Sirius Petroleum Share Discussion Threads

[helix_22] 21/12/2024 10:31

thanks vatnabrekk

[htrocka2] 21/12/2024 10:30

IF TENDE/COPDC had any interest,royalties or remuneration from the existing 10,000bopd already flowing from Abura....they would have been more than willing to mentioned it by sharing that info with us...BUT NOTHING.


The biggest problem we have here is 2025, the debt overhang....and the 'pie-in-the-sky'(Angola)


Going Concern (AR)
'Repayment of a further $22,334,000 of current loans are now dependent upon the completion of the Angolan acquisition and will be repaid from proceeds arising from the acquisition.'


'While the group currently has sufficient cash flow to meet its obligations as they fall due within the next 12 months, its ability to continue as a going concern beyond that is dependent on the successful execution of future projects and its ability to raise additional funds as required to either settle existing obligations or fund its projects. These conditions indicate the existence of a material uncertainty that may place greater doubt on the group's ability to continue as a going concern.'



Although hanging on by fingernails...the patient still has a pulse......just.

[vatnabrekk] 21/12/2024 10:00

Helix: In response to your post 138619:

When the COPDC-Tende consortium took over the management of the existing producing Abura field in December 2022, production was flowing at 10,000 barrels /day. This is the "baseline" production which the consortium inherited. But of course this production flow still has to be managed, it doesn't just flow by itself, so this inherited oil flow is managed by the consortium.

It is my understanding that the consortium is paid a rate per barrel for managing the "baseline" production of 10,000 barrels /day, and a higher rate for any incremental production that they can achieve. But I don't know what these rates per barrel are, and I'm not sure if they have ever been published.

We know that the consortium seemed to get off to a good start in 2023 and that by the end of 2023 production had increased from the baseline 10,000 b/day to 13,500 b/day. However according to the latest report by November 2024 production had fallen to 10,040 which is back to the baseline. I don't know how long it had been down at that level.

Some posters believe that the consortium receive zero per barrel for managing the baseline of 10,000 barrels /day and only get paid for the incremental production. Surely that cannot be the case because if true then they would be receiving NIL payments when production is down to the baseline level, where it seems to be in November.

It would be interesting to have a comment on this point from someone who knows more about the detail of the contract, or if someone knows the actual rates per barrel that are being paid to the consortium.

[dr rosso] 21/12/2024 07:54

A replacement of the current Tende BoD needs to be the first priority. 645m cheapo share options wiped out for starters.

[heliman2] 21/12/2024 07:43

Companies showing Bobo terminated as Director of ATOG 15/11

[aventador] 21/12/2024 04:58

Edited.
Re reading news a lot has been spent, they’ve de risked Tunisia a sensible option, Angola continues and a significant deal with more updates to come in new year all is not lost yet.
As they said it’s taken longer than planned usual nigerian practise it seems.
Here’s hoping it’s concluded sooner than later we see a relist to market with upside in value.

[tradoil] 21/12/2024 04:11

Perhaps I'm looking in the wrong place on the website but I can only see AR 2023?

[htrocka2] 20/12/2024 23:26

'They must wet themselves laughing when writing this bs out down the pub?'

If I was a director of this company...I'd hang my head in shame....Their C/Vs will look like sh+t if this goes down.....As Dr stated...maybe they'd be better off selling Insurance.....They're well out of their depth in this game.

[mrjangles31] 20/12/2024 22:55

From Page 18

Board Performance
The Board recognises that its primary objective is to ensure it delivers shareholder value in the medium to long term………it makes best efforts to operate in an ethical and honest manner with all of its employees, operational and funding partners, asset co-owners and other stakeholders at all times and continue to strive to be innovative and efficient in delivering value for shareholders and other stakeholders in the business.

From page 19

…Shareholders can also communicate with the Company via email on [e-mail].


And an uplift in remuneration despite huge losses.



They must wet themselves laughing when writing this bs out down the pub?

[dr rosso] 20/12/2024 22:28

Enjoying a holiday in a hot air ballooon filled with 5 years worth of used notes, around $5m.


