Sirius Petroleum Share Discussion Threads

[dr rosso] 21/8/2020 11:09

From the website....

"There are currently six directors on the board of the company."


Er, no. There are 5. Six minus one = five.

[bronislav] 21/8/2020 10:37

Htrocka i would assume with AFC on board barak are not needed any more and sirius have a track record of changing course .BTG PACTUAL an example.

[htrocka2] 21/8/2020 10:11

Bron…...I have no debt, no offices to run, no employees, no wages to pay... but I doubt I could get hold of $10m.

[bronislav] 21/8/2020 09:55

10 million quids worth of faith htrocka.

[vatnabrekk] 21/8/2020 09:32

I don't think you can read anything into the current MCAP because it is based on the share price which has been stuck in limbo since trading was suspended, and therefore does not reflect the current situation.

At the time of suspension there was an air of optimism because we were looking at the possibility of completing the OM 109 project (the RTO) and entering into a new operational phase at some early point. If suspension was to be suddenly lifted today, hypothetically as we currently stand with no further news updates, who knows where the SP/MCAP might settle. Probably not where it was at the time of suspension.

[htrocka2] 21/8/2020 09:19

'...do you believe we have world class assets and infastructure?...'


Faith is one thing, fact is something else... I know for a Fact that Hurricane Energy produces 17,000 bopd yet has a market cap of about six times that of SRSP.

[solarno lopez] 21/8/2020 08:05

I was asking Xerot but thank you for your pointless words

[sherl0ck] 21/8/2020 08:01

...an old lady who swallowed a fly

[solarno lopez] 21/8/2020 07:13

20 Aug '20 - 20:53 - 104441 of 104451
0 1 0
Sherlock knows.

What exactly does Sherlock know XEROT ?

[vatnabrekk] 20/8/2020 22:25

We live in hope!

[bronislav] 20/8/2020 22:23

Vattnabrek given you agree that Mr Craven knows more than most on here and has to have seen enough to persuade him to commit 10 million albeit in escrow surely his words are more likely to be close to the reality.

[vatnabrekk] 20/8/2020 22:10

I think my perception of Sirius is probably fairly similar to most posters on here. I know nothing about why JC said Sirius have world class assets, no idea what he was talking about, but I assume he had his reasons. I'm sure he knows more than I / we know!

Regarding his comments about gas, obviously I don't know where he was coming from, but it might be fair to assume that he was talking about gas at Ororo (GP now know this for certain!) and we know that there is gas at OML 114.

I believe that it is very likely that Sirius is more interested in gas assets than in oil assets, in the long run. Most wells produce both, albeit in greater or lesser proportions.

But I'm afraid I'm not one of those who believe that Sirius has been busy spending $millions on infrastructure. For me, that's a bridge too far, but each to his/her own.

[bronislav] 20/8/2020 21:56

I don't recall stating that the 10 million was being spent .I know what escrow is.More important is the 15million in my view.I am confused with the statements from Jean craven and if your perception aligns with his do you believe we have world class assets and infastructure?on a similar theme do you believe we are involved in gas to power projects as Mr craven has this as his focus with little if no mention of oil.

[vatnabrekk] 20/8/2020 21:47

Bron, why do you say that JC's description of Sirius and my perception of Sirius don't align?

You must be aware that JC wasn't risking his $10M because he wasn't handing it over to Sirius to do what they liked with it, without any security. The funds were put into escrow (I assume you know what that is) ring-fenced and therefore could only be used for the intended purpose. And if it was used to pay the OML 114 farm-in, then the farm-in 40% would be used as collateral for the loan. That's how these transactions work.

And if the deal doesn't go ahead, then the $10M will still be sitting in escrow, and I am very sure that it will have to be paid back to Barak, unless Barak grant permission for it to be used for something else.

The idea that Sirius can grab the $10M and spend it on anything that they please, is not valid.

[vatnabrekk] 20/8/2020 21:39

1alfi: Perhaps they were hoping to use most of the $15M to support the Ororo operation up to "First Oil" stage, because at that time they had no other means to cover that cost.

[bronislav] 20/8/2020 21:26

Vatnabrekk.when Jean craven waxed lyrical about our world class assets and infastructure and stated we were hoping to be a pioneer in gas to power.Was he allucinating ?.or did he do his due dilligence before committing 10 million of barak money.I'm asking because his description of sirius and your perception of sirius don't align.It's confusing that AFC are willing to commit 500 million on an asset bid with sirius and we have to have barak money.Why not just deal with AFC,much less complicated.

[1alfi] 20/8/2020 21:15

$15 working capital seems a bit over the top for a company that apparently has no assets and doing no work ?

[1sonic] 20/8/2020 21:09

O/t Cornish trader



A company near broke yet goes for 86/88 And apparently near closing those assets and the same company that steals our rig...

A company on its knees drills for a year then takes on Chevron assets...

Yet we can’t drill Ororo or any other asset.... But we Apparently have the cash to do so...

[vatnabrekk] 20/8/2020 21:03

The $10M was ring-fenced in escrow for the project. It wasn't available to Sirius to squander willy-nilly.

The $15M was named a "working capital facility" which sounds more like an overdraft facility, to be drawn upon as required.

[xerot] 20/8/2020 20:53

Sherlock knows.

[bronislav] 20/8/2020 20:43

If we haven't drawn anything down how are we continuing to pay for offices and general costs of running the business.Then there are the costs associated with signing up assets , due dilligence. Wages for all the staff.In the results they discussed the 15 million hoping to have circa 3 million left by August 2020.

[1alfi] 20/8/2020 20:42

Or first gas Sherl0ck ?

[sherl0ck] 20/8/2020 20:33

Evidence we’ve drawn in full and spent $25m and need to service it now, prior to 1st oil?

[captminion] 20/8/2020 19:38

This will be interesting!