Sirius Petroleum Share Discussion Threads

[carrbradshaw] 17/11/2024 08:59

I'm hoping that's 6 days JPtrio

[rpat2] 17/11/2024 07:44

6 years I can believe that ...

[htrocka2] 16/11/2024 23:28

'Seems to me that the extra collateral is the entire assets of Tende Energy plc, whereas previously it was just Tende Energy plc's shares in Tende Angola Ltd.

Likely that Polymer realised that the value of Tende Angola Ltd. was zilch.'


vat...I've said that for some time...If Tende Angola Ltd goes tit's up....then it's nothing more than a worthless piece of paper....If the Supplemental updated agreement now includes Tende Energy plc, that incorporates the Tunisia prospects...then this could prove problematic...in that on the one hand the PP money is allocated for the Angola deal whereas on the other hand they require Trafigura's funding to upgrade the Cosmos expansion. Will Trafigura pump money into Cosmos while PP 'technically' own Tende Energy.?.....I don't think so. Maybe Trafigura will holdback Cosmos funding until Tende completes the Angola deal that seems to be proving a struggle. In short...they've bitten off more than they can chew....trying to run before they can walk.....tying themselves up in knots.....The unresolved Angola deal is heading for three years now.....there may also be a time limit on the Cosmos deal.


PP have played a blinder here....Should the Angola deal go tit's up and.Tende having spent the money on non returnable deposits and salaries...then PP will be in no hurry to ask for their money back....Tunisa and OML65, both for a mere $20m....it's. a steal.

[dr rosso] 16/11/2024 21:41

...or Sirius Funding PLC

[vatnabrekk] 16/11/2024 20:46

Seems to me that the extra collateral is the entire assets of Tende Energy plc, whereas previously it was just Tende Energy plc's shares in Tende Angola Ltd.

Likely that Polymer realised that the value of Tende Angola Ltd. was zilch.

I see nothing in the new Charge documentation to suggest that there is a new incoming bond funder anywhere to be seen. There is mention of a Bond Issuer, which of course is another term for a borrower, not a provider of funds or lender.

Ask Google what is a Bond Issuer, and we get "A bond issuer is a government, organization, or company that sells bonds to raise money and borrow money." So in simple terms, it's a borrower. Presumably in this case the Bond Issuer (ie borrower) is Tende Energy plc and/or Tende Angola Ltd.

[dr rosso] 16/11/2024 20:25

Go back to that June 2023 charge. The only security asset at that point was 2 shares in Tende Energy Angola Ltd. The obligors (note the plural) have recently added supplementary assets as extra cover for the $20m charge. It's a new Incoming bond funder group or it'll be shares in newly created spv subsidiaries for Blocks 18 and 31 coming under TEA which itself will act as a holding Company umbrella.Importantly Petro is pushing ahead with whatever this polymer supply and trading deal is all about.

[ace1976] 16/11/2024 20:18

Hopefully Sonic there are no more delays to cone need a conclusion now

[1sonic] 16/11/2024 20:07

Ace, I 100% agree with you I’m 10 years in. So I’m expecting high expectations also.

[ace1976] 16/11/2024 19:52

Sonic even if it was £5 a share doesn’t excuse the way the board have treated shareholders,and will be interesting to
See if im happy at the end as I have high expectations after 16 yrs

[htrocka2] 16/11/2024 19:04

Without an update....we have nothing.

[ace1976] 16/11/2024 15:45

Sonic said love this share fair enough but I hate this share for 16 yrs or nothing

[vatnabrekk] 16/11/2024 15:33

I agree pigmonster. Let's face it, there wouldn't be any need for all of this speculation if the BoD had an ounce of decency to give us some kind of update now and again, and I certainly don't buy the theory that there is some organisation on high controlling them and demanding that they keep schtum!

[pigmonster1] 16/11/2024 15:15

No disrespect to other views but I have to agree Vat, although I must add I'm no legal eagle. Let's hope we get something shortly for everyones sake and sanity 😁.

[vatnabrekk] 16/11/2024 15:12

Well pigmonster, that fits with my understanding of the situation.

[pigmonster1] 16/11/2024 14:42

Soz if some is repeats. I just copied and pasted the whole questionaire.

[pigmonster1] 16/11/2024 14:40

I don't know if this helps. Adobe's Ai assistant summary. You get several questions free. If you want to try.

Here's the summary it gave me and a basic email summary at the end:

Overview

The document details the Registration of a Charge for TENDE ENERGY PLC (Company Number: 05181462) created on 24/10/2024 and filed on 28/10/2024. The charge, with code 0518 1462 0009, is in favor of PETROPOLYMER INTERNATIONAL TRADING LLC. It includes a US$ 20,000,000 loan agreement dated 8 June 2023. The jurisdiction is England and Wales.


