Sirius Petroleum Share Discussion Threads

[dr rosso] 03/9/2020 10:19

One positive aspect is that the Ororo marginal wasn`t, after some deliberation, thrown into the current bid round by DPR. FGN wants these kind of assets producing, not sitting dormant for a decade as happened before. I wouldn`t write off this Ororo hub/satellite Project, with Ondo/Owena likely to retrieve the licence in conjunction with the Sirius consortium, and get things moving relatively quickly thereafter.

[dr rosso] 03/9/2020 10:19

VAT. The 109 deal is flawed in that there is insufficient collateral. An indirect 30% of TPOS future cash flow from a couple of thousand bopd would struggle to raise $40k, never mind $40m for further block development, the deal being dependent on securing this latter funding.

[dr rosso] 03/9/2020 09:27

Nothing personal but Ant & Sherl are in the firing line because they stick their heads above the parapet, but unfortunately nothing whatsoever materialises from their utterings. Both shooting blanks, one with jam tomorrow and one more vaguely with jam a few weeks down the line. Go back 5 years, 10 years in Ant case and it`s the same broken record played over and over again, repeating in different words on a bb the same wishful anticipation thrown out by the BoD. On a pedestal, claiming to know all. The reality is knowing fuk all.

[vatnabrekk] 03/9/2020 09:21

SRSP needed to produce collateral to complete the 109 deal, and apart from Ororo and OML 114 I'm not aware of any other source where they could produce that collateral. I have seen no reports that SRSP completed the acquisition of Tetra, but it seems that Tetra are now involved in a JV with another company to provide services to 109.

[1alfi] 03/9/2020 08:55

Vat re 104813 - how do we know it won't be oml 109

[bumhammer] 03/9/2020 07:58

Puckered Jotter

[vatnabrekk] 02/9/2020 22:44

HT: I haven't necessarily written off Ororo either, and I reckon there is just an outside chance that some way down the road SRSP might be able to do a proper farm-in with Owena. But that will have to wait until the current situation with Ororo is sorted out, and whether GP is in or out.

But SRSP doesn't have time now to wait for that to happen, they need to fix a revenue-earning deal in the very near future. And as you say, we'll have to wait and see what they come up with.

[1sonic] 02/9/2020 22:26

Dr Rosso,

Why target Shel0ck he’s in the same boat as us. Locked in and been led up the garden path with jam.

[dr rosso] 02/9/2020 22:14

Bron

You will no doubt be interested to see that Killik has just upped its hoding in Infrastrata. Gas storage play. Could well be connected to Sirius.

I invite Mr Sherl0ck to come on and say this is the wrong track .....

[htrocka2] 02/9/2020 22:09

vat...we'll have to wait and see what they come up with.It's going to be an interesting read.I for one want to know about the conclusion to ororo,ie, is it still on the back burner or down the plug hole, before getting over excited about a further project that's on the drawing board.

[jonnysquare] 02/9/2020 21:46

Massive clomper

[1sonic] 02/9/2020 21:42

Saw that a few months ago QPR

[5cer] 02/9/2020 21:21

CEO pursuing a musical career - he's been on the fiddle for years.

[vatnabrekk] 02/9/2020 21:19

HT: That's not the way I see it. If the company is going to survive they have to come up with a revenue-earning project, and they have to convince the auditors that they will be able to pay their way for the next year.

Otherwise I can't see anyone lending them any more money to pay off the old loan and "keep the lights on".

And the only kind of "project" that I can see making any sense would be a farm-in to an existing producer that needs to enhance the production. OML 114, or similar, would be ideal. I must say I'm now having doubts about OML 114 because I reckon if that was going to be the one, they would have sealed the deal by now.

So I'm hoping that some of the latest rumours have some substance and that they will come up with something very soon.

[riskybisky] 02/9/2020 21:04

Gotta look at the bare facts.
Without a magic wand .. it's over. That's it.
We lost the lot.
No assets.
No income.
CEO pursuing a musical career.

Utter disaster.

[riskybisky] 02/9/2020 21:04

Double post.

[aventador] 02/9/2020 20:51

They've been flogging a dead horse for years that's the issue.

[htrocka2] 02/9/2020 20:17

So if they've signed no deal,they'll need to borrow 30m this time round... 15m to pay off last year borrowing and 15m for the next twelve months. I hope they're not flogging a dead horse.

[vatnabrekk] 02/9/2020 17:27

The point is that if they can't show to the auditors that they have the means to pay their way for 12 months from the date of the accounts, then the auditors will insist on inserting a going concern qualification in the accounts.

Last year SRSP overcame the problem by securing a $15M working capital facility on 28th August and then released the accounts on 5th September.

[htrocka2] 02/9/2020 17:00

vat.... We may have to take the 'going-concern' aspect with a pinch of salt. (however, by law, they have to state and comply with the fact that they are a 'going-concern'....but as you see from the past......they're just words on a piece of paper.)



Going concern

The Directors have prepared cash flow projections for the period up to 30 June 2019. The cash flow assumes full development of the Ororo field and forecast revenue streams based upon the Competent Person's Report produced. The cash flow shows a requirement for short term borrowings of $32 million, and the Group has put in place borrowing facilities to cover this amount. The projections demonstrate that the Group will have sufficient cash resources to meet its liabilities as they fall due for a period of at least 12 months from the date that the financial statements are signed. Consequently, the financial statements have been prepared on a going concern basis.

Fundraising

The Group has the financial resources in place to bring the Ororo Field into production. Following completion of the Ororo-2 well and conditional on further funding being obtained, Sirius intends to proceed to drill the Ororo-3 well, which is proposed to target the D sand reservoir sequence.

Future prospects

The Board is pleased with the progress made during 2017, and anticipates being in a position to commence the extraction of hydrocarbons from the Ororo Field in the current year.

The Board also continues to review additional asset opportunities, as well as distressed producing opportunities, that require funding.



O Kuti

Chief Executive Officer

14 May 2018