Sirius Petroleum Share Discussion Threads

[bestdeal1] 02/8/2020 19:42

srsp = twists and turns like a twisty turny thing

[vatnabrekk] 02/8/2020 18:51

Yes it could Dr. If SRSP and Moni Pulo have signed the farm-in completion agreement triggering payment of the $10M out of escrow into the hands of Moni Pulo, then yes SRSP would already be earning "accrued" revenue relating to their 40% interest in Moni Pulo. But sadly, I cannot believe that that is the case.

There is a catch of course. There always is! If the transaction has been done as described above, then how would SRSP be able to make quarterly repayments to Barak, as they would not be in receipt of any cash revenue? They would have to wait for official approval from the Minister before they can receive cash, and if he takes forever to produce that approval, then they are in the sh*t again.

My guess, for what it's worth, is that SRSP wouldn't be prepared to take that risk, so I reckon they won't sign the agreement until they get the Minister's approval.

Question is, how does that leave the $10M funding situation?

[dr rosso] 02/8/2020 18:14

So the Co. could've been earning revenue for the last few months, albeit on an accruals basis.

[vatnabrekk] 02/8/2020 18:07

That's not entirely correct Dr. Rosso. The agreement is in two stages. Page 7 of the 2019 Accounts states:

"The FOA, which was executed on 31 March 2019, provides for a two-stage completion process. The first stage, referred to in the FOA as Pre-Completion, provides that on payment of the initial $10m farm-in fee and execution of the Joint Operating Agreement (“JOA”), the Group would start to accrue the revenues from its 40% entitlement."

So if they sign they agreement, followed by SRSP paying across the $10M that's sitting in escrow, then SRSP will begin to earn 40% of the Moni Pulo production, but on an accruals basis only until completion of stage 2.

The statement goes on to say:

"The second stage, Completion, would occur once all remaining conditions are met, approval from the Minister of Petroleum Resources is secured relating to the transfer of the interest and once the Group has secured approval from shareholders."

So "Completion" is the second stage, requiring approval from the Minister and from Shareholders. Only then will SRSP start to receive their 40% interest in hard cash.

[oliversanvil] 02/8/2020 17:41

oliver are you invested here? As i mentioned before "i am not very clever" Yes, i have shares in ==SRSP. As i said -- "i am not very clever"

[dr rosso] 02/8/2020 17:41

May we assume that the $10m has indeed been drawn down into escrow. The deal is only completed once signed off by the Oil Minister. Only then does Sirius earn revenue from field production. You'd expect that a signing would be announced via the website, preparing the ground for the RTO/AD/relist, unless it's Moni Pulo itself being taken over. RTO will require shareholder approval. Maybe belatedly they have chosen the LEK route of getting revenue before finalising larger ventures

[bumhammer] 02/8/2020 17:32

Htorcka, Vatna, 5cer

Deadly nightshade and Bronislav have shown how to produce thought provoking posts that are actually in line with what's really happening.
If you want to research this and randomly throw up hundreds of useless links, chase pointless news stories and spends hundreds of hours rig spotting then I'm afraid you are in the wrong share.

The idea of us going into production as SRSP is plain silly.

[vatnabrekk] 02/8/2020 17:28

On page 12 of the 2018 Accounts there is the following statement:

"On 2 August 2019 the Group signed a $10m loan facility with a third party to be utilised in respect of the Additional Producing Asset which has been drawn down. The loan is repayable quarterly over a 12 month period."

I assume this is the $10M paid into an escrow account for the OML 114 farm-in, and presumably this is the funding that Craven's 6 month moratorium refers to.

The statement doesn't say when the quarterly payments are to start, but if the first payment was due 3 months after signing, then that would have been 2nd November last year. And the 6 months moratorium would have been up to 2nd May 2020. Surely that can't be right. Can anyone help to clarify the situation?

