Sirius Petroleum Share Discussion Threads

[htrocka2] 24/7/2024 23:07

I missed another anniversary today..




In 2022 Accounts, they paid themselves Bonuses of $543,202 for the 'successful completion of the OML 65 deal'(on top of salaries)....Two years on and not a drop of oil recorded from Nigeria. Let's hope we don't get the same bonuses paid for the 'successful' completion to the Angola Deal only to wait two years + for any oil.

[htrocka2] 24/7/2024 12:43

IF Angola is taking this long to settle, it suggests that it not going to be a 'fantastic deal' for us shareholders. As in the OML deal.... a lot of fingers in this pie....

[vatnabrekk] 24/7/2024 10:53

All they need to do is answer the question - WTF is going on with Angola?!!

[htrocka2] 24/7/2024 10:24

Trad.....good luck with that one.....but I think you're beating your head against a brick wall that one...

Tende Energy Plc
11 Nov 2004 'Memorandum and Articles of Association'

from page 37.2 of the Articles of Association...

"...no member, other than a director, has any right of inspecting any account or book or document of the company, except as conferred by The Act, authorised by a director or by a GM.

It's not impossible, but if they don't want you to see them, they'll run you round in circles and make it very difficult for you....but good luck all the same.

[bronislav] 24/7/2024 09:21

A big thank you Tradoil for your efforts.

[vatnabrekk] 24/7/2024 08:24

It will be interesting to see if you get a response. Perhaps they haven't had any Board Meetings!

[tradoil] 24/7/2024 07:37

Round 3Messrs Pryde \ KutiIn ignoring both recent emails I have sent reasonably setting out my position and expectations of yourselves and the company , you have confirmed my assumptions of your attitude and disrespect for your shareholders.Company law both private and public gives shareholders the right to demand sight of company Board Minutes.Failure to do so would clearly be a breach of shareholder rights.I wish to be sent the last 2 years company Board Minutes without delay.

[vatnabrekk] 23/7/2024 18:31

I think that's probably common sense, HT!

[htrocka2] 23/7/2024 17:55

TENDE ENERGY UK LIMITED
23 Jul 2024 First Gazette notice for voluntary strike-off


Before the possible repayment of deposit on a 'failed' SPA, first one has to ascertain who the 'de-faulting' partner is. (required by law)

[vatnabrekk] 23/7/2024 16:24

26th June 2023: "The Consortium has paid a deposit of US$18.525m".

Who paid this on behalf of the consortium? ETU or Tende?
If this deal falls through, does "the consortium" get its deposit refunded? And what % of this falls to Tende?

[htrocka2] 23/7/2024 14:12

This company knows how to make money out of oil.....and it's nothing to do with getting the stuff out of the ground.

[aventador] 23/7/2024 13:32

15 years and no deals or any thing to show for it shocking

[punxsutawneyphil] 23/7/2024 12:59

Let us see what tomorrow brings ...

[htrocka2] 23/7/2024 10:25

'Things are happening eg 3 sets of ATOG Accounts were filed, Tende UK got wound up.'


It looks as if it's all down you DR.Let's hope you're right.

Personally I'm a pragmatist. The 2022 AR tells us that they had 'squandered' (includes salaries of course) $85.217m, over the previous 16 years up from $80,026m the year before....which means that unless they 'pull the rabbit out of the hat' this sum will be close to $100m by now. This debt alone must have value to a predator.(My bet is that unless they come up with the goods, the funder will allow them to dig themselves into hole.....then pounce.)

Remember the old adage 'No news is good news'...in this case the fact that we have no news is news in itself....that is, there is no news because there is no news.

They live in a different world to us mortals.... , an $86m loss is referred to 'retained profits'...that's why you believe everything they tell you.


So...what you do is, borrow money from the funders, put a fair wedge of it into your own bank and call it 'retained profits'...and use the balance to appease the funder......works every time without fail.

[1alfi] 23/7/2024 10:11

19 July 2022 - "Because of repeated failures to achieve what this board of directors have indicated they would achieve, I personally have no faith in what they say when they do eventually update shareholders. As it stands today there is only one update that will mean anything to me and that is the one that secures a process whereby I can exchange my shares for a reasonable and tangible return on my investment."

I posted the above 2 years ago - and now 2 years later, in my view, absolutely nothing has changed whatsoever and I am in no way any wiser with regards to what company or operational developments have taken place.

My disappointment in this board of directors is beyond words. They are apparently without moral or ethic and I may be wrong, but I can see no situation which would justify how they have treated their genuine and supportive shareholders.

When they see their reflection in the mirror I hope they feel the shame that they have cast upon themselves.

[dr rosso] 23/7/2024 09:33

punxsutawneyphil 22 Jul '24 - 09:18 - 136215
Nothing today. Let us see what tomorrow brings ...


He was there yest. Early shift. Seems to have got his own fan club. Lotus gave up on the moons, now we`ve got groundhogs forever more, at least until the grinding misery comes to an end. Things are happening eg 3 sets of ATOG Accounts were filed, Tende UK got wound up.

[bronislav] 23/7/2024 07:35

Looks like punkxatawneys thrown in the towel .🗣

[htrocka2] 22/7/2024 22:45

Nice post huffy..


The difference between AET and TENDE

Pre-tax revenue of $75.9 million for 1H 2024.

Selected Balance Sheet Information as at 30 June 2024
Cash resources of $13.8 million.


AR for Year Ending Dec 2022 Tende Energy

'The Directors have prepared cash flow forecasts for the period up to December 2024.
The Group has executed a senior secured term loan facility of up to $200m with Trafigura to cover its capital expenditure requirements, and a $20m working capital facility as part of the OML65 offtake agreements, which acts as an advance payment facility with sums drawn based on accumulated production volumes and repaid at the point of a lifting.'

Cash burn has been nearly $10m for the previous two years to the above Results(then we'll have 2023 and 2024 to go).....with five months left to Dec 2024 and no signs of 'point of lifting' of any oil from the OML project. The money side is looking dire. 'Waffling' and excuses will not get them out of this hole. $21m cash in the bank....$48.7 liabilities due within 12 months and this was in 2022.If Trafigura suspend further 'advance of lifting' payments then it's going to be tricky....and the 'creative Accounts' will have to work overtime to pull this round....Further funding from Trafigura may result in them putting their own people in control.They too have got superiors to answer to........and this is were we are after 16 years.

...One of the biggest shocks I've had recently is that of John Wood. GROUP CHIEF EXECUTIVE OFFICER of Harland and Wolffe...He made millions for himself out of that company. As soon as they hit a funding problem....He washes his hands of the whole company...as says...I'm off.