Sirius Petroleum Share Discussion Threads

[vatnabrekk] 20/6/2023 22:39

Yes 1sonic. And as Dr.R says, that could explain why the ATOG Midco accounts have not been issued so far. I imagine they will be published when Tende feels fit to come clean and make an announcement.

[astralvision] 20/6/2023 21:55

Looks that way

[1sonic] 20/6/2023 21:53

So are we all agreed tende have 100% of Atog?

[astralvision] 20/6/2023 21:46

Agreed, good post Dr R and looks like you were spot on re earlier posts re the situation.

[dr rosso] 20/6/2023 21:27

Publication of ATOG AR would`ve had to include the Tende buyout offer in the subsequent events section, hence overdue.

[1sonic] 20/6/2023 21:18

Think Dr rosso may have got it right regarding the Atog deal. Good post Dr Rosso

[vatnabrekk] 20/6/2023 20:47

You beat me to it Doc, with more detail as well!

[vatnabrekk] 20/6/2023 20:42

Recall that the ATOG Midco shares were held as follows:
The two original directors James and ? ( can’t remember his name) 300 each.
SRSP 67 representing 10% of the total shares of 667.

Referring to what has been posted above it now appears that SRSP / Tende own the total of 667 shares = 100% of ATOG Midco.

Which implies that SRSP/Tende has already bought out the two other ATOG Midco directors/shareholders. How much did they pay them for their shares?

[dr rosso] 20/6/2023 20:33

Not sure on the exact figures but in April 2019 ATOG agreed to pay around $25m to buy the Tunisian assets off Medco. Medco had previously paid $120m to buy them off Storm Ventures Int. ATOG was contracted to pay that $25m in tranches, the last one due in 2024. At a guess the outstanding debt is around $11m, which ATOG cannot pay due to limited production revenue.

Sirius stepped in with $4m (reduced from the previously agreed $11m). In the AR, Sirius rather optimistically values its 10% equity stake in ATOG at around $12m, probably based on what Medco paid to Storm.

The outstanding charge of $11m has been transferred over to Tende. In return Tende has bought out Berwick and Taylor`s 600 shares in ATOG. In previous posts I pointed this out, as both Berwick and Taylor were invited in to take Tende shares directly, respectively 20m at 1.5p and 15m at 2p. ATOG`s 667 shares are now 100% owned by Tende. Highly likely that the Angola deal has now fully completed, which will allow Tende to invest in developing Tunisia, especially focusing on getting Cosmos started. Tende has pledged 400 ATOG shares (60%) as security for the Medco charge.

Things really starting to hot up. The package Nigeria-Angola-Tunisia completes. What next? Imo, it`s parcelled up for a sale to a major client of Petropolymer Trading Int., whose website has been withdrawn so we cannot see who it does business with. Contingency Plan B relist must surely see Tende share price open in double figures.

[htrocka2] 20/6/2023 20:32

The problem is 1sonic.....if you don't live up to your promises in Tunisia.....they take your field away......as can be seen in the 'Upland Resource Ltd' Results..


This what happens if you fail to keep to time tables in Tunisia. (Upland Resources Ltd...latest Results)

Corporate risks
Risk 1: It is possible that the Tunisian authorities may seek compensation for unfunded work commitments in respect of the Saouaf Permit which has expired


Mitigation: The Company has received an opinion from its Tunisian legal advisors that the Tunisian government has recourse to our Tunisian subsidiary but not to the Company.

[1sonic] 20/6/2023 20:27

HT. forget that. We were always going to take a bigger stake as it states in the charge today.

[astralvision] 20/6/2023 20:25

Thanks for that clarification SherlOck.You did suggest such an outcome a while ago. What's your view of ATOG and it's value to Tende?

[htrocka2] 20/6/2023 20:24

Maybe ATOG have bitten off more than they can chew....and require extra funding (my opinion only)

[sherl0ck] 20/6/2023 20:02

I’m not a lawyer but I’m reading the following as saying Tende owns 100% of Atog Midco shares, but the securities specified in the Deed are 60% of these shares.

Names added in parentheses below.

5.6 (d) - On the date of this Deed, the Chargor (TENDE ENERGY) holds the beneficial interest in ordinary shares in the Company Shares representing one hundred (100) percent of the issued share capital of the Company (ATOG MIDCO)

5.6 (e) - The Securities comprise of ordinary shares in the Company (ATOG MIDCO) representing sixty (60) percent of the shares held by the Chargor (TENDE ENERGY) from time to time

6.4 (b) - ….ensure that the Securities continue to represent sixty (60) percent of the Shares held by the Chargor (TENDE ENERGY) from time to time

So, Tende is putting up 60% (400) of the total shares it owns in Atog Midco (667) as security.

[bronislav] 20/6/2023 19:55

Any winners sol?other than the takeover.

[bronislav] 20/6/2023 19:27

All the stooges are quiet .maybe they are all at royal ascot with bobo celebrating the takeover😃

[p mac] 20/6/2023 18:25

You may have a point there Sonic

[1sonic] 20/6/2023 18:24

P Mac but we already owned 10% so is it 60 Or 70%?

[p mac] 20/6/2023 18:01

Yes it is positive

[aventador] 20/6/2023 17:54

Not sure what on earths going on but sounds more positive lol

[p mac] 20/6/2023 17:52

Schedule 1 pg 22, it informs that 400 shares representing 60% of the share Capital of the company

[1sonic] 20/6/2023 16:35

P Mac yes I agree but is it a 60% charge but for all 100% of Atog?

[p mac] 20/6/2023 16:23

Sonic it’s a 60% charge….

[riskybisky] 20/6/2023 16:18

OliversAnvil20 Jun '23 - 17:13 - 126338 of 1263380 1 0
The good thing here is that you keep each other in company in your old age.
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🤣😂🤣😂8526; that does appear to be the way it's been going.

Hoping for a change Pronto!