Sirius Petroleum Share Discussion Threads

[htrocka2] 18/9/2020 12:38

Makes you wonder how/why experienced bankers had to resort to 'wonga'...which begs the question, have certain money markets now been closed to them?

[dr rosso] 18/9/2020 12:26

When the Alpha CLN cowboys dig their claws in ... ICON
"In summary, the Company was granted authority to issue new ordinary shares of £0.00001 each in the capital of the Company ("Ordinary Shares") up to an aggregate nominal amount of £300,000 as if the pre-emption rights contained in the Companies Act 2006 did not apply, which would enable a total limit of 30,000,000,000 new Ordinary Shares to be issued"

How on earth did we get mixed up with these sharks? Hopefully finished.

[htrocka2] 18/9/2020 12:05

Dr..

'...how is Sirius continuing to operate with, on the face of it, no revenue?'


They'll have at least $2m by the time the Results come out...

'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 31August 2020.'

[dr rosso] 18/9/2020 12:03

Whilst the $10m must have been handed over in order to secure the farm-in, the $40m is not a handover, it is a procurement which defines the award of the contract, that money to be made available to Moni Pulo over a period of months. With a sophisticated drilling rig having just been positioned, that`s a further stage on from booking the thing. It means drilling due to commence, and so it would appear that some major finance is being dipped into. Whether it`s Moni - Sirius, and whether this is a production sharing contract (PSC) or a production services contract (PSC) remains to be seen, but it does indeed look as if a PSC has been executed, and probably extendable into Abana gas.

[sherl0ck] 18/9/2020 12:00

Best not to assume too much from a booked rig. It doesn’t necessarily = $40m worth of field development, or the inclusion/exclusion of Sirius. It could just be MP conducting some work costing $5-15m. It could be with our blessing or against it. We don’t know yet.

[cornishtrader1000] 18/9/2020 11:29

Sirius has agreed innovative funding and operating partnerships with global industry leaders to execute the drilling campaign to first oil. The initial Ororo-2 well programme, once drilled, aims at delivering an initial production of 2,700 boepd.Relations with shareholder – always looking to improve engagement, mindful of the balance with regulatory and commercial environments

[vatnabrekk] 18/9/2020 10:49

Precisely Sherl0ck, I think that is very clear, and that has also been clear in the announcements and presentations from SRSP. Sirius was required to provide the $40M funding for the development work.

[minichris] 18/9/2020 10:48

@sherlock

So we can assume that as MP appear to have awarded turnkey contracts and booked rigs that the $40m funding appears to be all but in the bag?
They must have some confidence in Sirius delivering if they have gotten to this stage.

[sherl0ck] 18/9/2020 10:37

It’s a clear misinterpretation of that LinkedIn reference, which simply aligns with AR info. A field dev/farm-out contract valued at $40m was awarded (to Sirius) in Mar 19. MP don’t receive $40m at any point...and they’ve never inferred as such. Sirius raises this money and funds the planned work.

[dr rosso] 18/9/2020 10:35

Now that the Barak $15m loan facility has been curtailed, as stated to me by JC, how is Sirius continuing to operate with, on the face of it, no revenue?

[htrocka2] 18/9/2020 10:14

Awarded.....ambiguous, either/or..



'Adriatic I has been awarded a short term contract with Niger Delta in Nigeria, commencing in November 2018. The rig has also been awarded a contract by Sirius Petroleum for a drilling program offshore Nigeria. The contract duration is 135 days plus options and to commence'

[aventador] 18/9/2020 10:11

Give us some kind of bloody update when's the agm where's these deals how long have we gotta wait to see a glimmer of relist here.. late summer now autumn.. tick tock.

[dr rosso] 18/9/2020 10:09

But Trident VIII has just been positioned on the Abana field, which fits with Moni Pulo`s own website statement about further work to be carried out on their largest field, which has unexploited gas reserves.

[minichris] 18/9/2020 10:07

Thanks Vat, I will bring myself up to speed ;)

[vatnabrekk] 18/9/2020 10:04

minichris: The $40M came from Mayowa Abiola's Linked-in page:


"Contributed in the development of the contracting strategy for the (OML 114) Abana Turnkey Drilling project worth $40m.
Carried out the Contract process and Award of the (OML 114) Abana Turnkey Contract worth $40m"

Of course "award" of a contract is not the same as "execution" of that contract.

