Sirius Petroleum Share Discussion Threads

[xerot] 24/7/2020 21:46

Come on what are you fanny's on about

[primroselil] 24/7/2020 21:31

Same here.

[futureisbright] 24/7/2020 21:25

Always believed

[doug51] 24/7/2020 19:18

5cer I hope it will be in the next accounts due soon? Can’t wait to see them

[5cer] 24/7/2020 19:06

The money's in Bobo's Swiss bank account.

[doug51] 24/7/2020 18:58

Shez That’s a fair comment but they did raise millions and millions to drill ORORO and you say they new last August it was a dead duck so if that’s the case what happened to the millions raised on ORORO?

[vatnabrekk] 24/7/2020 18:38

They must have had something specific in mind in order to negotiate a $15M working capital facility. The amount ties in with what they had previously arranged with LOG ($12M) to bring Ororo up to first oil. Unless they had something else on the go that they hadn't mentioned to us, which I suppose is possible.

[shez20] 24/7/2020 17:15

I believe the bod were well aware by august last year that ororo was a dead duck and their figures will of not been based round ororo

[bronislav] 24/7/2020 17:08

Thanks vat.I think they let the licence run down and after guarantees nonsense I understand why .

[vatnabrekk] 24/7/2020 17:03

Well Bron, at the time (I think it was about August last year) my thinking was that they probably still expected (or hoped) that they would get the Ororo licence back, and that they would use about $12M of the working capital facility to bring Ororo up to first oil. Of course we now know that that intention went up in smoke (pardon the pun) but I believe that was the reason for that specific amount at that time.

[bronislav] 24/7/2020 14:36

Maybe sirius knew what they had to acheive this year and that's why a facility of 15 million was agreed upon.I doubt they plucked a figure out of thin air and if the recent drrosso Barack post is correct and Barack stating they had no plans to invest anymore money it could be interpreted in different ways although my own thought is sirius don't require any more investment.which when assumed alongside bobos new career could suggest theyou have concluded whatever the 15 million was needed for.

[vatnabrekk] 24/7/2020 14:30

HT, I hate to be contrary, but the $15M is a working capital "facility" i.e. an overdraft facility, available to be drawn upon if and when required. It does not mean that SRSP were given $15M to pay into their bank account.

Also, if they say that they expect to have $3M at 31st August 2020, that does not necessarily mean that they have spent $12M because we don't know how much of the working capital facility they expect to draw down by that time.

[htrocka2] 24/7/2020 12:34

O/T

The Malibu (OPL 245) dispute threw a spanner into the works...in that the owners, having billions of pounds at their disposal, failed to develop the field. The mere fact of access to cash is no longer the prime criteria considered in field allocation or partnerships that has to be signed off by President Buhari.


'Today, it is utterly depressing that some oil blocks and marginal fields remain dormant because they were awarded to companies that lacked the ability to develop them. In the past bid rounds, some indigenous firms with little or no experience in the oil business got oil assets because they had access to the corridors of power...'

[qprallan] 24/7/2020 12:33

I notice the good DrR has been absent from here since 14th July. Hope he is ok.

[htrocka2] 24/7/2020 11:02

Although srsp have no track record, I take comfort from the fact that UKOG, once you strip away all the froth and waffle, have nearly 11 BILLION shares in issue and only produce 300 bopd…...that's disgusting...I know srsp can do better than that.

[1sonic] 24/7/2020 10:22

HT at last you’re on to something

[cornishtrader1000] 24/7/2020 10:18

Begs the question, who in their right mind would give them £15m?Unless they are seeing what is under the bonnet.

[htrocka2] 24/7/2020 10:11

Some interesting dates...

'Shares delisted on 27th August 2019;'

'Group signs a term sheet loan for $15m on 28th August 2019 to cover 'working capital'

'The projections indicate that the Group would have a cash balance
of $3m at 31August 2020.'


($12m a year for 'working capital' ...that's $1m a month……with $3m left in six weeks time, not even enough to take them up to Christmas.... so how are they going to pay the 2021 wages?....income from oil?)….watch this space.

[solarno lopez] 24/7/2020 06:45

Happiness goes hand in hand ( Xerot + BH )

[xerot] 24/7/2020 05:10

Thanks bumhammer you have been amazing.

[bumhammer] 23/7/2020 23:24

My time here is now done.To my private posting friends it's been a pleasure.To the rest of you take care.BH.

[bronislav] 23/7/2020 23:22

Spot on Jane,it's obvious if people do some research instead of denying it point blank without any reasoning.scoperatings sirius funding plc bonds gives some detail and explains barclays role .

[janejem] 23/7/2020 19:53

Cmon who’s going to post the Coincidental similarity in Sirius funding and Sirius finance. No prizes for ‘Sirius’ or ‘f’