Sherl0ck - 10 Dec 2023 - 15:46:13 - 131678 ....... (oh dear)


Dr Rosso - 18 Jul 2024 - 07:05:35 - 136146
Swayed by promises of fully funded transformational deals. Sherl0ck`s idea of a business masterclass book has turned into a sequel to Alice in Wonderland. Welcome to the Mad Hatter`s Tea Party where nobody is quite what they seem, overlooked by the ever-smiling, ever-knowing-nothing Cheshire Bick and a ragbag bunch of suited cronies whose capacity for inventing fairy tale messages is limitless.

[astralvision] 20/12/2024 22:20

Who cares?

[vatnabrekk] 20/12/2024 22:01

What will become of Henderson when the Tunisia sale is completed?

[14hugo] 20/12/2024 21:45

My very bright, astute, wealthy brother-in-law…;.. a bit of a “know-all̶1; to be honest, told me a year ago that I’d get nothing out of this share….. particular emphasis on the fact that they’d changed names, delisted etc….. told me, if I’d have asked him, that he would have advised me to put my stake into Apple….. maybe not doing quite so well lately, but would have given me a X30 return!!
I’m desperate to put him in his place!🤞310;

[helix_22] 20/12/2024 21:35

Since we delisted the total amount of shares has gone up by around 1,700,000,000.

1.7billion.

That's a 47% increase.

Or to put it another your shareholding has been diluted by 32%

[14hugo] 20/12/2024 21:23

It’s beginning to make me think that we’ve been royally @ucked

[htrocka2] 20/12/2024 21:10

Sold the the Company Jewels to hang onto an over manned, leaky Nigerian rust bucket that we have a 30% holding in.

(ps..Hendo..though no longer a director, is still an employee....which means he's still on the pay-roll.)

[dr rosso] 20/12/2024 20:41

ASAP


These Accounts clarify what has been going on over the last 5 years. The strategic investor backer is Trafigura, using Tende as a front to develop the new West African frontier. Unfortunately for T, the personnel engaged have shown themselves to be not up to the job. The lease on the Bury St office expires in March 2025.

With competent personnel brought in by Trafigura to manage the polymer trading and to successfully develop the production side through better selective investments, Tende could work very well using its monthly cash pile from Angola. Better off as a T subsidiary rather than remaining independent imo. No surprise that the "fully intend to re-list" nonsense has finally bit the dust.

As for Kuti, Pryde, Hendo, and the other 2 non-entities, they are all toast, along with that Mayfair office.

No date yet set for the farewell agm. Good riddance to these clueless cowboys (and the equally useless Bick.) In the hands of professional operators, experienced in commodity trading (T's forte) and a decent supply of crude through non-crackpot low-cost Projects, Tende can be back on its feet in no time. Assuming Angola does complete.


In the right hands, a highly lucrative enterprise. And someone persuaded PetroP not to call in their $20m loan.

[helix_22] 20/12/2024 20:32

salary and fee's (not bonuses etc) have gone from $683,400 in 2022 to $1,172,630 in 2023. I dread to think what they have given themselves this year...

[bronislav] 20/12/2024 20:05

Thanks for the update and bullet points from AR Astral..sale of tunisia is awaiting approval.

[sirianbotham] 20/12/2024 20:04

Nice edit DrR

[astralvision] 20/12/2024 19:37

Can see why the accounts were late now, as Angola didn't complete when they thought, they needed the $50m loan secured in November 2024.Once that was secured, they could let the 2023 accounts at as 'going concern' issues now covered.So having got to December ish, guess the boys thought the ideal time to slip them out would be 5pm on the Friday before Xmas. Fair play, as surely everyone is drinking mulled wine, eating mince pies and getting in the festive spirit!Good news is surely we've got all the bad news out the way!!!!Sure like to hear the good stuff. Angola completion would be top of the list.

[vatnabrekk] 20/12/2024 19:10

Great stuff astral!!

[astralvision] 20/12/2024 18:45

Can see why the boys wanted to slip that set of gems out the w/end before Xmas!Must be praying and hoping no one looks at them!Tbf getting shot of Tunisia looks a good move. On shore is a dribble. Offshore Cosmos is a major development, costly and full of risk. Let's hope Angola completes, it has the massive bonus that we will have absolutely nothing to do in running it, that is tailored perfectly to our 'skill set' !