Sirius Petroleum Share Discussion Threads

[aventador] 07/11/2024 18:01

Year by year you mean decade by decade

[htrocka2] 07/11/2024 16:45

The latest 'Registration of Charge' deed does include a clause that stipulates that in the event of a default, Petropolymer have the right to replace all the board....This has not been implemented. hence implies that all compliance to the deed has been adhered to......so far.



ps...I noticed that on the JP site, they refer to the Angola deal as being a member of a Consortium....as opposed to a Joint Venture....which implies that they're involved with more than just 'another' (possibly disgruntled) partner.


Consortium definition...
'an association, typically of several companies'


'a group of separate businesses or business people joining together and cooperating to complete a project, work together to perform a contract or conduct an on-going business.'

[vatnabrekk] 07/11/2024 13:06

That's about right bestdeal. But I'm sure that the major investors (big boys)know exactly what's gong on!

[bestdeal1] 07/11/2024 12:54

IMO they have become too used to treating the company as a private enterprise without shareholders or accountability

[ace1976] 07/11/2024 11:14

Month by month goes by with this rubbish company

[dr rosso] 07/11/2024 11:08

Our incompetent BoD bunch of amateurs need to be replaced by professionals in the O&G game. People who know what they are doing and capable of getting things done.

Incoming Group needs to be IN asap and be seen to have fully taken over the reins.

[dr rosso] 07/11/2024 10:54

KVK search reveals that Etu Energias has incorporated and registered a no. of subsidiaries pertaining to Galp Block 14 and Block 32.

Type in Sequa and their SPNV B.V. shows up in respect of their Angola acquisition



Nothing showing yet for 18, 31 or 27.

[dr rosso] 07/11/2024 10:06

April 29, 2022 Sungara sets out $500mn deal to buy a 10% stake in Block 15/06.


Sungara Energies is an spv et up by Sequa, Namcor and Petrolog. This deal with Angola`s Sonangol was signed at the same time as Sirius/Sonangol for 18/31.

What happened?

Nigeria`s Petrolog failed to lodge the deposit, when due. Nor did Sequa have the financial resources. The deal was rescued by the action of Namcor`s CEO Mulunga who, having paid Namcor`s share of the deposit, gifted Sequa $7m to do likewise. This unauthorised action led to his suspension.

24th October 2024
Sequa Petroleum N.V. (“SPNV”) is pleased to confirm that the Government of Angola has approved the acquisition by NAMCOR E&P of participating interests in Block 15/06 (10%), Block 23 (40%, with operatorship), and Block 27 (35%).

The transaction was restructured. Sungara novated the Transaction to NAMCOR, resulting in Sequa having a 25% economic interest in the Transaction. ie 25% of 10%. At the break-even oil price USD 32 per barrel, assuming an oil price of USD 70 per barrel, Sequa`s net economic interest in relation to its 25% of the acquired recoverable volume of the Transaction is estimated at ca. USD 10 per barrel.

Completion of the Transaction is currently planned around the end of the year.

[htrocka2] 07/11/2024 10:03

o/t


The amazing point about the Afentra rns is that within about one year of signing the Angola deal, they intend to be net cash positive and debt free.....that's phenomenally fast.

[bronislav] 07/11/2024 07:12

Another good transparent update from Afentra.Clear understanding of progress on its assets and statement on its financial position.
Chalk and cheese springs to mind.

[futureisbright] 06/11/2024 20:06

And who are AET’s new neighbours.

[htrocka2] 06/11/2024 14:15

As we're already in j/v's with ENI on the Adam, Bochra, Abir Concessions as well as the Bod El Khadra Permit....it'll probably end up as a 'paper' execise, hence I'll go for the latter....ie, 'pay ENI for treatment at onshore Tazarki.'

[dr rosso] 06/11/2024 12:43

Breaking news from Tunisia.

Tende submitted an application to take the Tazarki offshore processing plant from ENI. Clearly it was intended for the development of Cosmos. The request has today been refused by ETAP.


Ok. Just spoken on the phone with an oil operative whose contact works for ETAP. ENI has two processing plants. One is at Tazarki for the treatment of oil brought ashore. The other is offshore Tazarki in connection with two smallish producing fields owned by ENI.

Tende now has 2 choices.
A) It can build its own processing plant to treat oil brought in from Cosmos or
B) It can tie Cosmos oil in to the existing ENI pipeline, and pay ENI for treatment at onshore Tazarki.

[htrocka2] 06/11/2024 12:40

One must assume that because, about a week ago, Tende signed up to the new 'amendment'...that some form of traction is still in motion....We wait for the Results to explain where we are at present.

[vatnabrekk] 06/11/2024 12:28

A good explanation Doc. Yes I was assuming that the $20M loan was used to pay the $18M deposit, although as you suggested recently that payment probably sits in an escrow account until clearance is given for it to be paid across to Sonangol.

