Sirius Petroleum Share Discussion Threads

[vatnabrekk] 16/8/2020 21:36

Yes it could, depending on the type of workover, so that may still be their plan. But my item a) above is the main reason that I am convinced.

[deadly nightshade] 16/8/2020 21:33

i thought 109 was starting with a workover first then a drill at a later date vat? would the barge do the workover?

[vatnabrekk] 16/8/2020 21:26

a) As I explained above, if they had started work on Ejulebe, they would have told shareholders. Whatever people on here may think of the BoD, I cannot believe that they would have signed off the contract, committed the company to a debt of $45M and
started work on the contract without telling the shareholders. In fact, I am quite sure that they would require shareholder approval at a GM. Being delisted doesn't alter their obligations in that respect.

b) Also, SRSP's plans to spend $45M on this project would require a lot more than a jack-up construction barge. We would definitely have seen a jack-up drilling rig with supporting vessels.

c) And Sirius was not mentioned in the report.

So I'm sure we're not involved.

[deadly nightshade] 16/8/2020 21:20

what makes you so sure vat if you dont mind me asking?

[vatnabrekk] 16/8/2020 21:17

Actually, I am very sure that SRSP are not involved.

[deadly nightshade] 16/8/2020 21:16

i beg to differ vat that 109 news could be massive news IF and thats a big IF we are involved on that asset

[vatnabrekk] 16/8/2020 21:15

Even while we are delisted, surely the BoD have an obligation to advise shareholders if they go ahead with such an important contract. It would be the first operational contract in the history of the company. It might even need shareholder approval at a GM, but I'm not sure. Company law and rules still apply even when delisted. SRSP is still a public limited company.

[vatnabrekk] 16/8/2020 21:12

Actually deadly, it's not really news, that report was issued on 6th July. I was just posting it again as a reminder! And pointing out that there is actually a jack-up construction vessel on site.

[deadly nightshade] 16/8/2020 21:10

would that still apply if we were delisted vat??? if other deals are being concluded that could be harmed by releasing news could that be used as a excuse not to release news??

[vatnabrekk] 16/8/2020 21:07

Yes Bron, I understand what you're saying. - they never tell us anything anyway, so why would they bother to tell us that they have completed the OML 109 deal and started work on it.

Well, recall that (seems a long time ago) they told us that this deal would constitute a Reverse Take Over and that under the AIM rules at that time trading would have to be suspended until such time as the deal was completed or cancelled. So I think that completing the deal and starting work on it would be such an important event in the history of the company that even our BoD would feel obliged to make an announcement to shareholders.

[deadly nightshade] 16/8/2020 21:06

that 109 news is interesting vat this is starting to hot up, interesting when you also see new posters that are posting after joining up today

[joker9999] 16/8/2020 20:54

Dr Rosso6 Apr '13 - 12:52 - 10380 of 104279
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Finance is not an issue, Carrb. The initial funding is sorted for acquisition purposes and the legal team is in the process of handling final completion.

Little snippet that UK-incorporated Sirius is about to be restructured into a Holding Company based in Jersey where there is no CGT or Corporation Tax payable. A re-rating (with big share price rise to match) in its present guise as SRSP is most undesirable as it would make the Co. liable to 20% UK corporation tax on the gain. That gain is going to be in the region of £150m (£30m to £180m) so the acquisitions abs must not be made by the UK Co. before being turned into an offshore entity. £30m would be lost in tax. For that reason alone it is essential that the share price does not get away yet. It HAS to hold! Sure they have the $11m accountancy loss for offsetting but that can be saved for later.

Sirius Exploration Nigeria Limited will remain as the Nigeria-registered subsidiary and will be the joint operator of the Ororo Field. SENL may become listed on the NSE secondary market. Also hearing it will be a same-day operation, Final Ad Doc, no share trading suspension. Offshore incorporation requires that the holding Co. is a public limited Co., with new articles of association. BoD will undergo a complete change.

Deal 2 is totally secretive, possibly OPL 289 and is being handled simultaneously.
Deal 3 is known to be OPL 2012 and will follow shortly after.

