Sirius Petroleum Share Discussion Threads

[htrocka2] 17/9/2020 14:38

Nothing wrong with your maths Dr...

[dr rosso] 17/9/2020 14:13

Another coincidence, this time that the fully functioning Trident 8 drilling rig has just arrived at the Abana field, presumably geared up for action? Happens to fit in with the statement on Moni Pulo`s website.
"MPL has commenced plans to carry out well optimisation on its Abana field in 2020."

The once-mighty field needs outside expertise in to make the most of its depleted reserves. If the Sirius consortium is avaible, getting the flow back up to 5k bopd should not present any difficulty. If somebody has gone to the bother of locating and installing an expensive rig ($50k per day for these things), it`s not going to be sitting idle, in which case the partners will be near-instantly regenerating significant oil revenue from this field before moving onto the untouched gas cap + other developments (which Sirius has an option over.)

Come on, it`s just not possible that a different partner has opportunistically leapfrogged in with a magic $10m and $40m. Sirius has the deal.We might even dare to assume that this is a hot rig, ready to go. Spare us the kiss-of-death podcast


With regard to timing, nobody sets up a ju drilling rig (Trident not-so-coincidentally happens to be owned by Shelf, consortium partners of Sirius) in the hope that a funding contract, a rig contract, a production sharing or services contract and, most importantly, approvals, are all going to be awarded at some point in the future. It`s done, however desperate Sherl0ock is trying to play this down.

[vatnabrekk] 17/9/2020 13:42

Of course they could. But this isn't just a work-over rig, this is a drilling rig similar to the Adriatic or COSL Force.

Anyway, hopefully we won't have to wait very long to find out what's going on.

[sherl0ck] 17/9/2020 13:38

Dunno. I personally don’t track rigs and MP could do workover stuff themselves, separate to more comprehensive field dev (which we’d still benefit from when we do get over the line on this). I hope we are indeed close to completion, but I’m not anticipating this asset will be deal 1.

[vatnabrekk] 17/9/2020 13:35

It's Shelf's Trident VIII. Been there a few days.
It's in the public domain on MarinTraffic.com.

[cornishtrader1000] 17/9/2020 13:30

Would that be a Shelf Rig by chance?

[vatnabrekk] 17/9/2020 13:29

So what about the rig sitting on Abana? Someone must be paying for it.

[sherl0ck] 17/9/2020 13:26

LinkedIn comment aligns with Sirius being selected & awarded the farm-out contract in Mar 19, but you can’t infer we or anyone else have now actually completed deal by handing over $10m and raising $40m. Make sense?

[vatnabrekk] 17/9/2020 13:10

I don't quite get what you mean Sherl0ck. As far as I am aware, the last thing we were told by the BoD was whatever was stated at the AGM in December. At that point the farm-in had not been completed i.e. not signed off, the $10M farm-in fee had not been paid across to MP (it was still sitting in escrow) and the $40M funding had not been signed off either. So it was all apparently agreed in principle, but nothing officially signed off.

But as I suggested above, it seems unlikely that anyone has managed to leap-frog SRSP since last December and get a rig in place on Abana.

[htrocka2] 17/9/2020 13:01

Moni Pulo are not exactly 'squeaky clean'..

[sherl0ck] 17/9/2020 12:48

‘Carried out the Contract process and Award’ is obviously related to us but only as far as the 2019 farm-out process & field dev contractual award... rather than hinting of a subsequent, yet unannounced completion (I.e. we’ve actually now paid the $10m & raised $40m debt), which is what you’ve inferred. She’s not saying any more than we already know from the AR comments.

[vatnabrekk] 17/9/2020 12:06

The timing ties in as well. At the AGM last December I believe that someone (Bobo?) said that the funding of $40M was just about complete, expected to be signed off about January, with the farm-in deal expected to be completed February, and operations soon thereafter. If they were at that stage back then, surely it is unlikely that Moni Pulo would have managed to ditch SRSP, find an alternative "partner" and execute a farm-in deal with them, as well as a new $40M funding deal, in order to have a rig in place now.

From our own experience, unfortunately, things take longer than that in Nigeria!

[dr rosso] 17/9/2020 11:18

Sure, there is no ref to Sirius. However, it just seemed a bit too much of a coincidence to me for Sirius to clearly state that, having farmed-in with the aid of Barak`s $10m, they were in discussions to procure $40m to develop 114, then this contract specialist engaged by Moni Pulo pops up to say that she has secured a contract worth, well would you believe it, $40m.
Must be my overactive imagination to be linking the two together.

[sherl0ck] 17/9/2020 10:03

To be fair, it’s almost impossible to second guess SRSP when lots of things quietly change & evolve rapidly behind the scenes, new stuff pops up and a few key elements haven’t yet been revealed.

That said, LinkedIn reference clearly = Mar 19 Farm-out agreement. There’s no subsequent ‘award of contract’ after a procurement process concludes with the selection of Sirius as field dev partner and signing FOA.

[futureisbright] 17/9/2020 09:44

Shez, brilliant and chuckling to myself. The almighty will claim to have got one his posts right. That said, I do enjoy reading his posts and it passes the time by. Keeping the my remaining sanity in check.

TBH I also believe, of late, he cannot be far off with his musings.

My hope is that they call an AGM and we all attend.

[htrocka2] 17/9/2020 08:57

O/T


I see from todays rns that ADM are entering Nigerian projects using the same route that srsp are using...by partnering a local O@G service management company.(In this case it sounds as if the 'partner' is the majority stake holder)



'ADM is participating in the Bid Round as a strategic partner of OilBank International Limited ("OilBank"), a Nigerian integrated oil and gas service management company.'

[bumhammer] 17/9/2020 07:31

5cer tugging himself silly 'starstruck' that Dr.Rosso replied to him.

[xerot] 17/9/2020 06:45

He gets it from tea leafs 5cer

[5cer] 17/9/2020 00:07

Thank you Dr Rosso.

[5cer] 16/9/2020 22:13

Dr Rosso - where do you get your information from or is it all wishful thinking ? I bet as usual you won't respond.