Sirius Petroleum Share Discussion Threads

[dr rosso] 11/4/2024 11:14

Two years on. No announcement of completion, and still completely in the dark as to what this relationship actually entails. Who else features in this "consortium"? How does the partnership work? Is it a jv? Is it an spv? How is the funding being provided? How are the production revenues being split between Etu and Tende? What exactly are we still waiting for?

[astralvision] 11/4/2024 10:58

Happy Birthday!Two years old today, time flies!April 11, 2022Sirius Petroleum Plc ("Sirius" or "Company") Somoil-Sirius Consortium Proposed Acquisition of Interests in Angolan Offshore Blocks 18, 27 and 31 Luanda & London, 11 April 2022: Somoil S.A., the largest privately owned Angolan oil company, and Sirius, an Africa focused oil & gas production and development company, are pleased to announce that the joint Somoil-Sirus consortium, ('the Somoil-Sirius Consortium' or 'the Consortium'), has been awarded the exclusive right to acquire participating interests of 8.28% and 10% respectively in the producing Angolan offshore blocks 18 and 31 from Sonangol, Angola's state-owned oil company, which has announced the partial divestment of its participating interests in the blocks. The Consortium has also been awarded the exclusive right to acquire a 25% participating interest in the exploration block 27. The Consortium will be meeting with Sonangol in due course to finalise the Sale and Purchase Agreement for the proposed acquisition.Summary – Acquiring Interests in World Class Assets Block 18 is operated by BP Angola and is located offshore, 160 kilometers northwest of Luanda. Eight discoveries have been made in this block, of which the fields Galio, Cromio, Cobalto, Paladio, and Plutonio make up the first producing complex known as Greater Plutonio. Production started in 2007 and remains at material levels. Late last year the Platina project started production adding significant volumes and reserves to total block production. Licence partners are currently BP (26.67%), Equinor (13.3%), Sinopec International (15%), Sonangol (45%). Block 31 is operated by BP Angola and is located offshore some 400 kilometres north west of Luanda. The block consists of four oil fields; Plutão, Saturno, Vénus and Marte, which were discovered between 2002 and 2004 in water depths of up to 2,000 metres in the North East part of Block 31. PSVM is the second BP-operated development in Angola and production started up in December 2012. Licence partners are currently BP (26.67%), Equinor (13.3%), Sinopec International (15%), Sonangol (45%). Block 27 is located offshore in the Kwanza basin, an area known for its gas potential. Block 27 is in its exploration phase.Commenting, Bobo Kuti, CEO of Sirius, said: "Our partnership with Somoil has provided a strong platform for the proposed acquisition of the respective interests in these world class producing assets".Edson R. Dos Santos, Chief Executive Officer of Somoil, said: "This opportunity is aligned with Somoil´s growth strategy; entering ultra-deep waters not only enhances our portfolio but represents a huge step towards becoming a major player in the energy industry in Angola". www.somoil.co.aowww.siriuspetroleum.comEnds.

[oliversanvil] 11/4/2024 09:43

HTrocka is Sparticus! -- No he is not John Bick is. ?

[htrocka2] 11/4/2024 09:40

I'm NOT John Bick. however, would like to re-iterate an earlier post. Forget the retirement fund, I hope there's enough to cover my funeral costs....Recently, one of my relatives was buried....cost...£12,500. Lord knows what it'll be in ,say, five years time.

[xerot] 11/4/2024 08:56

Not sure what Johm Bick has to do with anything. His card was marked years ago.

[bronislav] 10/4/2024 15:41

The burning question is HTrocka JOHN BICK??

[futureisbright] 10/4/2024 15:37

Av, but you’re not allowed to ask those questions, as you might offend a snowflake!!!

Oil prices fluctate on a minute by minute basis, Africa takes 20 years to sign paperwork and the BOD are doing the best they can with not replying to emails, let’s just leave it at that, shall we!!!