[minichris] 18/9/2020 10:02

August 17, 2020
"Determined to build a sustainable institution, Moni Pulo Limited recently signed a drilling service contract with Matpatson Petroleum Services Limited with a view to developing the Ntanta field within its existing OML 114 concession."

[dr rosso] 18/9/2020 09:59

Moni Pulo has been trying for 10 years, firstly partnered with Gasol, secondly with Brass Exploration, to get their OML 114 major gas field project off the ground. For whatever reasons, there has been very little progress. Highly likely that they wanted a western-based fully funded consortium with the latest technology knowhow to finally get things moving. Note that Trident 8 is no ordinary run-of-the-mill workover rig. We are talking big gas here.


May 19, 2011
Gasol announced that it has entered into an exclusive Project Option Agreement with Moni Pulo (Petroleum Development) Limited in respect of all of the gas in Nigerian offshore licence area, OML 114. During the exclusivity period, Gasol will have an opportunity to make a proposal to Moni Pulo regarding the development of OML 114, including exploration, development and offtake. If Moni Pulo accepts the proposal from Gasol, it is then the intention of the parties to work together to conclude definitive gas purchase agreements for development and sale of all of the gas in OML 114 to Gasol. The licence area has been drilled and has gas reserves of approximately 750 billion cubic feet (107 million barrels of oil equivalent). The available gas could support LNG production of over 800,000 tons per annum for 10 years or fuel a 500 MegaWatt power station for 20 years. This agreement represents the first step in the development of the Company’s new strategy and offers Gasol the important opportunity to secure a known supply of gas for monetisation.

The Brass Explorartion partnership was ended by an important legal case involving Ministerial consents.




Moni Pulo needs a partner with expertise in, in the first instance optimising depleted oil flow, then developing a gas project. Sirius holds an option over the latter.
"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."

[vatnabrekk] 18/9/2020 09:56

I agree minichris that MP are a well established oil producer over many years and I am sure that the 100% owners are very wealthy and must be able to afford to hire an oil rig themselves without help from Sirus. But then that begs the question why were they prepared to sell off 40% of their field to Sirius and to get then involved in the enhancement project if they have the capability to do it themselves?

Or, as someone has suggested already, is this just a work-over job to get things started, and then move the rig to a new drilling position later?

[htrocka2] 18/9/2020 09:53

ref Shez20..


I've lost count of the number of projects that have fallen by the way side...with no explanation to shareholders....or to those whom they extracted cash from. Why should they announce new projects?, the posters on this board are doing it for them without the bod's help.....as implied by JB with ref to oml 114. This thread has spent the last couple of weeks....chasing rainbows.

'...why have the company not updated on this failed transaction yet again?'


Chairman's Statement(28th June 2013)

Well Re-entry Program - Ororo-1

The Group intends to focus its initial drilling activities on the re-entry of the Ororo-1 well located in the Ororo field (OML 95). The well produced circa 2,895 barrels of oil per day (bbls/day) of light crude oil (43 API) when originally tested by Chevron in 1986

[captminion] 18/9/2020 09:49

Not sure what rajrajB was expecting it’s a total waste of time and energy asking JB anything as he knows FA until after the event. And surly even they know you can only cry wolf so many times before the lynching mob turns up at one of Bobo’s gigs !

[minichris] 18/9/2020 09:47

@shez

I only dip in and out here so apologies if I have missed an important point, when (and where) did MP announce they had 40m in funding?

[shez20] 18/9/2020 09:23

Think we shown more of just an interest didn't we mini Chris! We were in late stages of negotiations near enough a year ago for the 40m funding! We are still yet to here anything with regards to this from the company( I know a shock right)! Moni have announced they have the 40m funding and a shelf rig has moved onto site with shelf being associated with us! Why would any put this together and think it could/should be us hey mate? If it isn't why have the company not updated on this failed transaction yet again?

[htrocka2] 18/9/2020 09:10

O/T

ICON's involvement with 'wonga' funding has cost them dear....and now looks to shareholders to pass a resolution to issue a further 30BN shares,) ICON share price down 30% as a consequence....as I write.



I fully expect srsp will have to re-issue warrants that failed to make the exercise price so as to retain the services of partners such as the TAC team....without whom they will struggle to survive,

[bumhammer] 18/9/2020 09:04

Right on Shezza..Spot on