List key terms

• Registration of a Charge

• Company Name: TENDE ENERGY PLC

• Company Number: 05181462

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

• Charge Code: 0518 1462 0009

• Date of Creation: 24/10/2024

• Persons Entitled: PETROPOLYMER INTERNATIONAL TRADING LLC

• Brief Description: Contains fixed charge(s) and a negative pledge.

• Authentication

• Form Authorised by: A person with an interest in the registration of the charge.

• Certification Statement: Certified by Ryan Bagnall that the electronic copy instrument is a correct copy of the original instrument.

• Certificate of Registration of a Charge

• Company Number: 5181462

• Charge Code: 0518 1462 0009

• Registrar of Companies for England and Wales: Certifies that a charge dated 24th October 2024 created by TENDE ENERGY PLC was delivered on 28th October 2024.

• Date of Certification: 31st October 2024

• Supplemental Security Agreement

• Date: 24 October 2024

• Parties Involved:

• TENDE ENERGY PLC (Chargor)

• PETROPOLYMER INTERNATIONAL TRADING LLC (Lender)

• Key Clauses and Provisions

• Definitions and Interpretation: Defines key terms such as Account Bank, Loan Agreement, Event of Default, Original Security Agreement, Secured Liabilities, and Security Asset.

• Creation of Security: The Chargor shall pay or discharge the Secured Liabilities. Security is created over present and future assets of the Chargor.

• Representations - General: The Chargor represents that the Deed creates the intended Security and is not liable to be avoided.

• Restrictions on Dealings: The Chargor shall not create or permit any Security over any Security Asset or dispose of any Security Asset except as permitted.

• Shares: The Chargor charges its interest in all Shares in the Borrower by way of a first fixed charge.

• Restricted Credit Balances: The Chargor charges all its rights in respect of any Restricted Account by way of a first fixed charge.

• When Security Becomes Enforceable: Security becomes enforceable if an Event of Default occurs.

• Enforcement of Security: The Lender may enforce the Security in any manner it sees fit.

• Receiver: The Lender may appoint a Receiver to manage the Security Assets.

• Powers of Receiver: A Receiver has extensive powers to manage, sell, and protect the Security Assets.

• Application of Proceeds: Proceeds from the enforcement of Security are applied towards the Secured Liabilities.

• Expenses and Indemnity: The Chargor is responsible for expenses and indemnities as per the Loan Agreement.

• Further Assurances: The Chargor shall take necessary actions to perfect or protect the Security.

• Power of Attorney: The Chargor appoints the Lender and any Receiver as its attorney to execute necessary documents.

• Miscellaneous: The Security is a continuing security and extends to the ultimate balance of the Secured Liabilities.

• Governing Law and Jurisdiction

• Governing Law: English law

• Jurisdiction: The courts of England have exclusive jurisdiction to settle any disputes arising out of or in connection with this Deed.

• Execution

• TENDE ENERGY PLC: Executed by Jack Pryde (Director) in the presence of Albina Regalzi (Witness).

• PETROPOLYMER INTERNATIONAL TRADING LLC: Executed by Moahmmadreza Jahanpour (Director) in the presence of Navneet Kampani (Witness).

This feature can provide helpful insights but should not be used as a substitute for professional legal advice.


What is the condition precedent to the Amendment Agreement?

The condition precedent to the Amendment Agreement is that the Chargor (TENDE ENERGY PLC) enters into the Deed. This is specified in the background section of the Supplemental Security Agreement:

(C) It is a condition precedent to the Amendment Agreement that the Chargor enters into this Deed.


What are the key obligations for each party

Key Obligations for TENDE ENERGY PLC (Chargor):

• Creation of Security:

• Pay or discharge the Secured Liabilities as provided in the Finance Documents.

• Create security over present and future assets.

• Representations and Warranties:

• Ensure the Deed creates the intended Security and is not liable to be avoided.

• Restrictions on Dealings:

• Not create or permit any Security over any Security Asset.

• Not dispose of any Security Asset except as permitted.

• Shares:

• Charge its interest in all Shares in the Borrower by way of a first fixed charge.

• Deposit all certificates and documents of title related to the Shares with the Lender.

• Not alter the rights attaching to the Shares or issue further Shares unless secured under this Deed.

• Restricted Credit Balances:

• Charge all its rights in respect of any Restricted Account by way of a first fixed charge.

• Serve a notice of charge on each Account Bank and ensure acknowledgment.

• Further Assurances:

• Take necessary actions to create, perfect, or protect the Security.

• Execute any required documents or notices.

• Power of Attorney:

• Appoint the Lender and any Receiver as its attorney to execute necessary documents.

• Expenses and Indemnity:

• Bear the costs and expenses as per the Loan Agreement.

