Sirius Petroleum Share Discussion Threads

[vatnabrekk] 14/8/2020 12:26

HT: Accrued revenue means that they don't receive any revenue, it is held in credit until the Minister approves the deal. That is Stage 1.

Stage 2 is the Minister's approval, which releases the cash to SRSP. Until that happens, they don't have any cash receipts to pay off the loan. Problem!

So in my opinion, they will wait until they get the Minister's approval before they sign the completion documents and release the $10M fee to Moni Pulo. Well, that's what I would do!

[htrocka2] 14/8/2020 12:18

In my opinion, they would only obtain the 'accrude' revenue once the second part of the deal was completed, untill then it goes into ' the pot'.Failure to complete the second half and the accrued element becomes the property of the 10m funder....PS bron...chill

[vatnabrekk] 14/8/2020 12:02

Another thing that crossed my mind, surely it is unlikely that SRSP would take the risk of signing off the farm-in agreement and releasing the $10M fee to Moni Pulo in a situation where they would only receive "accrued" revenue in respect of their 40% share, and would only receive "cash" revenue upon approval from the Minister.

That would be a huge risk for SRSP, because if there is any delay in obtaining the Minister's approval, which there is sure to be, then SRSP would be obliged to make the repayment instalments plus interest relating to the $10M funding, and in the absence of cash revenue, they would be unable to do that.

[vatnabrekk] 14/8/2020 11:39

Dr. Rosso: What evidence have you got that the $10M fee has been paid over to Moni Pulo and that the farm-in contract has been completed? My view, FWIW, is that nothing further has taken place on that front, and that the $10M is still ring-fenced in escrow, where no-one can touch it until the farm-in deal has been completed.

The first quarterly tranche of the repayment was initially due early this year, and I suspect that was the moratorium that JC was referring to.

[dr rosso] 14/8/2020 11:32

Normally we`d be getting updates as to material progress. The fact that nothing emanates suggests that there is a takeover process being played out.

the only snippets I`m aware of are that they took a 100% holding in Tetrarch, and the Alpha cowboy conversion loan of around £1.75m was paid off in full.

[dr rosso] 14/8/2020 11:25

We know the escrow money has been put to use because Barak has given the Co. a 6 month holiday moratorium on repaying the loan. $10m has gone into 114 and brings in oil revenue which accrues until MPR signs off the deal, at which point revenue is generated (including the backdated accrual).

[bleemster] 14/8/2020 11:17

That Barak money has been draw down from escrow a few months back

[deadly nightshade] 14/8/2020 10:36

What made glencores name pop up again? IF they are back in some form what made them come back?

[deadly nightshade] 14/8/2020 10:31

There have been lots of little snippets of clues along the way it's just weather they add up to something big in the end. Will we all be sitting here before year end quids in and glad we were locked in with this and looking back saying that all the clues were there over the years?? All the big names linked to us, all the experts on LinkedIn mentioning working for Sirius. A few of the top people saying portfolio of good assets Sirius have?? Is this all pie in the sky or is some of size being constructed??

[1alfi] 14/8/2020 10:28

Vat - you state the 10mill from Barak - on what basis are you making that statement. Where does it say that the 10mill is from Barak

[vatnabrekk] 14/8/2020 10:22

HT: Bear in mind that the $10M from Barak has not been paid to SRSP, it is held in escrow in reserve for the OML 114 farm-in. SRSP does not have access to this cash.

If the deal doesn't happen, it will be repaid to Barak.

But SRSP will have to pay interest on it.

[deadly nightshade] 14/8/2020 10:19

Xerot you were 100% confident we would see a return 2 weeks ago do you still think that's the case?

[htrocka2] 14/8/2020 10:14

bron...

'....right out of the blue we have 10 million drawn down and another 15 million for working capital..'


Irrespective of the promises made to obtain these sums the fact remains that this cash MUST to be repaid with Interest. The majority of $15m went towards paying off the European High Growth Fund (ie Wonga) . If no deals are signed off, it'll just be a case of borrowing $25m (plus wages) next year to pay off this years loans, promising even larger 'deals' to get hold of the next new wad of cash. However, if no deal is signed off under the current funding contracts, finding new funders may prove problematic.

[xerot] 14/8/2020 10:13

Whats the point of going to a meeting to hear lies and rumours that never materialise. I was here in the global gaming tech days and nothing has changed from before 2008.

[vatnabrekk] 14/8/2020 10:11

So you are assuming that there will be an AGM? :-)

[futureisbright] 14/8/2020 09:45

5cer and Shez, will you be going to the AGM if nothing occurs before that date

[shez20] 14/8/2020 09:36

Nearly a year on from supposedly first hydrocarbons last October! What ever happened to that! Bobo just make these things up? Then not give a explanation to the people paying his wages!

[shez20] 14/8/2020 09:30

It's only august 5cer you should know by now the carrot dangling update only comes before the AGM at year end mate!

[5cer] 14/8/2020 09:13

Another fruitless day ?

[bronislav] 13/8/2020 23:53

Vatnabrekk.whatever has happened in the past it matters not to whatever is planned and what the future holds.thanks for reading the rns and your reply.