Sirius Petroleum Share Discussion Threads

[deadly nightshade] 29/8/2020 21:31

yep agreed vat next couple of weeks should hopefully be revealing here

[vatnabrekk] 29/8/2020 21:11

deadly:
"Timeframe wise you would have thought 1st asset news will need to be revealed fairly soon hopefully before results due."

You are very right of course. If they don't come up with something prior to issuing the accounts to show that they will have some means of earning Revenue in the next 12 months, then they will be in the same pickle that they found themselves in this time last year.

[deadly nightshade] 29/8/2020 19:50

only a real deal will do dr rosso, one that is signed off and is earning a revenue as soon as the pen finishes signing the agreement, anything else you have mentioned will not be worth a carrot and will go down like a lead balloon

[dr rosso] 29/8/2020 19:35

News next week. What`s it going to be? Ahother wellhead ordered, a seabed template fitted, an FSO set up, an Earth Model, another cowboy loan, the latest imaginary drilling rig, an acquisition of another Tpot. Or a farm-in deal, a real deal?

[dr rosso] 29/8/2020 19:31

What happened to the $100m supposedly being procured from REYL & associates? Pie in the sky, think of a number.

[bleemster] 29/8/2020 18:00

You never know Vat it may be a contractual clause to relist - here's hoping

[deadly nightshade] 29/8/2020 17:16

Timeframe wise you would have thought 1st asset news will need to be revealed fairly soon hopefully before results due. If we get concrete news that we are in on a producing asset that is accruing money straight away then that's a game changer here in respect of what our current share price is. As long as we know we are turning a revenue then that will make a continued suspension more bearable. Them it's a case of take your pick share price wise if we can add at least a further 2 producing assets

[vatnabrekk] 29/8/2020 17:15

I agree deadly, I don't expect that re-listing is first item on the to-do list. In my opinion FWIW before SRSP can produce a convincing AD to shareholders and to the market, they must first prove that they can do the job and so far they certainly haven't proved that to existing shareholders. So they need to complete a really good farm-in and then perhaps another deal, and operate for at least 6 months or maybe longer, before attempting to re-list, especially if they want to move directly into the main market.

[deadly nightshade] 29/8/2020 17:08

Pretty hopefull something big is going on here, the recent people linked here JC and AFC wouldn't waste their time here if this lot were not on to something. Also they surely wouldn't release funds on any old project with out proper DD. Ororo would have surely been to high risk as a starting project so you would have thought go after a farm in on a producing asset and then use that as security on other assets. It's a bit like buy to let you start with a reasonable price house and work your way up borrowing off that and multiply your portfolio. Do that with oil fields and you could soon become a 60.000 a day producer. JC mentioned our assets as did some of the other names involved. Hopefully get 1st asset under our belt soon confirmed them if some of the posters are right on here a couple more within 6 months. If there is a bigger picture playing out here then I Can't see this relisting untill we have at least 3 assets as surely that would be too risky

[bestdeal1] 29/8/2020 16:46

two beans plus two beans = some beans..

1 rig + another rig + another rig = no rigs

[htrocka2] 29/8/2020 15:29

Where's the money gone?

I notice that Sirius Taglient owes SRSP large sums of cash...yet STLP have been valued at 'Nil'



From the Results..
Sirius Taglient Petro Limited (“STPL”)
In applying the accounting policies, which are described above, management have had to make a judgement on whether STPL should be consolidated as a subsidiary undertaking. The Company owns 50% of STPL’s issued share capital but has the right to buy the remaining 50% for a nominal sum and has management and operating control of that company. The 50% shareholders have waived their right to receive profit distributions from the company and are holding the shares as nominee of the Group. On this basis the Group consideritis a subsidiary undertaking and, therefore, has consolidated 100% of the company’s results for the period. The Directors have assessed fair value of the option to buy the remaining 50% of the share capital to be £Nil (2017: £Nil).


You've got to hand it to them...they're good 'bean-counters'....but unfortunately...that's all they are....just 'bean-counters'.

[xerot] 29/8/2020 14:40

That is like having an update from the doctor saying you may need a corn removing.

[qprallan] 29/8/2020 14:22

"None of the above is news worthy."


True but at least they WERE updates !

[oliversanvil] 29/8/2020 13:31

“Nero fiddles while Rome burns”

[qprallan] 29/8/2020 13:24

If shareholders have not already registered for future news updates you can register for updates via email by sending a 'register for updates' email to: [e-mail]

[bumhammer] 29/8/2020 13:01

Greasy nipples

[dr rosso] 29/8/2020 12:08

Where`s our money gone?


Almost $1m goes out each year in staffing/admin costs. Bury St. office lease is $192,000 p.a.
For O&G fieldwork, the Co. provides loans to its subsidiaries ...

At 31 December 2017, Sirius was owed $3,681,140 from Sirius Taglient Petro Limited,
At 31 December 2017, Sirius was owed $9,609,305 from Sirius Ororo (OML95) Limited
At 31 December 2017, Sirius was owed $ 91,367 from Sirius 2012 Limited

At 31 December 2018, Sirius was owed $4,042,076 from Sirius Taglient Petro Limited
The Company has taken advantage of the exemption under FRS 102 to not disclose transactions with wholly owned group companies

[captminion] 29/8/2020 10:30

Dr Rosso if it’s worthy of a response then your on to something.

HT2 perfect summary thank you.

[sherl0ck] 29/8/2020 10:16

DrRosso how did Alpha sell all their shares at 0.9p when the bid barely rose higher than 0.6p throughout Jan/Feb 19 and in fact it steadily decreased to 0.4p? By my calculations they would have been lucky to break even, and more than likely made a loss....which didn’t ultimately matter to them because it appears we were in a death spiral prior to suspension, which could have led to them taking a good chunk of the company very cheaply.

[htrocka2] 29/8/2020 10:02

Last years deficit was about $6m....this years will probably be about the same, so they borrow $15m to pay off these 'overheads'....leaving themselves $3m in the bank this coming Monday...….which means that unless they have a 'rabbit in the hat', they'll be out of cash by Christmas.....and will need to raise more.

It seems that 99.999% of their time is spent raising cash to live on. This is not an O@G company....it's a loan company. (the O&G aspect is used to raise cash to live on)

rns extract.
'The Group has in place a term sheet for a loan facility of up to $15m to cover its working capital requirement, and have included drawing this facility in full in its projections. The projections indicate that the Group would have a cash balance of $3m at 31 August 2020.This includes fully repaying the outstanding facility from European High Growth Opportunities Securitization Fund, which was secured in January 2019, amounting to GBP £1.32m, as well as other loans and creditors, in cash....'

[aventador] 29/8/2020 08:31

Yes we've all suffered enough even to see most of my money back would be a relief here any profit would be nice but losing isa status now, more stress and possibly costs if this did come back good. I just want this relisted around 2p will see my cash back and can move on put my money to good use and save what sanity I have left.