Note that Sirius continues to operate from Charles II St, despite notification of the change of UK reg add. to 16 Queen St, where the Fladgate Office is located.

hxxps://www.fundadministrators.com/listing_jersey_holding_companies_on_the_alternative_investment_market_%28aim%29.pdf
Carrbradshaw6 Apr '13 - 13:16 - 10381 of 104279
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Good news Dr R - let's hope we have news before end of June. I imagine the legals and paperwork are never ending.
granitetim6 Apr '13 - 13:18 - 10382 of 104279
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Finance is clearly an issue or they would have informed the market by now..Not just the Doctor of all things fictional!!
Rocco 806 Apr '13 - 17:31 - 10383 of 104279
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carbrad gt knows f-all they are not struggling for finance why would they be????
its just a long winded process unfortunately wish i'd known at the start could have not wasted 2 years being in here and bought in now and be no worse off maybe even better in some cases.
Has to be some time in the first half of the year surely!!
Dr Rosso6 Apr '13 - 19:23 - 10384 of 104279
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"It’s often preferred to use an offshore trust to hold the shares in an offshore company. This is partly for privacy reasons to provide privacy for the individuals forming the company, but it can have tax advantages too.

The main advantage is that establishing an offshore company as managed and controlled from overseas is less of a problem if the company is owned by a trust. The only people able to exercise control over the directors will be the non resident trustees.

Where you have a UK resident shareholder owning the company the big risk is that HMRevenueCustoms will class the shareholder as influencing the directors to such an extent that they are effectively standing aside and letting the UK resident shareholder run the company. By having foreign trustees exercising the control this is less of a risk.

When you set up an offshore trust to hold investments you may be considering whether to also set up a holding company underneath the trust."



"A Jersey company will either be deemed non-resident in Jersey for tax purposes or tax resident at 0%. There is no capital gains tax, value added tax or withholding tax in Jersey and no stamp duty will be applicable to the issue transfer or redemption of shares in a Jersey company."



Over 15 months hundreds of share transfers into trust have been smoothly managed at a pre-arranged sub-4p price which has successfully held. They are all free of stamp duty
Certain people are about to make a huge tax-free gain, thanks to the efforts of the people running this show. The crew (Corvus, Strand, Killik, Kitwell, Fladgate) have pulled the same stunt before re-registering UK Toumaz into a Caymans-incorporated Enlarged Group on the Nanoscience

[joker9999] 16/8/2020 20:51

Drosso before you start criticising other posters predictions you've made hundreds

Dr Rosso25 Oct '13 - 10:53 - 14308 of 104278
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Awaiting major news announcement. Maybe it is taking longer than expected to prepare the extremely lengthy multi-deal rns.

[vatnabrekk] 16/8/2020 20:27

There is a jack-up construction vessel sitting on Ejulebe. Presumably it's not working for SRSP or we would have been told. So it seems we can say goodbye to OML 109.

[bidmoll] 16/8/2020 20:26

He is counting his money on the COPL thread

[bumhammer] 16/8/2020 20:11

If its any consolation Antenna, I like your posts

[antenna2] 16/8/2020 19:57

Good evening Rosso.
Am I your new target? You have driven Sherlock and other good posters from the board and now your working on me!!
I've always been a supporter of yours Rosso, but I think you have become spitfull in your old age. I won't be replying to your sad and pothetic posts.

[1sonic] 16/8/2020 19:54

Where Is Edgien?

[dr rosso] 16/8/2020 19:43

Always liked to hear from Antenna? 9 years on, and 100,000 posts later .......


SIRIUS PETROLEUM - CASHED UP AND READY TO ROLL - Post 103975
"I think August is such a good month, for the sunshine and cricket"

[dr rosso] 16/8/2020 19:40

"I think next week is going to be very sunny and bright"





Antenna2 - 30 Aug 2011 3762 of 104270 SIRIUS PETROLEUM - CASHED UP AND READY TO ROLL

[carrbradshaw] 16/8/2020 19:09

Agree with you 26.2 - we’ll give it to the end of August - always liked to hear from Antenna but he seems to have majorly changed his tune from his predictions in the week - is it here we go again time!!

[dr rosso] 16/8/2020 18:29

So we have first oil. In with Moni Pulo on 114. Will they announce it tomorrow?

[deadly nightshade] 16/8/2020 17:50

My feeling is that what ever has been going on here will surely have to be revealed to some extent before results are released.