Sirius Petroleum Share Discussion Threads

[kwizza] 22/1/2019 07:25

Dr R
Is that the Ororo triangle where everything disappears

[pipelinepete] 21/1/2019 22:31

Presentation showed 4 assets?The last rnss made no mention of ororo in isolation and talked about working towards more assets.I'm expecting another asset to drop soon imho - or the rig moving, or maybe the 'later this month' barak funding. Or 109 conclusion of course.

[dr rosso] 21/1/2019 22:17

Asset-gathering process for some big indigenous Co, that`s for sure. Sepcol, NDEP, Express or whatever is capable of managing a multi-billion dollar enterprise alongside the Schlumberger-Add-Shelf-BP consortium.

[pipelinepete] 21/1/2019 21:39

Sepcol RTO?

[htrocka2] 21/1/2019 21:25

One assumes that SEPCO will allow srsp use of the 'Trinity'...if all three projects come on line and the planned 108 production is increased...it'll be close to its daily maximum processing capacity.

[dr rosso] 21/1/2019 21:02

95 Ororo, 109 Ejulebe, 108 Ukpokiti all supposedly increasing oil flow into the same FPSO, the 2mmb capacity Trinity Spirit which is located at the centre of the triangle.

[dr rosso] 21/1/2019 20:58

227 Block does not fit with Sirius stated strategy. More likely imo that they`d be interested in jv or rto with NDEP`s partner. Express Petroleum holds stakes not only in 227 but in 108 where the near-dormant Ukpokiti Field is mysteriously touting 50k bopd by end 2019.

[bumhammer] 21/1/2019 20:56

Captain M..Posts of the month.Thank you

[captminion] 21/1/2019 18:21

Deadly - If it’s such a good proven asset why didn’t they jump into that 10 years ago and save us all considerable grief (have they actually signed the deal or is it in the pending tray ?). However If they do actually drill Ororo and for what ever reason it fails I will not hold anyone to account as they would have fulfilled their promises for once. If however they fail due to legal/political or sheer incompetence and expect me to start over on this new asset well more fool them.

[langham77] 21/1/2019 18:00

Absolutely

[deadly nightshade] 21/1/2019 17:16

If we have secured ready proven assets then as was posted on here before that will hopefully hedge any risks attached to drilling ororo. I suppose one positive is at least we are now seeing some action with these rns's hopefully becoming more regular and the rig coming to the end of its latest drill. Just need a few more rises like today

[captminion] 21/1/2019 17:10

That is me being positive lol

[langham77] 21/1/2019 17:05

Keep the faith and be positive. Hopefully within the next month the picture will become clearer.

[captminion] 21/1/2019 16:58

The simplest and quickest route to solvency would have been to drill Ororo at the earliest opportunity and reinvest any profits (once the account was healthy ) into securing further assets like normal professional business people would have done. To borrow money on unfavourable terms and or do a placing to secure further assets before utilising our own valuable held asset is beyond belief. My only comfort is in the knowledge that even Bobo can’t be so arrogant to believe theres any future and the game is finally up if that Rig doesn’t drill Ororo next.

[aventador] 21/1/2019 16:06

It will feel like the end of a long drawn out prison sentance for us if the rig ever does go to ororo, not holding much hope out been here to long to know how this firm works. Let's see though, we live in hope all these fund raisers must surely lead to something one day!

[1alfi] 21/1/2019 15:59

"marginal cost overruns are encountered on future development projects"

Given the structure and timing of the CLN would it be fair to say those future development projects should be occurring this year. Of course, Sirius being Sirius, whether we get to know about those projects this year is another question.

[deadly nightshade] 21/1/2019 15:29

Well the next rig move will tell us all we need to know, it's either on to ororo and game on or its more BS and delays while they carry on drawing wages

[htrocka2] 21/1/2019 14:28

Aventador…..


'Subsequent use of the funding will be applied in specific projects only where marginal cost overruns are encountered on future development projects'


'Useless bunch, get the deals done and oil pumping if that's the plan then would'nt need to keep screwing us raising money. Where's it all gone?..'


I don't wish to be cynical so late in the day...'overruns on future development projects....where's the money gone'....They are very hesitant in telling us what these 'future projects are' yet not shy in drawing money down towards them...they've only got to say that looking into 'future projects' absorbs a lot of administration costs irrespective if they come to fruition or not....hence an ambiguous way to get the wages paid.

[edgein] 21/1/2019 13:00

Bron,

Delays are common place in this sector, what was behind the COSL fiasco, you'll likely never get an answer to that if the fault lies with SRSP or COSL. Regardless we've now got in with Shelf for the drilling of Ororo, that's all that matters. What's more important is that SRSP are now next in line for the Adriatic-1 which will almost be finished its current job. That brings with it 2P and production to SRSP, who by all accounts have further assets to acquire beyond Ororo and Ejulebe. Chinese takeaways and all these wild theories were just false dawns and distractions leading up to this point where SRSP are soon to become a producer. Beyond that I have little doubt that there'll be additional acquisitions. Should the company fulfil their strategy of acquiring developmental assets like Ororo and Ejulebe, then they could sell these all on at some time in the future as PDP reserves which are worth many times 2C resources.

Regards,
Ed.

[xerot] 21/1/2019 11:15

Spot on bronslave but has to be part of a bigger plan ?

[bronislav] 21/1/2019 10:59

Edgein.im not doubting your knowledge at all,my problem with Sirius is you could have a hundred years of investing and oil and gas but it wouldn't explain why shareholders have not been told the truth in my view .As I said earlier let's see what transpires over the next few months up to the licence ending.

[edgein] 21/1/2019 10:06

Bronislav,

A report doesn't classify reserves. The only way reserves get booked from contingent to proven and probable is removing the contingencies. The contingencies on Ororo are quite straight forward. That is development funding and drilling. That is what removes and reclassifies these reserves. Only when pressure testing and flow testing of the identified and untested pay in Ororo will they be able to book 2P. That's going to happen in the near term imo. I've been an O&G invetor for about 27 or 28 years, since I was a teenager and bought my first British gas shares. So I have strict investment criteria before I enter oil shares these days. I know that if you want to get a good price for your assets you need to sell 2P not 2C. They wouldn't get much for Ororo as it stands and yes Ororo could be materially bigger than 24mmboe, its only been partially drilled to date and has deeper potential for more pay zones. As well as the report you mention they also carried out earth modelling and all sorts with SLB in preparation of this drilling so I'm eagerly anticipating the flow test results from the multiple payzones identified by Gulf/Chevron.

Until we've booked reserves a bid is highly unlikely, however i'd prefer to see more acquisitions and development rather than a cheap takeover anyway. Assets require cash, especially if they're PDP or PUD reserves, i.e anything above contingent, contingent will only cost marginal amounts in comparison. So for SRSP to get to 2P on future reserves they need either assets funded, or development drilling to take place and the best way to do that is off the back of the upcoming Ororo production. With the amount of work that's been done to ororo from those reports you mention and the pre-drill work carried out by SRSP I cannot wait to see what Ororo does when drilled and tested in the near future.

Regards,
Ed.