Sirius Petroleum Share Discussion Threads

[deepfreestone] 01/11/2024 10:11

As mentioned by Doc... is the petroplymer security a positive?

It's a bit far fetched to see it as a positive...

At best: We've as usual not paid back a loan and have now agreed to some further/other security.

But the positive is merely this...
'At least Petro P are not doing an Omega and demanding instant money back, with extras, even tho undoubtedly they haven`t seen a penny back on that $20m..'

My gawd! How incredibly desperate that THAT is our positive.

[aventador] 01/11/2024 09:11

November bring on the fireworks.. lol

[htrocka2] 01/11/2024 09:06

Looks as if the paperwork for Dr's deal has gone through...


Tende Energy Plc
28 Oct 2024 Registration of charge 051814620009, created on 24 October 2024

[bronislav] 01/11/2024 07:49

Lets hope the recent resolving of overhanging issues has cleared the way.

[htrocka2] 31/10/2024 23:59

ref Dr's post...


'At least Petro P are not doing an Omega and demanding instant money back, with extras, even tho undoubtedly they haven`t seen a penny back on that $20m..'


Let's hope the bod know what they're doing as the interest alone on the $20m is close to $1m p/a.


"Financial markets are now not expecting rates to fall below 4% until 2026."

[ace1976] 31/10/2024 19:57

Or did you mean to put early next year Doc

[dr rosso] 31/10/2024 17:48

o/t but illustrates how these O&G Companies are backed...



Watch out for Tende Energy Tunisia B.V. appearing on the Dutch KVK register wrt Cosmos.
The Petro P original agreement shows Tende Energy Angola Ltd as the Borrower. In that case watch for Tende Energy Block 31 BV and Tende Energy Block 18 BV about to be incorporated. The shares in each would provide Security for Petro P, giving it the right to take those shares should the loan repayments not be met.

Look for newly created subsidiaries when the AR does eventually come out.

[dr rosso] 31/10/2024 17:40

Received for filing in Electronic Format on the: 28/10/2024



Note the 3-day gap before publication. There`s hope yet. Early next week, fellas.

[bestdeal1] 31/10/2024 17:07

or it just means they have been suckered!

HEY BOYS JOIN THE CLUB, WE KNOW HOW YOU FEEL

[dr rosso] 31/10/2024 16:29

Chargor (Tende) and lender (Petro P) agreeing further specific assets to be added as security for the $20m loan back in June 2023.

Doesn`t say what they are. Could be bonds, more likely newly created subsidiary shares eg Tende Energy Angola ltd, could be new Dutch BV subsids for Blocks 18 and 31, could be Tende Tunisia Ltd. Any default in repayment gives Petro P a right to the asset.

Is this a positive? Possibly so, as it is an amendment of terms to include extra assets (unstated) for use as security. Or maybe the original proposed so-called transformative 18/31 assets have disappeared up Bobo`s ass. Yet again. Clause 1.4a offers some reassurance in that respect.

At least Petro P are not doing an Omega and demanding instant money back, with extras, even tho undoubtedly they haven`t seen a penny back on that $20m. Surely these lenders do dd in order to not get scammed by any bunch of crooks living the life in downtown Dubai. Menu, $150 bottles of Chateau de St Emilion, lashings of Stilton, etc. All on the expenses account. Pork scratchings for the losers.

Btw anyone want a ton of cheese? Going cheap.

[pgtops] 31/10/2024 16:00

New item on companies house!

[oliversanvil] 31/10/2024 15:39

The word Bible also has 2 b's and so has Bulletin Boards.--Need i go on? Which is yours?

[htrocka2] 31/10/2024 15:04

This item will have to appear in the oncoming results....so there's still hope that the debt will be reduced.



'The Company executed a lifting of 75,500 barrels (net to ATOG) with Trafigura at the end of September,(2023) as part of a co-loading with Mazarene Energy, achieving a net price per barrel of $92.40...'

[aventador] 31/10/2024 14:45

Unfounded negative speculation ffs it's been a shower from day one still is even worse now we stuck with no escape plan!

[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.