Certainly looks like something has got stuck in the pipeline!

[dr rosso] 06/11/2024 12:08

At risk of being shot down by the illustrious sheriff, I`ll try to offer a little more insight than his own contribution.

Read the two Petropolymer charges carefully. The recent one is a supplement to the original, amending the terms with additional security lodged. The Original, dated mid-June 2023, reveals a $20m loan. Tende Energy is the chargor. Tende Energy Angola is the borrower. The security which has been laid down for this loan is the share capital of TEA. It comprises just two shares, wholly owned by TE.

The obvious Q is this. Why would Petropolymer commit that much money, giving it a right to take 2 seemingly worthless shares in TEA, a holding Co. with no assets? There must have been put in place at the time a binding legal agreement which entitled TEA to the agreed stakes in the Angola blocks. The money itself has been provided by a global investment firm, based in Dubai, by the name of Lamer Capital. With it, TE pays the $18m deposit.

That brings us on to the Supplement. Additional security assets have been tagged on. One would expect them to be related to Angola assets in the process of being fully acquired, (although shares related to Tende Energy Tunisia (Cosmos) are a possibility).

The new charge does not specify, but the most likely explanation is that TEA Holding Co. has had a number of operating subsidiaries formed under its umbrella, allowing it to pledge shares in newly created additional security assets. A poster on this bb was actually reassuringly told of this a couple of months ago.

TEA Block 18 BV and TEA Block 31 BV, both incorporated and registered with KVK? Could the latest AR delay be due to this pending announcement?

[htrocka2] 06/11/2024 11:14

We've been involved with the Angola project for 2.5 years now....and still no positive outcome. In the URL below is a 2024 licence area map, with references that has no mention of ETU/Tende in Blocks 18,31 or 27.(It difficult to see, you'll need to move the 'mouse' around on the top left picture)...(ie,Sonangol still own 100% of block 27 which the J/V purport to own 25%)

[solarno lopez] 06/11/2024 09:27

Well said Aventador

[14hugo] 05/11/2024 23:39

Sheriffbiggs… Dr Rosso has said more worthwhile stuff than you could ever hope to….. let’s hope you’re true to your word that we won’t hear from you again !😁

[sheriffbiggs] 05/11/2024 23:14

Dr Rosso, just stop

For years and years and years I’ve seen all kinds of theorys,news and predictions with a my lottery predictions coming in with far more success (£11 so far) than anything you’ve said

To say we’ll be an attractive proposition insinuates we’re even being bothered to be touted around as a business worth doing business with!

Which for the record, I’d wager we’re not.

So please, take a breath, take a break and post about something else for a bit. Maybe how the weather is, or whether you’ve watched The Penguin on Sky or not (highly recommend by the way)

Anyway on that note, you’ll be pleased I’ll not post again for another 5 or 6 years

[sheriffbiggs] 05/11/2024 23:04

Sent an email yesterday. Don’t expect a response:

Hi,

Let me start by saying that based on this companies track record of communication, I do not expect I will get an kind of detailed response to this email, though potentially a pre-written statement that the company is working towards relisting on the London Stock Market. If that is the case, please still do reply, I'll add it to the list of other times you've aimed to re-list, it makes a nice timeline montage.

For a long time I have been invested in Sirius Petroleum as it was and now Tende Energy. In all the time I have been invested I have tried to keep faith that the Board of Directors are operating in the best interests of the people who have helped finance the ventures: the shareholders

The general impression is unfortunately the complete opposite, where shareholders feel used, the board are incompetent in delivering anything promised, and actually that is all the shareholders have: empty promises.

While I fully appreciate there is a level of complexity to the operations, and no doubt the deals (hopefully) being done, but there isn't any level of complexity in keeping shareholders abreast of developments, even if this is a news blackout. To reassure investors that you do actually intend to deliver on the plan would now need to stop being words and start being actions.

As I've stated above, I do not expect to get any kind of real response from you, if you even still read these emails, as I think it has become one of three outcomes:
1 - You can't talk about it, even to release a news blackout. I have no idea what situation would lead to this, but you never know

2 - Work is so close that I only have to wait until the end of (insert month here) and I will get the news and see the deals have been done

3 - Nothing whatsoever is happening and I've actually lost my money invested and you have all gone on to new ventures and don't have it in you to announce anything or tell anyone

At this point, I really don't know which it is, I do know there are some serious issues within this company

Regards

A disillusioned shareholder

P.S. for the records, having a link to an email titled "investor relations" implies you have any. I'd suggest a rethink of that

[vatnabrekk] 05/11/2024 22:49

But, rpat, it seems that it is ETU who are supposedly handling this Angola transaction, not Tende. So does the problem lie with ETU, or has Tende failed to raise the funding?

Or has the deal fallen through entirely and Tende hasn't bothered to tel us?

Who knows!!