion Threads

[deadly nightshade] 19/1/2019 20:10

2 lots of 990,000 us dollars adds up to over 1.5million pounds so maybe we might have just sussed it guys

[vatnabrekk] 19/1/2019 20:08

I hadn't realised that SRSP had to pay for the vessels 60 days in advance. Things must have changed since I worked in the industry. We were lucky if we got paid for our vessels 60 days in arrears!

[deadly nightshade] 19/1/2019 19:26

i see looking back through the 2017 AD document that we agreed to use 2 tidewater vessels, which we had to pay 990,000 us dollars per vessel 60 days in advance. probably a longshot but might that be why the latest fundraise might have been required????

[dr rosso] 19/1/2019 17:19

108, owned by Sepcol and Express, is adjacent to 109 and 227. Similar situation to 109 and ripe for being picked off.



The company is expecting to produce about 50,000bopd and about 300mmscf/day dry gas by year end 2019. OML 108 covers an area of 750sqkm in water depth of 88ft (30m) in the western edge of the Niger Delta in shallow water offshore Nigeria, six miles south west of Chevron’s Meren field but reaches water depth of 700ft (213m) on the southern portion of OML 108. The block is composed of oil producing Ukpokiti field, Kunza discovery and deeper pool prospects in the southern portion of the block. The Ukpokiti field comprising of 5 (five) oil wells and 1 injector wells. Two exploration wells (Kunza-1 and Kunza-2) drilled in the Kunza discovery intersected commercial volumes of gas and condensate and will form the basis for coming appraisal, development and exploration effort.

OML 108 - Production Facilities
The FPSO Trinity Spirit serves and the primary production facility for the block and all production is processed and stored on the FPSO. The FPSO Independence was renamed FPSO Trinity Spirit. The FPSO has a processing capacity of 22,000 barrels per day and a storage capacity of 2 million barrels.

[bleemster] 19/1/2019 16:39

And again keeping the PIs in the dark

[vatnabrekk] 19/1/2019 16:13

Someone posted on here recently that they thought that SRSP might be looking to have an interest in OPL227 at some point. That would make sense to me given it's location and proximity to other fields that SRSP might be looking at. It could also explain why SRSP allowed the Adriatic I to be shoe-horned in front of drilling Ororo.

[vatnabrekk] 19/1/2019 16:03

It does rather, drr. Strange statement, I thought. Perhaps they didn't expect it to take so long.

Remember the COSL Force!
(No, don't!)

[drrichard] 19/1/2019 15:46

5-6 weeks on site somewhat flies in the face a job too small to worth an RN s doesn’t it?

[minichris] 19/1/2019 15:25

Ukpotiki is all but dry.

[astralvision] 19/1/2019 13:52

All depends on what they find Vatna

[vatnabrekk] 19/1/2019 13:38

The Adriatic I became stationery over its current location on 15th December, that's five weeks i.e 35 days ago. Surely it must be just about finished the job by now.

[aventador] 19/1/2019 05:58

If the companies strategy is a sell off it may explain why they don't seem to give a monkeys about the current share price as the final package would sell for a much higher figure.
It doesn't though explain why all these years they've promised oil flow and signed all these complex deals to get ororo flowing and failed to so far, maybe its more so down to this being Nigeria, political issues and lack of funds and means to do it.
Problem is they keep us pis in the dark on all fronts and fob us off with anything to keep us quiet and keep claiming their fat wage packets until this either succeeds or winds down to zero, meanwhile us limpets have been stuck in here for up to 10 years suffering stress anger and anxiety having had have had all our money tied up in this now at considerable losses and cost, all i want now is to see the bod at least return some value here and asap.

[vatnabrekk] 18/1/2019 23:02

Yes drr, I'm working one it!

[htrocka2] 18/1/2019 22:44

Let's say 45 days to drill Ororo.. the current licence stipulates 'production', therefore compliance would require a February spud date to be on the safe side.

from the AD
'The Group’s current licence to the Ororo Field has already been extended on a number of occasions and the latest renewal letter states that the current extension is the last extension of the licence to bring the Ororo Field to production..'

[lotusflower] 18/1/2019 22:07

Vatnabrekk.
The chevron well ororo1.

[drrichard] 18/1/2019 21:27

You’d best find us a couple of tugs, then Vatna!

[vatnabrekk] 18/1/2019 21:09

Lotusflower:
"BP offtake agreement RNS states commencement of oil from the ORORO field."
Yes, that's one of the reasons that I have been saying that SRSP must drill Ororo in order to unlock everything else. And also, in order to get a refund of money already spent, and to get title to their 40% of Ororo that is currently held in trust, they have to produce oil from Ororo.

[vatnabrekk] 18/1/2019 21:04

The plot thickens!

[dr rosso] 18/1/2019 20:51

Is it coincidence that NDEP`s 227 partner, Express Petroleum also produces significant oil, targeting 50k bopd from the Ukpokiti Field in nearby block 108 .... and they send it through to the same FPSO, Trinity Spirit.

Keep an eye on this. How on earth can they be expecting to reach 50k bopd by the end of this year without substantial incoming funds?

[lotusflower] 18/1/2019 20:41

First ten million can be drawndown on commencement of production.
Nor do we have to meet the initial flow rates from the chevron well.
(A re-entry of ororo1could qualify depending on flow rates)
BP offtake agreement RNS states commencement of oil from the ORORO field.

[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).