Sirius Petroleum Share Discussion Threads

[rpat2] 05/11/2024 22:35

The more you look at it ! Appears Angola is another fail , AET , CRCl others mentioned in the conference all signed off ! Tende a big fat zero

[rpat2] 05/11/2024 22:32

From CRCL rns who are also in Angola! Timely approvals Additionally, the support secured in this fundraise from strategic investors that have deep experience in oil and gas sector, and in Angola in particular, is a testament to our sound strategy and a foundation for sustainable growth. We are grateful to the National Concessionaire of Angola, ANPG, for their continued support. Since taking over as concessionaire in 2019, ANPG continues to act as a true partner for oil and gas companies by providing a great environment for investments, through timely approvals, measures to limit financial exposure, as well as flexible terms for companies in Angola.

[htrocka2] 05/11/2024 22:01

One has to apply to Company House for an extension PRIOR to the deadline....in short....they know they have a problem of some sort.

[bronislav] 05/11/2024 17:35

Well Vat im glad you finally share the frustrations .i remember saying a few years ago in a post suggesting you would know the frustrations after a few more years invested and it seems you know now what it feels like.strangely you voicing your displeasure kind of suggests to me we could be close to some news.

[vatnabrekk] 05/11/2024 17:01

Whatever they are going to do I wish they would just effing do it!

[dr rosso] 05/11/2024 16:13

If the production assets do materialise, Tunisia and Angola are solid investments. The true value of the Nigeria deal lies further down the line. Put all 3 together, add in Dubai trading of polymers and we become an attractive prospect for a mid tier o&g services Co backed by private equity bond funding. Trafigura remains supportive.Tende would be operated as a holding subsidiary with regional divisions, managed in a professional way by a competent BoD ie none of the current batch.Asset farm-out is obviously Cosmos. Company farm-out suggests an Incoming Group taking a controlling equity interest on top of what they might already own. Say an extra 3bn shares shoved out at a held-down price of 2p.

[dr rosso] 05/11/2024 15:11

Omega sorted. Petro P sorted. Decks cleared for Angola acquisition announcement + Cosmos FID. Remember that McMurtrie has been brought in for a) asset farm-out and b) Company farm-out. Can't be OUTs without entities coming IN.

[oliversanvil] 05/11/2024 14:57

Negative waves!

[riskybisky] 05/11/2024 14:55

If this gives no return at all i.e. we lose all our money..

Then we can consider ... 🤔 did we actually choose the worst ever investment?

Not only did we lose all our money but we got strung along for up to 16 years -- locked out for the last 5 and realistically longer for those who bought in earlier.

Group hug and sob?

[riskybisky] 05/11/2024 14:28

Vat:
"What a bloody mess!
No wonder they don't want to give us an update of any sort, and don't want to issue their accounts!"


yet they will still be living very comfortably, luxuriously I imagine, bigging it up as the big O&G men 🥵🤬🤬🥵

[sirianbotham] 05/11/2024 14:07

If we paid in full there wouldn't be a need for confidential settlement

[sirianbotham] 05/11/2024 14:06

'Confidential settlement'I don't think it says anything we don't already know

[vatnabrekk] 05/11/2024 13:12

What a bloody mess!
No wonder they don't want to give us an update of any sort, and don't want to issue their accounts!

[bestdeal1] 05/11/2024 12:47

They have been promising us a relisting for longer can we sue their asses as well?

Bloody cowboys.

We delisted explicity due to a specific deal, that deal dissapeared without mention and they did not relist.

Does that constitute some kind of failure to act in shareholders interest?

[dr rosso] 05/11/2024 12:22

Doesn`t mention the Tomlin Order, nor does it say how the matter has been supposedly concluded.

"became obliged to pay Omega an additional restructuring fee that accrued for every month that passed since July 2021"
The details revealed by Omega show that Tende signed a clause agreeing $200,000 pm. After 25 months, still no relist. Cue $5m owed. (+ interest). Fools, absolute fools.


Re. the Angola situation, it would depend entirely on the terms of the contract, as agreed by the parties. Should it be Tende taking responsibility for failure to complete, one would expect the other party to enact a penalty clause as a kind of compensation. All then depends on what that clause contains.