[oliversanvil] 10/4/2024 13:47

I am going to jump ship and be buried at sea--The cost of a one way fare ticket!

[htrocka2] 10/4/2024 13:40

I was originally hoping to invest and have some money for my retirement, now Ijust hope there's enough to pay for my funeral.

[ace1976] 10/4/2024 12:06

That’s the problem HT we are all a lot older now and time goes fast so nice to have the money when you can enjoy it,hopefully it’s all over soon

[htrocka2] 10/4/2024 11:26

'Some are dead'....Is Sher10ck still with us?

[bronislav] 10/4/2024 09:29

Some are dead.😪

[htrocka2] 10/4/2024 09:12

ace1976....As a result of this 16 year 'investment', loads of us on this thread are already collecting our State Pension.....I've no doubt some of the BOD are as well.

[ace1976] 10/4/2024 09:03

Time goes on will have more chance of getting state pension first the way it’s going

[htrocka2] 10/4/2024 09:01

'HT what do you believe will be the price, upon relist?'

Angola with its share issue, a big piece of the jigsaw, still an unknown factor. Assuming it goes in our favour...I'm hoping for anything north of 5p to start with....However, as time goes on and debt gets repaid, this can only increase....so no particular rush for the exit at the outset.

ps..
It's amazing anything gets completed in Nigeria...

[futureisbright] 10/4/2024 08:09

HT what do you believe will be the price, upon relist?

[htrocka2] 09/4/2024 23:31

'Tende will not be owned by us'....When this relists, the AD will inform us who owns what percentage of shares. A prospective predator will need to acquire at least 51+% via the market for a complete take over. Anyone getting anywhere near that percentage will drive the price high enough for all of us to get out with a good profit. However, I believe this will remain an Independent O@G entity.

[bronislav] 09/4/2024 20:42

Im guessing the name Tende will live on HTROCKA but it wont be owned by us.A combined tende and afentra would be a lip licking prospect for someone .angola tunisia nigeria and somaliland and Dubai.

[htrocka2] 09/4/2024 16:53

IF some sort of agreement/consensus has been reached, all well and good. On the other hand, if it's nothing to do with us, either way we'll have to move on from here.


However, this is why I believe it's us....(possibly on a revised deal...but nevertheless..it's us)

'Following Sonangol’s notification to its block partners of the intended sales of the interests in Blocks 18, 31 and 27, Azule Energy exercised its right of pre-emption and offered $30m more for the 10% interest in Block 31 than the $170m that the Consortium had originally agreed with Sonangol. In turn, the Consortium then offered an additional $5m, for a total consideration of $205m, conclusively securing the interest as no further pre-emption was possible. The additional $35m consideration is payable six months post the Completion Date and the Company is confident that this can be funded from operating cashflows. Completion of the transaction will be subject to customary conditions precedent and Government approvals in Angola.
 Tende changed the Company’s name to Tende Energy Plc in order to appropriately represent the new identity of the Company with its range of stakeholders and commercial and operating partners.
 Following the execution of revised SPAs with Sonangol related to the proposed acquisitions of the interests in Blocks 18, 31 and 27, the Consortium paid a deposit of US$18.525m, representing 5% of the total revised consideration payable of US$370.5m.'

[bronislav] 09/4/2024 16:28

Htrocka.Bottom line its progress and that can only be good.

[htrocka2] 09/4/2024 16:20

For AZULE to start recruiting subcontractors for blocks 18 and 31....at least they're happy with the deal....(I've a gut feeling that it's us)

[bronislav] 09/4/2024 16:10

Question is it with Tende or has the recent revival and interest over at afrentra signalled that Tende is no more?Not long to find out one suspects.

[htrocka2] 09/4/2024 15:56

Not sure what that's all about Dr.. but it seems a lot of work is about to start on both block 18 and 31.....(our locks)

[dr rosso] 09/4/2024 15:05

18/31 kicking off