Key Obligations for PETROPOLYMER INTERNATIONAL TRADING LLC (Lender):

• Enforcement of Security:

• Enforce the Security if an Event of Default occurs.

• Exercise discretion in enforcing the Security.

• Appointment of Receiver:

• Appoint a Receiver to manage the Security Assets if necessary.

• Fix the remuneration of the Receiver.

• Application of Proceeds:

• Apply proceeds from the enforcement of Security towards the Secured Liabilities.

• Further Assurances:

• Take necessary actions to release or discharge the Security Assets at the end of the Security Period.

• Power of Attorney:

• Act as the attorney of the Chargor to execute necessary documents when the Security becomes enforceable.

• Governing Law and Jurisdiction:

• Adhere to the governing law (English law) and jurisdiction (courts of England) for settling disputes.

These obligations ensure that both parties fulfill their roles in maintaining and enforcing the security interests as outlined in the Deed.


How does Tende Energy Angola ltd fit into the agreement

Tende Energy Angola Limited fits into the agreement as the Borrower under the Loan Agreement. Here are the key points regarding its role:

• Loan Agreement:

• The Loan Agreement, dated 8 June 2023, involves Tende Energy Angola Limited as the Borrower, TENDE ENERGY PLC as the Parent, and PETROPOLYMER INTERNATIONAL TRADING LLC as the Lender.

• The Loan Agreement has been amended pursuant to the terms of an amendment agreement dated on or about the date of the Deed.

• Security Interests:

• The Chargor (TENDE ENERGY PLC) charges its interest in all Shares in the Borrower (Tende Energy Angola Limited) by way of a first fixed charge.

• This means that the shares of Tende Energy Angola Limited are used as collateral to secure the obligations under the Loan Agreement.

• Obligations and Liabilities:

• The security interests created by the Chargor are intended to secure the present and future obligations and liabilities of the Obligors (which include Tende Energy Angola Limited) under or pursuant to the Finance Documents.

In summary, Tende Energy Angola Limited is the entity whose shares are being used as collateral under the security agreement to secure the loan provided by PETROPOLYMER INTERNATIONAL TRADING LLC.


Create a brief email summary of this document

Subject: Summary of Security Agreement between Tende Energy PLC and Petropolymer International Trading LLC

Dear [Recipient's Name],

I hope this email finds you well. Below is a brief summary of the Security Agreement dated 24 October 2024 between Tende Energy PLC and Petropolymer International Trading LLC.

Parties Involved:

• Chargor: Tende Energy PLC

• Lender: Petropolymer International Trading LLC

• Borrower: Tende Energy Angola Limited

Key Details:

• Date of Charge Creation: 24 October 2024

• Charge Code: 0518 1462 0009

• Persons Entitled: Petropolymer International Trading LLC

Main Provisions:

• Security Creation:

• Tende Energy PLC has created security over its present and future assets, including shares in Tende Energy Angola Limited, to secure obligations under the Loan Agreement.

• Obligations of Tende Energy PLC:

• Pay or discharge the Secured Liabilities.

• Deposit all certificates and documents of title related to the shares with the Lender.

• Serve notice of charge on each Account Bank and ensure acknowledgment.

• Rights of Petropolymer International Trading LLC:

• Enforce the security if an Event of Default occurs.

• Appoint a Receiver to manage the Security Assets if necessary.

• Apply proceeds from the enforcement of security towards the Secured Liabilities.

• Governing Law and Jurisdiction:

• The agreement is governed by English law, and disputes will be settled in the courts of England.

Please let me know if you need any further details or have any questions.

Best regards, [Your Name]
[Your Position]
[Your Contact Information]

[vatnabrekk] 16/11/2024 13:51

Just trying to explain the legal jargon, no agenda one way or the other.
But still I've given your post a "thumbs up"!

[htrocka2] 16/11/2024 11:06

12 month ago..

Plenty of 'waffle' but, as yet, no substance.

[vatnabrekk] 16/11/2024 09:58

The "obligor" is not a new entity appearing on the scene. The "Obligor" is the borrower ie the entity who is obliged to repay the loan. The "bond issuer" is also the entitiy who is receiving the loan, and is just another terminology for the borrower or the obligor. It's actually one and the same entity, Tende.

[dr rosso] 16/11/2024 03:51

Bond funding for $117m would fit with a $200m accruals cap. The other $53m is from deposit+ production

[dr rosso] 16/11/2024 03:46

We now know that a major bond funder is on the scene. Omega issue sorted. Supplementary security assets added for the $20m charge which is neither being satisfied or recalled. The Incoming Group is here. Let's be having an official announcement.

[bronislav] 16/11/2024 00:38

Welcome back edgein.You may have timed it just right.coincidence?