Sirius Petroleum Share Discussion Threads

[aventador] 18/11/2024 19:49

Jptrio some other clueless loon no doubt!

[aventador] 18/11/2024 19:49

If you think this is gonna hit 42p your more full of hot gas than I thought you where ffs!!

[bronislav] 18/11/2024 18:45

How do you know aventador.nobody knows...or do they!!??
Who do you reckon jptrio is?.

[aventador] 18/11/2024 18:17

42p is cloud cuckoo land 4p is cuckoo land

[bronislav] 18/11/2024 15:37

42.5p was jptrios amended figure.Not splitting hairs though.

[dr rosso] 18/11/2024 14:44

AET share price getting ever-closer to 42p. Probably hitting that mark by Friday.

[dr rosso] 18/11/2024 11:56

There are 2 deeds wrt Petropolymer. The first, in June 2023, refers to the Chargor, the Borrower and the Lender. Respectively Tende Energy, Tende Energy Angola, Petropolymer.

In Oct 2024, the Chargor and Lender reappear. No ref at all now to TEA as Borrower. Instead, included in this latest $20m charge document are multiple refs to obligors. As the term was never stated 16 months previously, logic indicates that a different, entirely new, entity has arrived on the scene, taking on extra responsibility for the debt and pledging supplementary security assets. An obligor is a guarantor, the existing assets must have value.

The full shareholding (2 shares) in TEA has not been removed, suggesting that there is retained value here.

If Petro has lent more money, the charge amount would show up, suitably amended.

[bronislav] 18/11/2024 11:49

They might have lent tende more money
.

[aventador] 18/11/2024 11:27

How long will they continue to run the business unlisted that's the issue here could be indefinite!

[vatnabrekk] 18/11/2024 11:13

Indeed chuffy!

[chuffy1972] 18/11/2024 11:03

Good points Vat thanks. It's very difficult to to nail down the intentions, without any firm confirmation from the company. Alas we never get anything from this firm. I just hope JPtrio's 6, is days, not weeks, months or years, for all our sakes. Cheers again.

[vatnabrekk] 18/11/2024 10:40

Thanks for your post chuffy. It's not uncommon for legal contracts to be changed with mutual consent after the event but usually there would be something given and something gained by both parties. I can't understand why Tende would "volunteer" to pledge more (or all) of their assets without getting something back, and I see no evidence that they are getting anything back.

The only thing that I can think of is that perhaps by giving all of this security (present and future assets) to Petro, this may be in anticipation of future loans transactions in which case there would be no need for further charges as any other loans in the future will be covered by security already pledged.

I'm not putting this forward as a firm theory! Just as a possibility as I cannot think of any other reason why they would do this.

Of course I'm aware that if this is what they have done, they would be unable to pledge their assets to anyone else for any future loans with a different lender.

[htrocka2] 18/11/2024 10:22

Bron..

'The original $20 million went into escrow one assumes but the would not make the deal invalid...'

Just out of curiosity, having agreed a $20m charge with PP on the 8/06/'23, what sort of pressure could PP have applied to force TENDE to sign upto the latest Ammendment issued on 29/8/10/'24.....was it because TENDE are behind a pre-agreed time line?.....to be asked to sign over the company is rather a drastic move don't you think?....sounds as if 'thumb-screws' were applied.

[vatnabrekk] 18/11/2024 10:13

"...or Sirius Funding PLC"
In that case it would be named in the contract and charge document. You cannot have someone legally bound to something without being named in the contract.

[chuffy1972] 18/11/2024 07:09

Vat what is your view to the question you posed?

You seem like a very logical person who knows what he's talking about.

Thanks in advance.

[aventador] 18/11/2024 05:15

Yep I don't know what all this technical bs means just get it relisted and I'm out !!!

[bestdeal1] 17/11/2024 22:53

Just get the F on with it and create shareholder value for once

[dr rosso] 17/11/2024 19:13

Obviously it is pure coincidence that vast quantities of polymers are now coming out of Dangote's plants at exactly the same time that Petropolymer International agrees supplementary terms with Tende Energy. Note that Dangote is a producer, not a trader of refined product.

[bronislav] 17/11/2024 15:10

The original 20 million went into escrow one assumes but the would not make the deal invalid.I suspect its a legal document signed for the Angolan assets and as such no going back.Unless there were attached clauses for both partys.
It would seem Petro need extra security because they now have a higher level of skin in the game.
It does seem to me that tende are in the middle of two groups.The Angolan authourities and someone we are not yet privvy to.Something has got to give.
The other group clearly have something that the Angolans value .I still feel the accruals were capped at 200 million but there is no evidence other than a comment at the AGM from memory Henderson.

[vatnabrekk] 17/11/2024 14:22

We don't know that they have released the money Doc. As you suggested yourself recently it may be sitting in an escrow account.

And you are quite right to wonder why Petro would have agreed to the loan in the first place with only 2 Tende Angola shares as security. Furthermore, having obtained a signed agreement for a loan with security agreed, why would Tende Energy plc be willing to pledge all of their assets as additional security after the event? Under what circumstances could Petro come along after the event and demand more security than they had agreed to in the first place?

All very odd!

[dr rosso] 17/11/2024 13:52

On using this money to pay the $18m deposit, Tende Energy must have secured a legal binding agreement for ownership of 10% stakes in Blocks 18 & 31. Without that guarantee, it would be complete madness for Petro P to release any money.

[dr rosso] 17/11/2024 13:46

Why would Petro P hand over $20m in June 2023 on the back of 2 shares in the Tende Energy Angola subsidiary which was nothing more than a holding Company with no assets?

[htrocka2] 17/11/2024 12:30

Promise them anything and grab the money from where ever you can....the salaries MUST be paid.













Where did all the Monet go?
--' Sirius entered into a Joint Operation Agreement ('JOA') on the Ororo Field enabling the Company to transition from an investing company into an operating company
o New equity issued by the Company totaling 723,700,000 new Ordinary Shares raising gross proceeds of approximately US$9.5 million at a price of 1 pence per share - finally ratified by shareholders in December 2017.
o In addition, a Convertible Loan Facility of US$12 million was entered into carrying a coupon of LIBOR plus 6.5 per cent. and partially convertible at a 50 per cent premium to the Issue Price of the Placing.

[htrocka2] 17/11/2024 10:00

'...Etu Energias plans to strengthen its role as a leading operator across onshore, shallow and mature fields, participate in golden block opportunities and expand its infrastructure, including onshore storage and export facilities.'





Trafigura are oil traders themselves....so I can't see them backing Tende in the Angolan deal so that ETU end up with the off take.?

[bronislav] 17/11/2024 09:34

Might be 6 days and 6 weeks.