Sirius Petroleum Share Discussion Threads

[htrocka2] 27/7/2020 16:18

I didn't..just IF.....there's mention of a short list...which implies more than one applicant. (sorry...119)

If we lose out on all these projects...I can see srsp going back to square one and farming into ororo with the new owner.....and hopefully have nothing to do with its production, organising, rig hiring, drill dates, etc,etc....just leave all that side of it to people who know what they're doing.

[vatnabrekk] 27/7/2020 16:16

HT, where did you get the info that Atlas/Oranto are shortlisted on the 114 project? That's the Moni Pulo deal, and I'm not aware that there is anyone else talking to Moni Pulo.

Do you mean the 119 project?

[htrocka2] 27/7/2020 16:10

The Atas/Oranto JV are in a totally different league to srsp, they have wells, licences, money, experience, established operations, there's no way we could compete with them...and if the A/O JV are also shortlisted on the 114 project...where do we go from there.?

[vatnabrekk] 27/7/2020 13:05

HT, judging by the media report that someone posted a link for recently (see below) I think we can forget 109. Yes it was my understanding that SRSP intended to use the OML 114 farm-in as collateral not only for the $40M to develop OML 114 but also as collateral for the $45M to develop Ejulebe (OML 109). But if 109 is no longer on the list, and with Ororo on the back burner (pardon the pun) we still have 114 to look forward to.

[htrocka2] 27/7/2020 12:13

(signed off August 2019)
'The Directors are proceeding with their plans to acquire both OML 109 and the Additional Producing Asset, and fully intend to develop both of these assets as well as commence the development of the Ororo Fieldeld in the next 12 months.'

Putting Ororo to on side...if the 'Additional Producing Asset' is the elusive OML 114...both 114 and 109, each, require a separate injection of $40m of debt funding...(I feel that in the present climate...this may be a sticking point and a difficult hurdle to cross....hence the delay. No doubt the next update will be a 'groung hog day') message....'we continue with funding negotiations'.

[vatnabrekk] 27/7/2020 10:37

Assuming that the moratorium refers to the $10M that Barak have advanced for the OML 114 farm-in fee, it seems quite reasonable to fix a deadline of 6 months because if the deal is going to go ahead surely it should be done by then. And if not, then they ought to repay the $10M and forget the deal.

My hope is that OML 114 is one deal that will go through, because it seems to me to make much more sense than Ororo or 109. So let's see what happens in the next month or so on this one.

[dr rosso] 27/7/2020 10:29

Sounds like Barak want to see some action instead of continuing to dripfeed chunks of that $15m working capital facility. Turning the tap off may prompt some movement. 6 month moratorium on repayments is pretty generous. They all seem cautiously optimistic out there, notwithstanding the frustration of the way things get done.

[xerot] 26/7/2020 19:45

Future is bright is like a dripping tap

[xerot] 26/7/2020 19:44

Caution sid your posts are hardly enlightening. Pot calling to kettle black.

You are the posting equivalent of a travel iron.

[5cer] 26/7/2020 19:34

Why is the bod only interested in personal gain ffs ?

[futureisbright] 26/7/2020 19:31

Has Xerot the “fanny” left the building yet, whom should also wear a mask forever more - a gimp mask.

[xerot] 26/7/2020 17:30

1somic you are full of hot air and frankly its extremely boring

[htrocka2] 26/7/2020 16:55

Articles of Association (2010)

23.1 The Directors are entitled to fees at such rate or rates as may from time to time be determined by the Board, but the aggregate fees of the Directors will not exceed £100,000 (one hundred thousand pounds) per annum, or such additional sum as
may from time to time be determined by the company by ordinary resolution. In
the case of an executive Director, such fees are payable to him in addition to his
remuneration as an executive Director.


This is how they spend their time....(2017 resolution)


7. That, the Company’s articles of association be amended so that article 23.1 will be deleted in its entirety and replaced with the following:

“23.1 The Directors are entitled to fees at such rate or rates as may from time to time be determined by the Board, but the aggregate fees of the Directors will not exceed £350,000 (three hundred and fifty thousand pounds) per annum, or such additional sum as may from time to time be determined by the company by ordinary resolution. In the case of an executive Director, such fees are payable to him in addition to his remuneration as an executive Director"


The BOD doesn't need to find oil....they just plod on until the money runs out.

[rpat2] 26/7/2020 16:20

Yep fed us some robust crust and shareholding delisted and bust

[htrocka2] 26/7/2020 16:19

Captminion… I've said this for years...

'Guarantee Petroleum Company, located at 21 Salvation Road, off Opebi Road was shut over a tax debt of $13.26million.'

The mind boggles at the turnover of a company that produces this sort of tax liability. They had more than enough in spare change to drill ororo, but the FTSA specifically stated that for the 40% economic interest, SRSP is to supply 100% of the finance....ask your self...would it not be absolutely total stupidity for GP to fund the project...then hand over 40% of the field to srsp?. Let's face it ..part of srsp's remit within the FTSA ....was to raise the cash. Since the change at the top at GP, the relationship began to deteriorate....there was no love lost there. I'm certain (and in my opinion only) GP may well have offered to fund SRSP.....but at a price, a reduction in the percentage,...srsp turned them down.

[1sonic] 26/7/2020 15:12

Why are you going on about well heads and Ororo? Ffs bobo has the well heads in a glass cabinet in his back garden as a souvenir. There’s no rust or dust, He just sits and smiles to the robust crust he’s about to bust.... smile 😃:-)

Bobo does....

[vatnabrekk] 26/7/2020 14:02

About the wellheads: RNS dated 21 December 2017 told us that they had taken delivery of two wellheads, but didn't state which Ororo wells they were for.

RNS dated 20 March 2018 told us that 2 further wellheads were on route to Nigeria, for Ororo wells Ororo4 and Ororo5.

So perhaps we can assume that the first two were for Ororo 2 and Ororo3, which could mean that Ororo1 was already covered with a wellhead left there by Chevron.

[vatnabrekk] 26/7/2020 13:56

capt: GP didn't drill Ororo1, it was already drilled by Chevron. GP didn't use a drilling rig, they used a work-over rig.

[captminion] 26/7/2020 13:48

Ok so GP despite agreements to the contrary went ahead without Owens or Sirius involvement and drilled Ororo.

That would suggest that there were 2 concurrent lengthy fund raising activities going on for the same purpose to drill Ororo.

We can conclude that GP were successful in raising sufficient funds as they managed to actually drill it ! So why the duplication fund raising and where has our capital gone if not Ororo?

[lotusflower] 26/7/2020 13:45

IN THE GRAND SCHEME
DOES A WELLHEAD REALLY MATTER.

[1sonic] 26/7/2020 13:43

That’s okay.

Bloody long wait this...

Silence from the company as usual...

Who has talked to tricky Bicky in the last month?

[vatnabrekk] 26/7/2020 13:42

Good question qpr. Did they use one of the wellheads that Sirius bought, or did Chevron leave a wellhead in place when they abandoned the well?

[5cer] 26/7/2020 13:38

Sorry 1sonic.