[htrocka2] 05/11/2024 12:04

Deposits and Part payments are treated differently in law. In a 'breakdown' between the parties, a deposit is non returnable....hence the Omega definition. ie, 'deposit' resulting in the dispute. The Angola payment was also called a 'deposit' as opposed to a 'part-payment'.

[rugbybloke] 05/11/2024 11:45

Law360, London (November 4, 2024, 11:32 AM GMT) -- A financial services company in the Cayman Islands has settled its $5 million claim against energy developer Tende Energy over an allegedly unpaid debt that arose from its deal to transfer to Tende its rights to a loan with another oil and gas exploration company.Omega Financial Corp. - a holding company for Alpha Blue Ocean, an alternative investment firm - and Tende Energy PLC, an African oil and gas developer, have reached a confidential settlement, according to a High Court order dated Oct. 29 and recently made public.The agreement was reached after Omega claimed in April that Tende was obliged to pay the money under a 2020 agreement in which it took on all Omega's rights and obligations to a $6.7 million loan with oil and gas explorer ATOG Midco Ltd.Omega had said it agreed to sell Tende 400 shares in ATOG, which were to be held in escrow until the British energy company repaid all money due under the agreement.Omega claimed it was to receive shares in Tende in partial payment for the loan transfer. Tende was obliged under the terms of the deal to "use its reasonable endeavors" to ensure that its shares were listed on a stock market no later than July 2021, according to Omega.Tende failed to list the shares by the deadline, and became obliged to pay Omega an additional restructuring fee that accrued for every month that passed since July 2021, according to the claim.Omega alleged that Tende has refused to pay the restructuring fee, alleging that it arose from an unenforceable penalty clause. But, according to Omega, payment of the additional fee "is a primary obligation" arising from the timing of the company exercising its option to sell the shares, "such that the penalty clause doctrine does not apply.""The additional restructuring fee was not triggered by any breach of contract on the part of Tende, but was instead a primary obligation defined by reference to the timing of the exercise of Omega's put option or the listing of Tende's shares," Omega said.Tende had paid Omega its initial deposit by March 2023 and sold Omega its shares for $4 million. But Tende refused to pay Omega the additional restructuring fee of $5 million, according to the claim.Omega was seeking the $5 million as a debt, as well as interest for late payment.Representatives for Omega and Tende did not immediately respond to a request for comment on Monday.Read more at: https://www.law360.com/financial-services-uk/articles/2254490/tende-energy-and-finance-biz-settle-5m-loan-dispute?copied=1

[dr rosso] 05/11/2024 09:47

Handing over a non-refundable $18m deposit direct to Sonangol would be foolish in the extreme. Not even our cowboy amateurs could be so stupid as to offer such a gift to an African State entity. The money would be placed in escrow managed by a reputable legal office. Should completion not happen, the contractual terms would contain certain penalty clauses acc to the circumstances. The money itself is a fixed sum. There is no drawdown.

[htrocka2] 05/11/2024 09:12

I doubt they've drawn down the full $20m....as far as returning money on the Angola debacle....would be like trying to take sweets from a child...kicking and screaming "don't take my sweets away".They've only got to re-iterate to Petropolymer that the Angola deal is 'still ongoing' and keep up the interest payments.....The late results , in my opinion, suggests that they've got themselves into some sort of pickle....The news on the Cosmos upgrade may be designed to counter problems in Angola.

PS....I had a quick look at the JP trades since its inception on 12/07/'23...and as stated, a 'sell' is matched with the equivalent 'buy'...There have been about 482m trades since '23...so who's taking these up?....a single entity?

[bestdeal1] 05/11/2024 08:05

IF only they would get on with it!

[vatnabrekk] 04/11/2024 22:28

That's true Doc, but IF the $20m was used to pay the deposit of $18M then IF the deal falls through and IF the deposit is not refundable, Tende Angola wouldn't have the $20m any more to repay Petro!

[dr rosso] 04/11/2024 21:24

If Angola really was the latest in the long line of fuk-ups, Tende would simply return the $20m to Petro P. Check the original agreement of June 2023 and Tende Energy Angola is revealed as the borrower. The latest announcement shows no sign that Petro is clamouring for instant full repayment of the money lent.