Sirius Petroleum Share Discussion Threads

[vatnabrekk] 06/9/2020 22:36

Dr. Rosso: Please clarify your statement in your post above:
"MPL states, July 2020, that well optimization is going ahead on Abana."

Where did you find this info, and what exactly does it say.

I note the statement in last year's accounts "Completion, would occur once all remaining conditions are met... once the Group has secured approval from shareholders"

and as approval has not yet been received from shareholders, then completion cannot have occurred.

[dr rosso] 06/9/2020 22:11

Gas monetization there for the taking on 114. Fits with the aim of optimizing oil flow at farm-in, then take up the option to proceed onto gas production. Gasol was lined up as partner but went bust in 2015.





"the Group would acquire an initial 40% interest, (reducing to 30% after
cost recovery), in the oil assets on the licence in return for the payment of a $10m farm-in fee and by committing to provide funding for the redevelopment of the existing producing field, estimated at $40m, and exploration, appraisal and development of other oil prospects and discoveries on the licence.The FOA also includes an option, but not an obligation, for the Group to farm-in to the discovered and appraised gas assets on the licence. The licence contains a gas discovery which GCA ascribed recoverable 2C contingent resources of 541 billion cubic feet in its 2017 CPR. Completion, would occur once all remaining conditions are met, approval from the Minister of Petroleum Resources is secured relating to the transfer ofthe interest and once the Group has secured approval from shareholders"


And we know that Moni Pulo has done a $40m deal with somebody. MPL states, July 2020, that well optimization is going ahead on Abana. That suggests that MPR has given approval.

Seems a perfect fit for SRSP. Get Abana optimised to 5k bopd, from present 3k. Generate instant revenue. Develop the substantial gas cap which sits untouched on the same field. Proceed to acquire further assets, with collateral in place.


edit: Not sure now about july, can`t find article from Upstream

[captminion] 06/9/2020 20:28

Well Pig appears to have rattled a few cages ! Certainly provoked Serl0ck into action never seen so many posts in a single day (and no I’m not Pig)
Although if history serves me right we appear to be getting set up for more disappointment (is there any thing of significance due in, annual accounts perhaps?).

It’s clear that in his opinion there’s nothing of any significance coming our way anytime soon however hard others try to make their theories fit their hopes and aspirations.

I would argue that until they clarify their failings on Ororo their credibility is shot. Although I do wonder how they can raise capital over a 10 year period specifically for the Ororo project only to have a spat with one of our partners who subsequently 12 months later carries out the task to which we’ve contributed. What would have been the mood if they had been successful and how come they were so quick to attempt it where we’d failed after 10 plus years ?

In any event truth will out in the next annual reports and we can make a judgement call based on them. Maybe we can finally all come to the same conclusion on this whole debacle.

But one things for sure they’ll return in one guise or another sooner or later with a begging bowl as the pickings are to great to let be.

[vatnabrekk] 06/9/2020 20:22

It would seem that the problem (or one of the problems) with Ororo was that SRSP had difficulty finding funding for the first stage of the operation prior to first oil, as they didn't have anything to offer the lender as collateral. Perhaps this project would have been more suitable for a company that already had producing assets.

Nevertheless, there may still be potential for SRSP to be involved in Ororo in the future, if they can arrange a farm-in with Owena, and if there is anything remaining in the reservoir by the time they put out the fire!

Similar situation with OML 109, in that the would-be lender of the £45M required SRSP to provide collateral, which it could not do. There was a suggestion (perhaps more a hope) that the lender might accept the cashflow from the operation as security against the loan, but presumably that didn't work out. (I certainly wouldn't have lent $45M on that basis, if I had $45M that is!)

I am convinced that the work currently being carried out on Ejulebe with the Lacie Bourg is not being done by SRSP, and that this contract has gone.
(Ref. the link provided by Dr. Rosso to Wellberg Energy's "Experience" web page, they list the wellhead work done for TPOS as SN1 and SN2 out of 35 jobs, and if that is in chronological order then these surely cannot be recent jobs, hence at some point prior to SRSP's involvement with TPOS.)

Regarding the OML 114 farm-in, it is my belief FWIW that SRSP have indeed been awarded the contract by Moni Pulo and that there is no problem regarding the funding, but that the farm-in will not be completed and executed until they obtain DPR approval, for the cash-flow reasons that I explained in my earlier post. We may have to wait some considerable time for that approval.

All IMHO of course, but based on what we know plus the application of a bit of logic.

[xerot] 06/9/2020 19:44

Good theory Sherlock but their rep is shot. No one would believe them any longer. Hard to raise money on the back drop of 12 years of failure. Even with what you alude to being a small deal wouldn't go far enough to push this back into the realms of being
a reasonable company

[sherl0ck] 06/9/2020 19:14

“It’s clear that in his option there’s nothing of any significance coming our way anytime soon”

Based on this and other comments, maybe I didn’t explain well earlier. Whilst I think the focus will be oil rather than gas / I doubt everything has gone exactly to plan over the years / and we likely won’t see immediate progress on 109 or 114.... I do believe we’ll shortly secure 1st oil and look to re-list as a producer with access to bigger funding (119 bid clearly demos ‘cruise ship’ type deal potential).

