Sirius Petroleum Share Discussion Threads

[1sonic] 04/12/2020 17:04

Alan, you’re a special kind of guy!

Are you Granny Tit/Wiser than you under a new guise.

Certainly a plank that’s for sure!!!

[alan@bj] 04/12/2020 16:45

I wish they'd just go bust and crystallise the loss.

[oliversanvil] 04/12/2020 16:44

Oil (WTI)
+1.03%
46.11

[vatnabrekk] 04/12/2020 16:33

Yes HT, I'm aware of that. But it's interesting that they still seem to be hanging in there, despite the history, and the fire etc.

[slider27] 04/12/2020 16:02

The mind boggles with this company but tbh I don’t think we have a choice but to vote yes as what is the alternative? Liquidation?
Just hope they have not got 2 brand new cans to kick down the road for the next 10 years !!

[htrocka2] 04/12/2020 16:00

vat...

The Ororo project is still in abeyance......it's fate will be known along with the release of the bid round.



'Litigations trailed the revocation of the licences for some of the fields, as the awardees failed to meet government’s criteria for keeping the licences 15 years after they were given the franchise. There is hope that some of the awardees that did not go to court may have the chance to reclaim their fields under the ongoing bid round.'

[xerot] 04/12/2020 15:35

Shez he is a vile character and if you get on his wrong side he'll give you what for x

[vatnabrekk] 04/12/2020 15:22

Interesting that they state that they still expect the Ororo licence to be extended again, and therefore they have not impaired the costs so far. In their financial projection they are also including the additional $500K payment that SRSP would have to make to the licence holder(s) upon commencement of drilling Ororo 2.

(Not sure if the "licence holders" will include GP or just Owena.)

[deadly nightshade] 04/12/2020 15:05

Keep the up dates coming antenna, as you say this does appear to be the start of a fresh chapter of something that will hopefully snow ball to something big. As I said earlier you get the impression more is happening behind the scenes and hopefully q1 will see things unfold a bit

[carrbradshaw] 04/12/2020 14:46

Again - Jam tomorrow - we definitely aren’t eating well this Christmas. This still a long term play but will probably be very lucrative in the long term - I note the Nigerian asset will be developed over 15 years. I suppose I’m just bored with it all now - it’s always next month, next year, etc etc

[vatnabrekk] 04/12/2020 14:40

I'm assuming that the funding is coming from Africa Funding Corporation (AFC) but of course I could be wrong.

[shez20] 04/12/2020 14:22

Same here bleemster! 6b shares to vote in on the back of ATOG deal with the possibility of more to come with funding supposedly sorted through backers we are unaware of on asset/s yet to be named! Lots more questions than answers!

[bleemster] 04/12/2020 14:16

I genuinely thought there would be more information to have me vote "yes" on the requested resolutions. I am also shocked not to see Mr. Kuti not being voted on to renew his directorship which should have been last year (if memory serves me right). I'm currently sat not knowing what to do or how I should vote. I guess this is why the law gives us 21 days to decide. I hoped for a bit more transparency today with more of a guidance of what we are achieving.

[shez20] 04/12/2020 14:01

Where's this aircraft carrier antenna?

[handygandhi] 04/12/2020 13:29

And those who were seen dancing were thought to be insane by those who could not hear the music

[edgein] 04/12/2020 12:51

Hmm interesting developments fellas, interesting indeed. When you put together a 15 year production profile for 52mmbbls recoverable over a 15 year period it works out at about peak production of around 30-35,000bopd with an annual decline rate of a standard 25% for good quality reservoirs. So looks like infrastructure in place is more than adequate for the existing reserves. But that doesn't account for any of the 91mmbbls of prospective and hitting oil under these stacked reservoirs in Nigeria is a bit like throwing darts at a dartboard its highly likely you're gonna hit. Its got Africa's largest reserves for a reason. So prospectivity is promising, its clear why the board are so excited by this new asset that they have a binding agreement over.

Tunisian assets both onshore and offshore look interesting too with a peak independent production rate suggested as high as 18,000bopd gross (40% net depending how much is onshore vs offshore, would be great to have offshore success there at 80%) over the coming years. Not quite the Nigerian asset but looks company making to a non-producer like SRSP.

Peak debt of $95m draw down looks like an ambitious spend on these two assets and whatever equity element comes from the open offer. Hopefully priced somewhere between 1.5-2p to give us good upside from their return. That sort of spend in excess of $100m from the debt and equity should earn in a pretty material % in the new mature asset. If they somehow manage to pull all this off by Q1 it may be time to dust this one off again.

Regards,
Ed.

[xerot] 04/12/2020 12:13

Shez you naughty boy I will have to send you to bumhammers house if you carry on.

[shez20] 04/12/2020 12:08

I agree astral! Future could be very rosy! Have to see how the bod play this and at the moment it's all ifs buts and maybes! With the bods passed record it's best to air on the side of caution but like you say we are definitely in a better position than we were a year ago! Let's see the deals signed and announced before we start high giving each other!

[drrichard] 04/12/2020 11:47

And oil nudging $50 . SRSP gets its timing right for once?

[astralvision] 04/12/2020 11:34

Cheers rugbybloke

[rugbybloke] 04/12/2020 11:31

Going concern section, page 6, 2019 financial report.

[futureisbright] 04/12/2020 11:23

Cheers Astral.

Found the major asset 🙂. It’s not OML114. Took me just 30 mins to find it.