Sirius Petroleum Share Discussion Threads

[dr rosso] 11/4/2024 14:45

At 24 months we are well beyond any standard novation process. With Govt approval of 18/31 acquisition having been received in June 2023, one would expect a further month or so for the full completion to have occurred. Clearly there's an extra factor in play, one which is being handled in total secrecy. No share trading would be allowed during the period. Sure smells like takeover to me, in which case NewCo, with its suitable expertise, will take full control of Tende and its African operations which will include Angola. Complete news blackout is required on this, and that'll also preclude Sherl0ck from dropping any bb hints, hence enforced absence. The idea of Bobo, totally lacking in relevant qualifications, expertise and experience, managing a string of pan-African O&G production/service operations is patently ridiculous. Indeed, he has always stated his role as that of Investment Consultant, end of. Who's left? 80-year old Pryde and that distinctly dodgy bloke whose every word is open to doubt.


Contrast with Afentra, a genuine O&G producer going places, couldn't be greater. Full transparency there, with 6 official updates this year, along with website info. AET full share trading as share price strides towards 50p. Here at Tende, abs fuk all.

[rugbybloke] 11/4/2024 14:45

The market?

[bronislav] 11/4/2024 14:19

The market is speaking that the Afentra deal is done..we are waiting on a third party ..Not long now ..

[astralvision] 11/4/2024 14:16

Afentra deal has not been completed, specifically their Azule acquisition .Now expected to complete Q2From a few weeks agoGovernment Approval of Azule AcquisitionAfentra has received approval from the Angolan Competition Authority for the acquisition from Azule Energy Angola Production B.V. ('Azule') of a 12% non-operating interest in Block 3/05 and a 16.33% non-operating interest in Block 3/05A, offshore Angola (the 'Azule Acquisition') pursuant to a sale and purchase agreement between Azule and Afentra's wholly-owned subsidiary, Afentra (Angola) Ltd, dated 19 July 2023.The Company awaits approval from the Minister of Mineral Resources, Petroleum and Gas and it is therefore now expected that the transaction will be completed in 2Q 2024. Afentra continues to benefit from the asset cashflow from the effective date of October 2022 and upon the completion of the transaction Afentra will provide details on the financing of the final completion payment, which will be positively impacted by the asset cashflow.

[rugbybloke] 11/4/2024 14:07

If you were acquiring Tende, you would want to structure the deal to ensure Angola has completed wouldn't you? If a sale is underway as many believe then this is likely a conditions precedent for the transaction

[htrocka2] 11/4/2024 14:07

Indications are that it's must be getting close...

[vatnabrekk] 11/4/2024 13:58

If a take-over was being planned, I reckon it would have been done by now, Angola or no Angola, it's been spoken about for long enough.

[bronislav] 11/4/2024 13:54

The tende and Afrenta Angola deals have completed
We are waiting on a another party in my view.

[astralvision] 11/4/2024 13:38

Dr R, Be lovely if this were true'there's a full takeover process being taken through to conclusion, ...'Haven't these rumours of a takeover been going on far far longer than the Angolan deal?Must be coming up for 10 years or more since they first surfaced yet bog all has ever happened.Any takeover surely can't happen till Angola has completed, or are you saying the Angola deal and takeover are concurrent with the Angolan authorities complicit with this. Don't make a lot of sense to me.On a takeover generally, SherlOck seemed to be warming to the idea before he disappeared. We'd all welcome an exit, at a suitable price. Think it's unlikely myself but who knows.

[astralvision] 11/4/2024 11:33

Agree Dr R, it's taking absolutely ages, with the one consolation that the ongoing accruals mean the headline purchase price has already dropped a couple of hundred $$$. About $200m off at the time of the agm, that was 4 months ago, so can knock a further $40m off that. Post agm I expressed my concern to JP that our services as finance provider were require less and less as each month passes. He said some reassuring words to indicate this was not a concern. The revenue split was stated at the agm before last, 90/10 in our favour, assuming that hasn't been subject to any renegotiation over the last 16 months or so. They've never put that in print but everyone present heard it.Financing, sounds like they will be using Trafigura, our go to funding partner.As to what exactly the relationship with Etu entails, we are in the dark. SherlOck said enough times there's further deals either done or to be done, but the boys at Bury Street point blank deny it, not that that means a lot.Afentra are still waiting for their Azule deal to conclude, expected to complete this Q. Tbf their deal has also been put back xxx times as well. I guess the wheels turn slowly in Angola. Just have to hope we're not still 'celebrating' news birthdays next year and the damn deal can finally conclude.

[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.