Sirius Petroleum Share Discussion Threads

[bestdeal1] 10/5/2024 17:58

well, bye bye this week...... maybe next week....

[astralvision] 10/5/2024 16:19

Here's the Somoil block 32 BV pageCan't say I'm much the wiser, not being able to read Dutch don't help!https://www.kvk.nl/bestellen/#/889086660000/?productfilter=ubo

[astralvision] 10/5/2024 16:12

So Etu Energais are holding the GALP acquisitions through a BV, which is a limited company registered in the Netherlands.Seem to remember Dr R posted up something to do with the above quite a while ago.

[futureisbright] 10/5/2024 15:41

The Ministry of Natural Resources, Petroleum and Gas (“MIREMPETR21;) has authorized Galp Energia to transfer its stake in Blocks 14, 14K and A-IMI, and 32 to Etu Energias (formerly “Somoil”). The authorization was provided by Executive Decrees 94/24 and 95/24, of 9 May 2024.

The transfer will be accomplished through:

➡ The sale of 100% of the shares of Galp Energia Overseas Block 14 B.V. to Somoil Block 14 II B.V. (an affiliate of Etu Energias, S.A.);
➡ The sale of 100% of the shares of Galp Energia Overseas Block 32 B.V. to Somoil Block 32 B.V. (an affiliate of Etu Energias, S.A.).

The Blocks are held as follows:

Block 14
🔸 Chevron (operator) - 31%
🔸 Sonangol Pesquisa e Produção, S.A. - 20%
🔸Azule Energy Angola B.V. - 20%
🔸Angola Block 14 B.V. - 20%
🔸Galp Energia Overseas Block 14 B.V. - 9%

Block 14k and A-IMI
🔸Chevron Overseas (Congo) Limited (operator) - 15.75%
🔸Total Energies Congo - 26.75%
🔸Cabinda Gulf Oil Company Limited - 15.50%
🔸Azule Energy Angola B.V. - 10%
🔸Sonangol Pesquisa e Produção, S.A. - 10%
🔸Angola Block 14 B.V. - 10%
🔸Société Nationale Des Pétroles Du Congo - 7.50%
🔸Galp Energia Overseas Block 14 B.V. - 4.50%

Block 32
🔸Total Energies EP Block 32 (operator) - 30%
🔸Sonangol Pesquisa e Produção, S.A. - 30%
🔸SSI Thirty-Two Limited - 20%
🔸Esso Exploration and Production (Overseas) Limited - 15%
🔸Galp Energias Overseas Block 32 B.V. - 5%

[astralvision] 10/5/2024 14:44

Here's the link re authorising the transfer from GALP (Angola) to Etu, as flagged up by unduly diligent https://lexlink.eu/legislacao/angola/14793/ia-serie/por-terma

[astralvision] 10/5/2024 14:23

psUnless I'm mistaken, Sherlock flagged up Afrexim bank's involvement in the Total/Inpex deal three or four months before I read about it anywhere else.Interesting.

[astralvision] 10/5/2024 14:11

Dr R
Could be right re Galp the trigger, even though the boys have denied it point blank, I’m not entirely convinced re their denial!

Has the source of the funds for the GALP deal, $655 initially, ever been revealed? There was the news in the link below, that was for a trifling $60m and in any case was for a different acquisition, the Total/Inpex one.




Being involved in the GALP deal would explain the time taken.
Also would fit in with a lot of what SherlOck said

eg



Last summer: SherlOck
‘Astral - Afreximbank & Banco Angolano de Investimentos were involved in Etu’s Block 14/14K acquisition from Total/Inpex. Afrexim in particular appear very active in supporting African O&G projects (UTM in Nigeria etc). Would be great if we’ve also aligned with them. ‘
And last Autumn :SherlOck.

ANGOLA - it needs to be stressed that the assets we’re going after are a magnitude above Afentra’s. They’ll no doubt develop into a decent company, but the fact remains they’re focused on the block that Azule (BP-ENI JV) want to sell whereas we’ll close on an asset Azule were keen to buy.

