Sirius Petroleum Share Discussion Threads

[dr rosso] 31/7/2020 07:45

Could well be D. The Ororo field has been seen by most of us here as a front. Face it, there's no way a puny 20m 2C barrel marginal would attract the likes of Glencore, BP and others in the world class consortium that has been put together. Providence Resources today announced a similar set-up to get Barryroe underway

[bestdeal1] 31/7/2020 07:15

IT STINKS!!!

it it looks like a duck, walks like a duck and quacks like a duck, it probably is a duck.

What does this company look like to you........................

a. the unluckiest bunch ever
b. super clever
c. bent as a nine bob note
d. on target to deliver a covertly packaged Pan African super major as planned

[vatnabrekk] 30/7/2020 20:35

I agree Doug, their communications with shareholders is abysmal and sometimes downright inaccurate. We have to do our own research to try to figure out what is happening.

[doug51] 30/7/2020 20:23

Vat Thanks But why podcast all is well? I got sucked in to buy more as many and ORORO is now a dead duck?

[vatnabrekk] 30/7/2020 20:10

Doug, I don't understand why you have a problem with my statement. What you say is correct that they were ready to go in Q4 2018, then they didn't take the rig on hire when it became available and it went to NDEP instead. I have always maintained that.

What has never been established is precisely why they didn't take the rig on hire at that time when it became available. That was one time that they had actually managed to arrange funding for the first leg of the drilling, $12M from LOG. My suggestion is that LOG was unable to give them the funding when they actually needed it. LOG went bust a few months after that.

[xerot] 30/7/2020 20:07

Chris Neal was a good bloke and this will work out. 100 percent

[doug51] 30/7/2020 20:00

VAT The problem I have with your statement is we were ready to go in Q4 2018.As stated in BOBOS podcast.We failed to drill etc shareholder should have been informed as to why this failed but no? And now it seems ORORO is not important anymore crazy?Should this company fail I will start my own company up promise everything and deliver nothing and I should stand to make a fortune.

[bronislav] 30/7/2020 19:59

Captminion I accept that but he would have known what if anything this company was involved in but as always it's only my opinion.

[captminion] 30/7/2020 19:15

I think we should keep Chris Neils name, reputation, charitable work out of this because people genuinely can work for companies totally oblivious to what’s going on in the back office and such individuals are employed for exactly that reason their good name. The issue would be for those individuals is when realisation sets in.

[vatnabrekk] 30/7/2020 18:55

The problem that SRSP had with Ororo from the very beginning was getting funding for the first leg of the operation up to first oil, possibly $10M-$12M. They had plenty of offers of funding once first oil was achieved, but the period prior to that was always going to be difficult without the ability to provide collateral.

They wouldn't have that problem with a farm-in to an already producing asset.

[bronislav] 30/7/2020 18:31

Captminion. There is no doubt in my mind that the late Chris neal would never knowingly be involved in a scam.I spoke to him twice and he came across as a genuine honest man and his charity work reflected that honesty.I would suspect there is an added incentive to get a result here from the Board.

[htrocka2] 30/7/2020 18:19

I was coming to that point vat....when SRSP obtained the rig from AMNI....then stalled and failed to drill in Q4 as promised.....that was the 'straw that broke the camels back'...GP had had enough.

[captminion] 30/7/2020 18:18

How plausible would it be to run a tandem operation ?

As we’ve all accepted Sirius couldn’t possibly drill a rawlplug let alone Ororo so it was their sole aim to raise capital.

GP on the other hand are more than capable of such a task which has been recently proven albeit a failure.

So Sirius under guidance goes through the recognised process to oil (talk the talk but in effect a tabletop exercise). They raise sufficient funds to appease other members of the FTSA job done.

In the background GP are making their own preparations to drill Ororo which must have been going on for years.

At a convenient time FTSA members have a spat and disengage and Sirius are forced to change tack. Ororo is no longer of any interest onwards and upwards.

But wait GP goes ahead and drills Ororo some 18 months after suspension/delist.

It begs the Q’s what would we be all saying if Ororo was a success ????

Was it all a ploy to get the project financed by us PI’s then conveniently disengage so if Ororo was a success there would be no PI profits to payout or is it just my wild imagination?

[vatnabrekk] 30/7/2020 18:15

HT, I don't think that GP were working on 01 in October 2018, because at that time SRSP was waiting on the Adriatic to become available so they could take her on hire for Ororo.

Activity on Ororo was spotted via the AIS system (MarineTraffic.com) in September or October 2019, not 2018. At the AGM (December 2019) the directors denied that this was possible because they said that as the licence had expired on 1st May 2019, any work on that site would be illegal.

Regarding the comment in the AD about re-entering 01, it was certainly not SRSP's intention at that time to re-enter 01. They had probably decided that 01 was too dangerous and that was the reason that they planned to drill 02.

[htrocka2] 30/7/2020 17:54

deadly....to a certain extent....you need to sympathise with GP....they must be as frustrated as we are....I've said this in the past and I'll say it again, Bankers running an O@G operation....doesn't work. We need oil men at the top to get things done.

[deadly nightshade] 30/7/2020 17:19

Was guarantee happy when the license run down so as to see the back of us for all the years of ororo not getting drilled, and that's why they went in on the re entering of ororo sharpish. If this did end up in court I would be fascinated to here guarantee's side of all this

[htrocka2] 30/7/2020 17:15

vat.....from the 2017 AD...

If GP were indeed working on 01 during October 2018...then they could have been there within legitimate rights....with the Licence in force at the time...but they ran over the licence period and plodded on until the fire...(presumably they had permits for either/or)


taken from the 2017 AD...(*note the final sentence)(part of the latest FTSA agreement)
'The parties committed to performing a work programme intended to progress the development of the Ororo Field. Under the FTSA Affirmation Agreement, a preliminary work programme to be funded by Sirius Ororo, comprising: a community relations programme, an environmental impact assessment (completed and approved by the Ministry of Environment), a geotechnical and seabed bathymetry survey, provision of a work programme/field development plan, securing a permit to drill a new well (Ororo

2), rig slot confirmation and other long lead items, rig mobilisation to Ororo Field for Ororo 2 well; and drilling of Ororo 2 well or re entry of Ororo 1 well.'



So GP were within their rights to re-enter 01.

[deadly nightshade] 30/7/2020 17:09

If we have been building up portfolio of assets behind the scene to package sell then over the years this lot would have needed money to be able to do that. Was ororo just used as the carrot to raise this money that's why we had a the messing and never ending delays? If that is not the case then tens of millions have been raised and been eaten up with nothing to show for it.

[cornishtrader1000] 30/7/2020 16:45

100% agree about the 12 years. It is way past incompetence, is there a word that!

[vatnabrekk] 30/7/2020 16:22

deadly: Bear in mind that SRSP decided some time back that they would not re-enter 01, and instead they were planning to drill a new well, 02. GP did re-enter 01 with a lesser rig than SRSP ever intended to use, and see where that got them.