Sirius Petroleum Share Discussion Threads

[minichris] 06/12/2020 21:58

I was trying to at least make the little outbursts look like banter. As much as I despise you there has to be a point where we stop.

Judging by that last "attempt" I think we draw a line under it now before you go off and start accusing people again....

We all know how that ended last time.

[minichris] 06/12/2020 21:30

Wow a whole 7 green ticks, someone wasnt hugged as a child.

[xerot] 06/12/2020 21:27

Judging by the 7 green ticks on my post and the 0 ticks on your latest post we know who come out on top, again.

I'll let you get back to watching Countryfile and drinking your herbal tea pal in your pants x

[minichris] 06/12/2020 21:22

Wow Rich, did you get your crayons out and practice that last one for a few hours first?
Maybe you can sellotape it to your fridge!

In fact, keep that creative writing up and you will have yourself a little Top Trumps set going.

[deadly nightshade] 06/12/2020 20:56

thanks MKKEV i missed that bit on page 21 of results, so reading that can we now presume the bod HAVE exercised their share option of millions and millions of shares at 1.12p this is important to know because if they have, surely this must be very significant to what is hopefully about to happen here. If they have purchased these tens of millions of shares at 1.12p which they would have to do by the deadline then surely you wouldn't buy shares at 1.12p if this wasn't going to be either relisted/take out. You also wouldn't surely purchase at 1.12p if you thought they wouldn't be worth at least more then you bought them for. So my question for AGM is have the BOD exercised their share options? you would think they might have due to the fact they have stated first hydrocarbons to surface was presumed on the atog deal

[astralvision] 06/12/2020 20:53

Certainly a confident statement in the AR. Yes, that needs to be backed up by closing out the Nigerian deal.Future prospectsAs a team, we are in no doubt of the current trajectory that the Company is taking and despite the considerable challenges that we have all faced during 2019 and 2020, we look toward the New Year with a good deal of confidence that we can deliver the strategy upon which the Company is built.

[astralvision] 06/12/2020 20:38

Hi vatna tbh I skim read htr's link, I now note that the 48 reputable Nigerians have a wealth of experience rather than wealth per se!In another message obtained by The Daily, www.thedaily-ng.com from its website, Guarantee Petroleum Limited, stated: "Guarantee Petroleum is an independent oil and gas company owned by 48 reputable Nigerians with wealth of experience in both oil and gas as well as diverse industries. Incorporated in year 2000 with a broad objective of carrying out a commercially viable business across all segments (upstream, midstream and downstream) of the petroleum and energy sector."Our wealth of technical and managerial skills, it's strategic alliance with renowned companies uniquely position it to take advantage of its vertical integration strategy as the opportunities in the Nigeria energy sector present themselves."

[astralvision] 06/12/2020 20:35

re shareholders questions, worth noting this bit in the AGM letter:No doubt shareholders will have a number of questions. We would ask that given the pending limitations of the AGM that you send your questions into us at [e-mail] ahead of the AGM date and we will make every effort to curate and answer shareholder questions.

[vatnabrekk] 06/12/2020 19:24

I'm sure it is, but if it goes on for long enough it could add up to serious money!

Anyway, if they're so wealthy, they could have lent SRSP $10M or so to hire the Adriatic in November 2018?

[astralvision] 06/12/2020 19:01

VatnaAlthough the fines strike me as modest, 500,000 naira a day is about £1,000 and the 28m naira to date is about £50k, give or take.Unwelcome maybe but chicken feed to these wealthy Nigerians connected with GP?

[xerot] 06/12/2020 18:48

Name: Mini "Sherlock" Chris
Age: 62
Profession: Share trader and pencil sharper
Body Type: Work in Progress
Hobbies: DIY, Welding, Bricklaying, posting ludicrous statements on bulletin boards, losing arguments, brown nosing.
Location: Sherlocks back pocket.
Favourite Animals: Beavers, Flying pigs

[vatnabrekk] 06/12/2020 18:23

That's interesting HT.
The letter from NOSDRA to GP was dated 4th June 2020. The oil & gas spill incident was on 10th April, which was prior to the fire at Ororo. So they were fined N500k per day from 10th April to 5th June, and would continue to be fined at that rate until they initiated the clean-up of the spill.

It added: “Please note that this sanction does not exonerate you from the statutory clean-up of the impacted environment and the sanction will not stop counting days until clean-up of the impacted environment is initiated.”

It would be interesting to know what the current situation is. Perhaps GP are still having to pay N500k per day!

[xerot] 06/12/2020 18:14

The ATOG deal was a step in the right direction but where is the detail on revenues, further scaling up of assets, ?

I think the least they could do is give a full account of that asset.

I see the above as treading water type deal after all the failures of the past and we really need some proper detail on these subsequent assets as it is too easy for them to blow it off at a later date.

They made a big fuss about 241 but why shouldn't we make a fuss when they put out to pasture with no action on it. Remember the leaked documents about it in the press. 8 years on and still no signing of a block so I think investors have every right to question this.