Plus as a very active area for M&A, I’d be surprised if we haven’t also been concurrently pursuing more options. Our local partner certainly has. And since we aligned with them, their strategy has changed markedly and their growth has rocketed.


Interesting use of the word ‘magnitude’ from Sherlock. Is that a clue? 18/31 is less than double AET’s output, certainly not a ‘magnitude’ higher.
Ok, there is a danger, not helped by the lack of tangible news, to read too much into situations and to put too much weight on what any one poster posts.

Back to GALP deal, the deposits have been paid to GALP, as can be seen from GALP’s quarterly reports. Forget, but might be 20% paid. Still leaves over $500m to find?

A shout out to undulydiligent in spotting the transfer of GALP’s shares to Etu Energais, well done!

[dr rosso] 10/5/2024 13:11

Tomorrow never comes. AR for 2023 due out next month. As for relist .... zzzz.

[aventador] 10/5/2024 13:05

SEVEN HUNDRED AND TWENTY EIGHT WEEKS OF TUMBLE WEED

[dr rosso] 10/5/2024 13:04

Galp possibly the trigger we have been waiting for to complete the set of assets being accumulated. The finance for the 14/32 deal for ETU was done through AFC and Afreximbank, All 3 are known to be associates of Tende.

I wonder if that 164m shares charade was a ploy to shift the 5% holding in Tende into Associate`s hands.

[bestdeal1] 10/5/2024 13:03

certainly suggests that any DD on Somoil/Etu is satisfied and things are moving, so maybe.... just maybe....... working through the ETU pile now?

[undulydiligent] 10/5/2024 12:54

Executive decrees released authorising the transfer of Galp's shares to Etu Energias in regards to Blocks 14 and 32. Wonder if other blocks will follow soon?

[sirianbotham] 10/5/2024 12:54

I find it concerning rather than evidence of some bigger picture.

[sirianbotham] 10/5/2024 12:53

Or much touted takeover / handover. To keep extending the SPA in 2021 May, June and Sept though seems strange if something wasn't imminent or expected at the time Perhaps it is frustratingly out of their hands.

[htrocka2] 10/5/2024 12:11

AET were 15p when first expressed an interest in Angola...even with a cash raise are now 51p.......(Get a move on...)

[bestdeal1] 10/5/2024 09:01

The shares are Tende shares not ATOG,
Tende bought out ATOG with a mix of placing of Tende shares and cash ,

The holder of the shares is a Tende shareholder, not ATOG.

[htrocka2] 10/5/2024 08:36

Dr....Something I can't quite get my head round.....If Omega off-loads 164m shares that represents 10% of ATOG and Tende have no shares in treasury,(so they keep telling us) how did Tende end up with 100% of Atog?.....Surely 10% of Atog still belongs to the holder of the 164m shares?...Did Omega relinquish their 10% holding?


A cash payment of US$500,000, made in November 2020.
 The issue of 164,365,714 ordinary shares at 1.75p per share amounting to US$4.0m which will be subject to
orderly market conditions following the Company’s proposed IPO on AIM. The shares were issued on 28 June
2021.
 The transaction is now complete.

[aventador] 10/5/2024 06:30

It's Friday more tumbleweeed and speculation again but no bloody news or sign of our cash back!!!! GerramooooovonEnjoy the sunshine

[dr rosso] 09/5/2024 22:25

Omega`s 164 million shares taken out of issue in March 2023 with a $4m cash payback settlement from Tende. Sure enough, Omega`s name disappears from the July confirmation statement.

But the 164m are in there somewhere, as the total comes to 4.82bn (which is correct if the 164m remain included). They have not been cancelled. Total has since continued to climb and currently sits at 5.25bn.

It means that somewhere in that July confirmation statement are 164m that used to belong to Omega.
But who in that new list holds them?

[14hugo] 09/5/2024 22:03

Rich or poor… will still love corned beef !
Keeps me on the level !

[thedoogster] 09/5/2024 21:51

Let's hope so