Sirius Petroleum Share Discussion Threads

[d0kita] 23/12/2024 21:40

Still all to play for

[riskybisky] 23/12/2024 21:14

Pretty much speechless myself.

Stricken with guilt that I lost all savings on this.

[carrbradshaw] 23/12/2024 21:05

There is no plan B

[flash f2] 23/12/2024 20:49

This is dead in the water. What's plan b?

[bestdeal1] 23/12/2024 14:44

Speechless!

[htrocka2] 23/12/2024 14:25

One can only assume that those to whom the shares were issued were given re-list BS.

[dr rosso] 23/12/2024 13:37

Two share issues out of nowhere. Someone still prepared to take £1,295,000 worth of shares, at 2p. Looks like the money was needed in order to shut Omega up.


On the bright side, a lender's 266m 2p warrants look like they'll be heading for the bin at May 2025.

[bestdeal1] 23/12/2024 12:49

Ahhh another quality change from JPJ , in other words website update and inevitable loss of trades. (Fwiw, and that is not much)

[htrocka2] 22/12/2024 23:51

Close to $1,000,000 in Bonuses awarded (on top of all the other remunerations) in the last two years results.....for the 'hard work' in completing the OML65 deal...



Bonuses
Bonuses paid in 2023 were in respect of a bonus scheme set up for 2023, in respect of personal performance and achieving specified objectives. These bonuses are unpaid at the time of signing the accounts. Bonuses paid in 2022 are shown in the table above which include an additional service payment to executive directors on the successful completion of the OML65 transaction in November 2022


On the one hand , posters are to send Emails attempting to curtail salaries, while they award themselves bonuses...

[vatnabrekk] 22/12/2024 20:26

Well at least we know that Angola doesn't have any operational involvement for Tende, it's just an investment in oil licences, thankfully!

[vatnabrekk] 22/12/2024 19:20

astral: I took that to mean that they were arranging a timeline for loading tankers in 2024! But of course there is no mention of "liftings" in 2023 or 2024 in the latest AR. It's all starting to look pretty rotten.

By the way, when the Forcados pipeline gets shut down (which happens on a frequent basis) then there is a shuttle tanker service which keeps the exports moving to the terminal.

[vatnabrekk] 22/12/2024 19:13

I'm sure I read somewhere that at the last AGM one of the directors said that they had decided to go for the "low hanging fruit" so instead of starting to drill the first of the 9 new wells they were going to go for enhancement of the existing wells because that would produce greater incremental production initially and hence quicker revenues.

So how is that working for you Tende?

[astralvision] 22/12/2024 19:13

VatnaThis is their get out clause re revenues in the December 2023 update:At the commercial level, and with base volumes methodology under the structure of the FTSA having been agreed, the crude lifting programme regarding OML 65 entitlement is in the final stages of being established for the 2024 loading programme.

[astralvision] 22/12/2024 19:09

VatnaThey've been quite 'clever' with how they've phrased things.So doubtless they can never be held to account.But the duty of the bod is to telling us clearly what is going on.There's no doubt in my mind they've led us up the garden path and deliberately misrepresented the situation.

[vatnabrekk] 22/12/2024 18:59

If you are right astral, then we have been seriously misled all the way along. The update lasr December gave the very clear impression that the consortium was producing 13,500 bopd and no indication that no revenues would be received.

Regarding the $9M in the accounts, I am aware that that relates to Tunisia. So perhaps they've just disposed of the only operation that's earning any revenue!

I still think everyone should email them and ask questions. I'm sure it won't change anything, but we might start to get some idea wtf is going on.

[htrocka2] 22/12/2024 18:57

posted 1/Nov/ 2024


Going for 9 wells and 20,000 bodp

[astralvision] 22/12/2024 18:52

Good post 1sonicGood memory re Forcados terminalI agree we could have started earning revenues early 2024 from Abura, as 2023 AR tells us all planning work completed Q1 2024.But my concern is as we handed Abura well 4L over post drillto NEPL production team , that indicates we don't have operational control, so no revenues.In addition, we have to prepare and submit a new fdp.So my reading is we can kiss goodbye to any operational revs till that is submitted and agreed.Be lovely if there was some good news, like Angola and/or Namibia

[astralvision] 22/12/2024 18:38

This update, with the benefit of hindsight, told us we wouldn't be getting revenues for Abura in 2023From Tende update dated 06/12/23:'At the commercial level, and with base volumes methodology under the structure of the FTSA having been agreed, the crude lifting programme regarding OML 65 entitlement is in the final stages of being established for the 2024 loading programme.'It sounds to me like there never was agreement on the 'entitlement' for 2024 or, if there was, we've not been told. What we've got is another fdp to submit and be approved before we will see any serious revenues. That's my take, be delighted to be proven wrong.Given that the 65 deal was announced in May 2021 then it would seem, 4.5 years on, we're earning precisely f-all from this deal with the prospect of a further lengthy period of time before getting anything.Strikes me it's not worth bothering with.

[1sonic] 22/12/2024 18:34

From memory the Forcados terminal closed for a month last year hence processing delays and moaning in the accounts about 3rd party processing restrictions.
I’ve also found an article re shutdown at 65:

A source told Argus the drop in pipeline flows to the terminal last month was party because of a production shutdown at the OML 34 and 65 licences. The underlying problem is crude theft from pipelines, according to SPDC managing director Osagie Okunbor.

This might explain why production ‘averages̵7; only 8kbopd over the year, yet started at 10kbopd and ended the year at 13kbopd.

It seems the revenue didn’t start for tende until March 2024 on drilling as entitlements hadn’t been agreed, they renegotiated Trafiguras debt payments to begin then, most likely when they began receiving revenues.

The drop from 13kbopd end of 2023 to 10kbopd despite the work carried out in the year is a mystery.

Drrosso, your contact says bobos linking up in Namibia, he could be pointing towards the Angolan asset 15/06 that is closing around ‘the end of the year’ with Namcor the Namibian oil company and Sequa who are looking for farm in partners. Might explain the 50m loan raised in November and amended charge a week after it was published in the gazette. Here’s hoping, it would be a good start to the year we all need.

Merry Christmas all

[astralvision] 22/12/2024 18:21

I don't think the 65 agreement is fully operating yet, in terms of us having operational control and receiving the appropriate payments.Why?There's this bit in the post balance sheet events:'......OML 65 operations team ran a Gyro to acquire deviation data for studies. Abura Well 4L Job was completed and SCSSV was re-installed and handed over to NEPL Production team and is now flowing to OML 34 Processing Facility'Note the 'handed over to NEPL Production team'. That indicates to me we don't yet have operational control.Then there's this bit under 'outlook':'the next steps of agreeing a new FieldDevelopment Plan ("FDP") has commenced and will be submitted for agreement with NUPR, the appropriate regulatorybody in Nigeria. The new FDP reflects the updated field data and sub-surface study undertaken during 2024 and will alsoinclude the potential addition of further production facilities infrastructure which will be capable of handling the incrementalhydrocarbon production uplifts from both the planned well intervention activities to date as well as the planned new wellprogramme during 2025-2026.'I'm taking it that because of what has been found in 2023 and 2024, a new FDP is required. I don't think we will gain operational control until the new fdp is approved. That's not going to be until well into 2025 because the new FDP is not even completed, let alone approved.So no revenues in 2024 from 65 and probably be lucky to see much in 2025.It's as slow as anything could be.All sounds a big waste of time to me.