With this latest asset it is like a cup of cappuccino, all froth very little coffee.

[xerot] 06/12/2020 18:10

Sherlock so that means more dilution for the keep the lights on loans i take it?

Before whipping the lads up on here into a frenzy about wealth creation please can we actually see it first.

The only wealth creation from this firm has been via the wages they've taken out of this for zero return.

Zero detail in any of these releases mean a lot of investors are hanging of certain posters words and praying this comes good.

Perhaps you called it wrong by adding further funds to something that hasn't returned a bean to investors in 12 years.

Progress first, then further investment is warranted on the Nigerian front.

It is simply not acceptable to keep hiding behind these corporate secrecy as how in the heck can investors make a decision without the actual detail.

[htrocka2] 06/12/2020 17:47

I doubt we'll hear the outcome to the ororo debacle until the second week in January.




ps..GP fined for the ororo fire.

[vatnabrekk] 06/12/2020 17:32

I entirely agree with drrichard and deadly. I am optimistic as well, and I expect that by the end of this month the BoD will be telling us what they have actually achieved and not just what they intend to achieve.

[deadly nightshade] 06/12/2020 16:54

I personally want to try and now keep on a positive note here as we have a lot of our hard earned tied up here and the bod do appear at last to be putting something more credible together regarding farming into producing assets so let's hope the bod read the posts today and will act between now and the AGM and release something that is concrete and revenue accruing. Still think we are in a lot better place then anytime we have been in the past.

[drrichard] 06/12/2020 14:57

Sherlock, you make a good point re lack of acknowledgment of what has been released to date. But, equally, you have to acknowledge that we have had over a decade of failure to complete. Not all or BoD’s fault, I agree, for we have had lots of bad luck.

Now with oil at last a reasonable price and at least two producing sets of assets on the books I think we can, at long bloody last, be optimistic.

[sherl0ck] 06/12/2020 14:36

Commercial confidentiality will likely preclude releasing full asset/financial details prior to completion, especially when other large parties are also involved. Bronislav I have no issue with people criticising the company and I’m acutely aware of our track record of promises. All I’ll say is there’s been a noticeable more recent change in BoD mood & comments, including our typically cautious Chairman. This combined with reaching first oil on ATOG leads me to believe at long last we’ll continue to see the bigger picture unfurl here.

[bronislav] 06/12/2020 13:54

Sherlock .problem is we have been about to finalise deals,drilling of Wells etc and confidence in the words of the board of directors is at an all time low unless you have access to what most shareholders haven't.Surely you can see the frustration at the lack of detail this company puts out to shareholders.

[sherl0ck] 06/12/2020 13:40

xerot - whilst you’ve spent most of this year dribbling on about Sirius being dead and buried, others have taken the risk of providing loans to help support working capital needs prior to recent developments. Granted it’s only a small contribution but I always put my money where my mouth is and remain excited about our prospects. Aside from Edgein’s post there’s been little acknowledgement that we’re about to finalise a deal on a substantial asset and have already lined up $140m of funding term sheets, amongst others.

[vatnabrekk] 06/12/2020 13:20

Thanks MKKEV. Now I understand what's being said:
"In managements opinion this event occurred on completion of the ATOG agreement on 6 November 2020."

So it seems they are claiming that they have a right to a share of the ATOG production from the point of signing (completion of) the agreement on 6 November, which would in effect be the first hydrocarbons to surface for SRSP.

[bronislav] 06/12/2020 13:03

Opl241 is a world class asset and we are not pursuing our interest.So we must have considered an interest as money was spent on opl241 albeit likely some due dilligence.Ororo and opl241 I believe had ondo state interest.Ororo is Chevron/nnpc and it is that partnership that granted the jv to owena and guarantee.Sirius claim they are hopeful the licence is renewed but to whom.Given the shambolic outcome at Ororo in part due to guarantees reckless behaviour and crazy leadership on the part of the DPR in allowing the re-entry of O1.I cannot believe that the DPR would sanction the re-entry of ororo so what ACTUALLY happened at Ororo..Surely after the fire at ororo the jv that owena and guarantee had on ororo has to be in danger of being revoked by Chevron/nppc.That scenario has fortunately played in to sirius,s hands in my view.Opl241 maybe is a different scenario as Ondo state may have the final say on that asset yet not the final say on ororo which might be the reason Sirius has walked away from opl241 and only recently as it has only been included in the accounts up to 2019 Dec.In effect the issues with ororo may well have been with not only guarantee but also owena oil and gas and it is possible they are out of the picture going forward.The bid round results are rumoured to be in the next few weeks and they will make interesting reading with our bid on 119 with the 500 million backing of AFC a possible new addition to what might be an impressive portfolio.Problem with 119 is even if we are awarded the asset will we find out about it..Subsidiaries don't have to report.

[mkkev] 06/12/2020 12:49

Page 21 of the 2019 Annual Report (Share based payments).