[deadly nightshade] 02/8/2020 14:02

Hopefully Dr rosso's update from Jean Craven's end about the 6 month deadline will spur this on for some news. That 6 months must be near the end soon and Jean craven is a top honest guy who's business skills are second to none. so fingers crossed news soon folks

[deadly nightshade] 02/8/2020 13:43

Well we have been in this position time and time again for every time to disappoint, will this time be any different? This share seems to have the habit of building you up to the point of you feeling like you are going to win the lottery and then knocking you down like a skittle just as quick. Most of us here have probably tipped this share to friends and family only to be left with embarrassment and a sense of guilt, it's bad enough seeing your own money dwindle let alone someone else's you tipped this to. make no mistake this share will have aged many and probably took years off life with the stress and worry. Has it all been worthwhile, as the old saying goes you use your health to get your wealth then you try and buy your health back with your wealth. Just a case if we have some wealth to come back. Hand on heart if someone offered me 2p now I would be over the moon but the truth is we all need nearer 10p to make up for what we have all endured here. Have the bod been protecting us all these years by revealing next to nothing or will this come to nothing and we never will know what has gone on behind the scene. As quid said they could have shut this down with covid as the final excuse, surely the wait can't go on much longer.....

[bronislav] 02/8/2020 13:26

SHERLOCK. 23.JAN 2016

I believe there will be a time when people will look back in a mixture of absolute astonishment ,envy znd regret that for a brief period of time investors had the chance to buy sirius shares at ,and even below nominal value.

Berkeley Square is clearly not just about raising 10 million to drill ororo (I HAVE MY SUSPICIONS THAT IT'S ISN'T JUST ABOUT SIRIUS TOO).Even if ororo fundraising turns out to have been the next step.It is but that,a step towards far greater things that I suspect are being planned and formulated right now...

Will this turn out to be as prophetic as it sounds.hope so.

[vatnabrekk] 02/8/2020 11:49

Sorry about the flannel Aventador.

[dr rosso] 02/8/2020 10:50

In all probability there'll be a last minute out of court settlement. At least Ororo cannot be part of the bid round.

[aventador] 02/8/2020 09:52

More flannel.Give us some news bod.Sale or farm in which is it.Ororo is up in smoke literally.

[vatnabrekk] 01/8/2020 23:12

That's a very good point HT. I hope their QC brings that point to the attention of the court.

Although, bear in mind, GP/Owena were told that the last extension would be the very last and that no more extensions would be considered. I suppose their mitigating argument could be that they did in fact have a rig booked already, i.e. the Adriatic I was booked for SRSP when it finished with NDEP.

[bumhammer] 01/8/2020 22:09

Sorry that's right 6cerI know your game you old waste of space.Maybe never having a woman in all your years has left you a bitter old codger

[htrocka2] 01/8/2020 21:47

The Ororo revocation dispute by Owena has now been put back to October, however, there's a point that's been annoying me for some time….and hope that Owena's QC brings the point to the High Courts attention.....and it's namely this.. Srsp/GP re-applied for the second Licence extension during November 2015, six months prior to the expiry date of May 1st 2016....On July 2017, srsp/GP finally get confirmation of the extension, that's nine months after the initial application....So what can you do during the period the Licence runs out and waiting for the DPR to reply to your request...without a licence in force… not a lot..in fact it would be illegal to do any work in the field. However, nine months later when the approval was finally acknowledged.....it's back dated for the three month period one was barred from working on the field.....in short, although they issued and took the money for a Full three year Licence, srsp/GP were short changed while waiting for the reply in 'no mans land'..Owena could rightly argue that rigs had to be stood down while waiting for the DPR to reply....hence, failure to drill and the rigs being stood down (and moored in an adjacent field) and consequently ended up elsewhere were as a direct result of DPR's actions. As on the previous occasion, srsrp expected the reply around July '19.

[captminion] 01/8/2020 20:49

No he changed his name to ghostyboy who’s been yearning for the return of bumsniffer same person and very sad.