Ambition is still to build scale and whilst timing on ships docking is unknown, being a producer and unlocking $$ obviously changes everything for us, so there’s no reason why it would necessarily have to be a very slow and laborious path ahead. In fact I’d rather we avoid another suspension by lining more things up prior to our return,

[bestdeal1] 06/9/2020 19:02

apparently it is!!

[dr rosso] 06/9/2020 18:59

Surely it`s not possible to make up a balls-up of things every year for 12 consecutive years, yet remain afloat.

[qprallan] 06/9/2020 18:55

Two Thai girls asked me if I'd like to go bed with them.

They said it would be just like winning Lotto!

I agreed, and they were right. We all stripped off, and to my horror, we had six matching balls!

[dr rosso] 06/9/2020 18:34

Maybe they should aim to improve their selection strategy. Get some bingo balls, chuck them in a bag, whichever number comes out can be the next OML target, at which point some pillock will be singing ....

[aventador] 06/9/2020 18:21

I'm celebrating 2020 by necking a bottle of vinegar.

[xerot] 06/9/2020 18:15

Well I must say, Champagne is certainly overrated.

I've just opened a vintage bottle of Dr Pepper 🌶 from 2008 and I must say it is a fantastic tipple. This bottle was a momemto from the first AGM, they said open it once we have made it. Treat yourself they said, but only when the time is right.

For those that have not experienced Dr Pepper, I will sum up in the following manner; it has a sharp, pointed taste on the pallet, smooth but not overtly acidic. Delivery of refreshing relief is instantaneous and gratifying; it leaves you wanting more but also wanting to savour every single sip, as the experience is truly extraordinary.

It lacks the loose, soft and even flaccid taste of rivals such as Coca Cola or, dare I even mention, Pepsi. With fine body and complexities only found in the finest soft drinks, it is superb; it lacks the hollow, sweet taste of other competitors such Tizer.

For connoisseurs, only Dr Pepper will do.

[xerot] 06/9/2020 17:53

This lot have had more own goals than Vinny Samways.

[aventador] 06/9/2020 17:44

The last 12 year's of deals went belly up end of story.We await this new unknown farm in tba which will open doors to maybe other assets we've been in talks with, followed by a relist no doubt next year at best. Ororo I think is a dead duck.So it's back to starting blocks and with a new funder.

[1sonic] 06/9/2020 17:42

I can’t see pigs post can someone copy and repost post for me

[qprallan] 06/9/2020 17:42

When I get an offer for my shares on the Jenkins site I will let you know and you will be able to start your partying. Not holding my breath though even though a few million shares have been sold there, but not since February

[vatnabrekk] 06/9/2020 17:39

I'll go along with that deadly!

[deadly nightshade] 06/9/2020 17:24

If something's going to happen here you would imagine that something has got to tie in with the release of the results. As vat said the results need to contain a forward looking plan of action. That realistically can surely only be a tie into a producing asset generating revenue. Still think September will be a interesting month

[captminion] 06/9/2020 17:08

Duplication sorry

[vatnabrekk] 06/9/2020 16:37

They play a fantastic mid-field game, even forward into the penalty area, but just can't poke that ball into the net!

[5cer] 06/9/2020 16:34

So Dr are they too greedy to get a deal or is it all about whether they are capable of getting funding ?

[dr rosso] 06/9/2020 16:17

on 26 November 2008, the Company and Bolad Energy Company (Bolad) entered into
heads of agreement which outlines the framework of the joint venture partnership
agreement between the two parties. The interest is a marginal field opportunity with
Mobil Producing Nigeria Unlimited (Mobil).

on 5 December 2008, the Company and RT5 Petroleum Limited (RT5) entered into heads
of agreement which outlines the framework of the joint venture partnership
agreement between the two parties. The interest is a marginal field opportunity with
Chevron Nigeria Limited (Chevron).

a funding agreement dated 25 August 2009 between the Company and CapInvest
under which CapInvest agreed to provide or procure at least US$80 million of debt
funding for the Company’s first marginal field opportunity

on 2 November 2009, the Company and Dajo Oil (Dajo) entered into heads of
agreement which outlines the framework of the joint venture partnership agreement
between the two parties. The interest is a marginal field opportunity with Shell
Petroleum Development Company (Shell).

on 17 November 2009, the Company and Frontier Oil and Gas (Frontier) entered into
heads of agreement which outlines the framework of the joint venture partnership
agreement between the two parties. The interest is a marginal field opportunity with Shell Petroleum Development Company (Shell) and other mutually agreed marginal
field opportunities.

agreement dated 16 February 2010 between the
Company, South Africa Hi-Tech Energy Consultancy Inc (SAHT) and Mr Wong Fan Woon
pursuant to which SAHT has agreed to procure the services of Mr Woon and Dr Vikrom
Koompirochana to use all reasonable endeavours to assist the Company in acquiring oil and gas assets with a valuation of not less than US$500 million.

Del Sigma Transaction
On 13 October 2010, the Company sent its Shareholders a circular relating to the acquisition of a 40 per cent. participating interest in the Ke Field in Nigeria.





One after the other. Agreements, like rigs, turn to dust. 12 years of trying and cannot get ONE single deal completed?

[deadly nightshade] 06/9/2020 16:13

Still time for them warrants HT September might be a interesting month.......