Sirius Petroleum Share Discussion Threads

[htrocka2] 31/10/2024 14:36

You've got a point there vat.....


Total Liabilities for...
y/e 2020..$17.6m
y/e 2021..$25.7m
y/e 2022..$48.74m


We've got no idea where it's at for 2023.....let alone 2024....add to this the total "Retained Profits"(ie. accumulated debt)....For people who's business is dealing with money.... it's not very clever.

[vatnabrekk] 31/10/2024 14:08

A fairly common reason for delay in issuing Accounts is when Director are having difficulty persuading the auditors that the company is a "going concern" and that they have (or will have) the resources to pay their creditors for the next 12 months. In the case of Tende I cannot believe that they are in that situation now. We know that OML65 was producing oil at the end of 2023 and at the beginning of this year, and that they had more than enough funding available to carry out further developments at Abura, so if everything has been going to plan there is no way that they should be short of funds within the next 12 months.

So surely "going concern" cannot be an issue causing them to delay issuing the accounts.

Also I cannot see that a delay in completing the Angola deal would be considered as a valid reason for holding back the accounts for 2023. That really has nothing to do with the 2023 accounts.

So what what possible reason can there be? Perhaps OML65 is not producing oil and revenue as we have been led to believe? But of course I wouldn't want to start any unfounded negative speculation!

[oliversanvil] 31/10/2024 13:01

The New company TENDE will be running things --- HAVE I MISSED A TRICK?

[htrocka2] 31/10/2024 12:35

They need to establish a proven ,secure income with good production numbers.Losing $6m p/a and Tunisia producing 800 bopd with 5bn shares in issue...is no good to anyone.

[bestdeal1] 31/10/2024 12:07

however, we are pleased to report that Payroll continues uninterrupted. phewww

[htrocka2] 31/10/2024 10:58

astra....I acknowledge that it's a PLC...it's just that the bod p+ss me off because they treat it as their own personal ltd company.....As far as the late Accounts are concerned, they're normally signed off at the end of June which would imply that it's the update on the 'Post Events' that's holding them up....they seem to be waiting for something that, as yet, is to be completed.


As compared to previous year...

Post Events being...

Extra $35m required for the Angola J/V.
Change of name to Tende.
Completion of 100% purchase of ATOG.

[astralvision] 31/10/2024 10:40

htrAgree, as I said, it's small beer'appreciate that it's a PLC ..but they treat it as a private ltd..'There's no grey in this, it's black and white.The clue is in the name, Tende Energy plc.It's a plc, end of.

[htrocka2] 31/10/2024 10:32

astra...I appreciate that it's a PLC ..but they treat it as a private ltd..As far as the fine is concerned...£750 or £7,500, I doubt they give a toss...it's not there money they're chucking away.....they'll no doubt include the fine under 'Retained Profits'.

[astralvision] 31/10/2024 10:17

HtrPenalties are a bit more for Tende as they are a plc. Still small beer in the scheme of things.(measured from the date the accounts are due) Penalty for a public companyNot more than 1 month £750More than 1 month but not more than 3 months £1,500More than 3 months but not more than 6 months £3,000More than 6 months £7,500https://www.gov.uk/government/publications/late-filing-penalties/late-filing-penaltiesOver than the financial penalty and possible implications such as the directors can be personally fined, it's not a good look to be late.Having put back the date several times, it's a poor show, especially as there is no explanation.Ofcourse, we all hope they are holding it up to include a postscript re that elusive Angolan approval, but the accounts should just be published and done with, irrespective of other factors. You never know with this lot what the reason is, perhaps someone forgot to press the 'send' button.

[ace1976] 31/10/2024 09:27

Will be the longest take over talks in history then will fall apart with this lot

[vatnabrekk] 31/10/2024 09:23

There is clearly a reason that they don't want to publish their accounts. We just don't know what the reason is, but trouble is that will just cause more speculation!

[htrocka2] 31/10/2024 09:07

peanuts...


Penalties for late filing

Time after the deadline Penalty (for private limited companies)

Up to 1 month £150
1 to 3 months £375
3 to 6 months £750
More than 6 months £1,500

Makes you wonder what the new CFO has been doing for the last six months?

[vatnabrekk] 31/10/2024 08:05

They probably won't bother, just let it sit there. The penalty is immaterial!

[bestdeal1] 31/10/2024 08:03

“We just need a little more time to complete this new company changing deal, look here is another (worthless) piece of paper to prove it”

[bestdeal1] 31/10/2024 07:58

Wonder what sob story they will sell to companies house this time to get more time.

[bestdeal1] 31/10/2024 07:57

Accounts overdue

Next accounts made up to 31 December 2023
due by 30 October 2024

Last accounts made up to 31 December 2022


Its official. Fail fail fail

[vatnabrekk] 31/10/2024 07:28

They've now got an "Accounts Overdue" sticker on Companies House!

[vatnabrekk] 30/10/2024 21:07

They've still got 3 hours bestdeal!

[bestdeal1] 30/10/2024 20:10

Jpj always seem to loose their transaction listing when they make changes. Useless change management!