Sirius Petroleum Share Discussion Threads

[bronislav] 20/8/2020 19:29

How we paying the 15 million sherlock.The 15 million that likely paid off the 10 million.

[sherl0ck] 20/8/2020 19:21

I wish we had been secretly accruing revenues. When a deal is closed and we finally become a producer, we’ll hear about it.

[dr rosso] 20/8/2020 17:24

JPJ still showing 0.6p as indicative price. That`s also what existing shareholders paid in the Feb 2019 placing which raised extra cash alongside wonga. They took 44m.

[bronislav] 20/8/2020 17:23

Htrocka .we have not got any inkling of what or what not this company has signed up to.Its a mystery company that doesn't report to its shareholders.If that 15 million has been in play it will need paying for as will any other interest bearing vehicles it is involved with so it's not too difficult to assume we have been accruing revenues.

[dr rosso] 20/8/2020 17:21

The mcap is £14.8m because there are 3.7bn shares @ 0.4p suspension price, regardless of whatever assets we do or do not hold.

[htrocka2] 20/8/2020 16:12

Nothing's been signed up to yet....so one must assume the reason we have a Market Cap of £14.76m is because Ororo must still be 'on the books ' and not written off.

[bronislav] 20/8/2020 15:29

Only the privilaged investors were invited to the money raises and strangely they kept coming back for more .I'm guessing some of that money raised went into the onshore infastructure sirius mentioned in an rns.I can't recall a placing that the shareholders were invited to participate in.

[captminion] 20/8/2020 15:16

Good point 1alfi - I’m curious as to how we reached the point whereby we needed anyone’s money especially after all the capital raised by PI’s In excess of $68 mil reportedly. I fully understand operational running cost are high but come on really ?

[1alfi] 20/8/2020 15:06

Sirius apparently desperate for cash take wonga loan and then not many months later can command a $15 mill loan. Doesn't make any sense.

[htrocka2] 20/8/2020 14:44

'I can’t find any excuse for signing up to that deal, no matter how desperate you are for cash. Thank gawd for the suspension '


A couple of points... the LOG deal had collapsed, who were to have supplied the up-front funding for the drilling of ororo...With the rig being contracted and moored in an adjacent field, they were in a desperate situation and require short term up-front cash fast.
I wonder if , due to the failure to drill and as suggested, by 'Wonga' drip feeding into the market, exacerbated the demise of the share price and help initiate the delisting thereby locking them in for the rest of the shares held by them?

[cornishtrader1000] 20/8/2020 14:39

Off topic:-Nigeria's indigenous oil firm, Conoil PLC is in advanced discussion to purchase 40 percent equity held by US oil major Chevron Corp. in shallow-water Oil Mining Lease (OML) 86 and OML 88.

[astralvision] 20/8/2020 13:14

Whoever put that alpha deal together wants taking out the back and shooting. Diabolical deal. I thought our guys were supposed to be financiers and not oil men?I can't find any excuse for signing up to that deal, no matter how desperate you are for cash. Thank gawd for the suspension and Barak, literally saved us to fight another day.

[dr rosso] 20/8/2020 12:57

Sp was around the 0.9p mark in Feb 2019. Alpha pretty much doubled its money on 90m sold. £400k pocketed



O/T HNL still suspended. Coming up 3 years carrying out a no. of O&G transactions. If we follow Hague we`ll be looking at sunshine, cricket and cruise ships in August.


2021

[sherl0ck] 20/8/2020 12:48

Yes. It actually worked out better for Alpha to sell any initial shares at a loss. If they’d converted the full £1.75m loan in one go @ 0.6p = 291m shares issued.

But by converting 3 smaller chunks (90m shares in total) and purposely driving down the price, they could have made ~£400k on the shares sold and then converted the remaining £1.32m loan @ 0.35p = 377m shares.

So instead of 291m, they’d end up with 377m plus ~£400k back in the bank. And it could have been even worse if they’d continued the process prior to the sudden suspension. It was a typical death spiral and I’m sure it was no coincidence that they converted increasingly smaller chunks of the loan whilst watching the share price collapse.

[dr rosso] 20/8/2020 12:29

Alpha is a parasitic outfit that preys on the desperate, those who need cash immediately. Their terms, like wonga, are awful. They have a history of dealing with smallish firms. They are not investors in the Companies they deal with, prob because they realise that a lot of them are on their last legs. They convert and sell, having helped to drag the share price down to acquire extra shares at discount. Forward selling, too. Thankfully due to the Barak working capital facility, Alpha was paid off in Feb. The amount outstanding of the £1.75m drawn down was just £1.32m, cleared with the new cash. Sirius paid a heavy price in share dilution for the £430k it took from this bunch of lowlifes, around 85m I believe, but add another 30% on top of that because of warrants attached

[htrocka2] 20/8/2020 10:50

ps...That's possible Sher10ck..however, the share price dropped to about 0.4p from February onwards ...and stayed there...they would have sold at a loss.(I believe they still hold them) PS, Wonga' do have large holdings in small AIM companies, ICON for instance which suggests they still hold the srsp shares.



(The share price shot up 42% one day and they offloaded about 7%...ICON M/C = £1.3M)



I found this farcical.....Here we have an AIM O@G company that's made it through to the first phase of the Marginal Bid Round...part of the qualifying remit is that the company have the financial capability to see the licence through to production.....which could cost anything up to £40m....ZEN has a Market Cap of $1.58m)……...srsp's Market Cap is £14.76m....that's 9 times larger than ZEN.. If this is anything to go by then surely srsrp will get something out of the bid round.


PS...ZEN share price up 4.76% today...

[sherl0ck] 20/8/2020 10:03

I’d be surprised if Wonga still holds any shares as the price movement intimated they were just converting and selling.

[vatnabrekk] 20/8/2020 09:49

TBH, I think that any talk of re-listing is a bit premature at the moment. Lots of things have to happen before re-listing can even be considered. They will have to produce an Admission Document or Prospectus. Any such document will need to show good potential for the company, which means a project with potential revenue and profit.

So the first thing that needs to happen is that SRSP needs to land at least one viable project.

[htrocka2] 20/8/2020 09:32

I'm consoling my self with the fact that between Jan 15th/21 Feb 2019 the European High Growth Fund (Wonga) converted over £700k into about 100m shares at prices between 0.6p to 0.39p...…(what do 'Wonga' know that we don't?, why such enthusiasm to convert?...one thing's for sure, they'll want their money back...therefore I'd say that a relisting is a virtual certainty)

[bumhammer] 20/8/2020 08:38

The names Bond, Astral Bond

[astralvision] 19/8/2020 20:03

No problems then,thanks.

[bronislav] 19/8/2020 19:56

It's not important astralvision.not worth trying to explain.

[astralvision] 19/8/2020 19:50

BronislavYour post refers to bonds, have I missed something, what bonds are you referring to?TIA

[bronislav] 19/8/2020 19:23

I would assume the bonds will accrue an interest payment probably quarterly so whatever sirius are involved with it has to be earning and earning big at some stage soon ,if not already.

[deadly nightshade] 19/8/2020 19:12

interesting post bleemster i agree with your view on this dragging on a long long while longer before its resolved, if we do see our first asset revealed i dont personally beleave it will unlock near term value here for us investors.