Sirius Petroleum Share Discussion Threads

[astralvision] 24/12/2024 13:30

SherlOck taken in like the rest of us....3rd October 2023 129995Shouldn’t have to explain this again… OML 65 project HAS started as per legally binding contracts, gov’t approval & Trafigura financing. We’re currently accruing ~$15 Opex charge per barrel on existing c.10k bopd production (around $50k net profit per day) and will get paid once there’s a lifting. As far as we know the AWP 1 new well drilling hasn’t commenced yet. Reasons are either we’re still in the well design planning phase and/or for those who imagine a takeover, it’s possible this element doesn’t happen on our watch.Either way this is a significant long term, company-making project. We’re going after 200m barrels of oil via 45 wells across the next 8 years or so in a prolific area, we get paid independent of oil prices and have no abandonment liability. The Capex, Opex & profit share terms our guys have negotiated are exceptional and probably won’t be repeated, even on other FTSA deals. You could build a fantastic business on this one project alone.FFS all of this has been outlined in lots of detail in presentations and at AGM.

[oliversanvil] 24/12/2024 13:26

Do not understand ---SIRIUS PETROLEUM - CASHED UP AND READY TO ROLL

[riskybisky] 24/12/2024 13:15

Was very easy to get my confirmation of holding fro A J Bell.
Simply downloaded annual statement of the account for 2023.
Took about a minute to find

[vatnabrekk] 24/12/2024 12:12

I am expecting verification of my shareholding from Barclays, and when it arrives I will pass it over to Helix. I would urge everyone to do the same.

[vatnabrekk] 24/12/2024 12:07

Thanks only1 for confirming.

[vatnabrekk] 24/12/2024 12:06

The thing that really sticks in my craw is that they told us, very clearly, that they took over operations at 10,500 bopd at the end of 2022, they told us that Abura was producing 13,500 at the end of 2023, and yet now they are telling us that the average during 2023 was only 8,000 bopd. Any primary school kid will realise that these numbers just don't stack up!! One or more of these numbers is either a bare-faced lie, or sheer incompetence if they really didn't know what was being produced.

And then after two years, yes TWO YEARS of operations and production, they have the audacity to tell us that they have earned ZERO revenue, with NO EXPLANATION! This is showing pure contempt of shareholders, and they absolutely must be held to account for this. It's bad enough that they've screwed up, but it's even worse that they don't even acknowledge the fact and don't even attempt to offer an explanation.

I think this is worse than anything they have done in the past, and we really should not sit back and take this slap in the face.

[htrocka2] 24/12/2024 11:49

only1gibbo..... I'm not sure that they're totally on top of the game....it seems to be a 'moving target'...in the early Dec statement the claim was an 'intervention' of 4L....whereas in the AR ...it was 'drilled'....(I suppose one could claim that both statements are true but to 'drill' would require a new well as opposed to extending the existing well....so plenty of pinches of salt required)).....at least they completed what they said they were going to do......that's a first.


from the AR..
Abura 4L was drilled to a depth of 11,887ftss (12,779ft MD).


Dec 6th statement.
'A further well intervention is planned at Abura 4L during Q1 2024 which is expected to add incremental production of 500 bopd'

[only1gibbo] 24/12/2024 11:14

"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." That was my recollection too Vat.

[riskybisky] 24/12/2024 11:11

There are loads of others

[belson] 24/12/2024 11:06

You miss one 16 years of lies

[riskybisky] 24/12/2024 10:54

Many have been deluded, all of us to some extent. There are some though, whose hopes cloud rational thought.

Some red flags...
Ororo shambles
Communicating via a proxy
Bobo moving into music
Sherlock disappearing

[solarno lopez] 24/12/2024 10:50

Chuffy I agree that the salaries for such a company and its activities are absolutely outrageous coupled with the very poor operational update but that is what you get when you give greedy accountants a company to play with !
However I continue to hold sway that Tende will come good but not at the prices being quoted on this board .

[aventador] 24/12/2024 10:35

Some people are deluded, we have been shafted from day one and nothings changed! Bod profit and we see zero our moneys long gone. All hangs on Angola and by their track record of failures it’s a long shot!

[vatnabrekk] 24/12/2024 10:30

All the more need to continue with the group/project that Helix is working on. Don't give up on it, now there is more need than ever to get this group up and running!

[riskybisky] 24/12/2024 10:17

💯 chuffy.

Also consider the coincidence of the Helix initiative and this all coming out very soon after.



Remember, if there were any positives we'd know all about them.

[chuffy1972] 24/12/2024 09:59

That's all well and good Sol but they've decided to deliver some incredibly disappointing news pre-Christmas, what does that tell you in it's self about this company.

Practically the whole year spent waiting and wondering yet again only to given this awful news right before the festive season.

Their alright though wallowing in their big juicy salaries.

To me it's just another 2 finger salute to us. Not good at all.

[solarno lopez] 24/12/2024 09:04

I'm with Dokita !

[htrocka2] 24/12/2024 09:00

An allegoric Christmas story for Tende shareholders...(a follow on from my previous post)

Some hungry lads decide to go fishing in a vast open ocean. It was decided to use oil as bait. After a long time of trying they finally hooked , what seemed like a huge monster of a fish. They were, obviously, excited and thought, 'we can live off this fish for years'. As they reeled it in and the 'fish' broke the surface, they realised they hadn't caught the great funding fish that they went after but... a dangerous, predatory shark,,that, having just eaten some 'Tuna' was still hungry. The story continues into next year and we'll find out if the hunter becomes the hunted....and who's caught who.

[dr rosso] 24/12/2024 08:31

The following is a summary of the timeline of key events.

a) Through 2022 Tende establshed a framework for managing OML 65, in conjunction with what it calls its subsidiary COPDC. The 14 Dec announcement confirms a $200m funding facilty, + the commencement of formal ops under de facto operatorship. Base production is stated as 10,500 bopd, this a result of previous EOR techniques used by NEPL to increase production from 9k bopd. A Phase 1 9-well AWP is agreed. Tende would take a share of base production, with an increased share of incremental production. Controlling net cash inflow, substantial revenue would result following a $15pb opex charge.

b) During 2023 $20m was drawn down for ops to commence, adding to the previous $10m taken in Nov 2022. The Company put out a pre-agm statement on 6 Dec, reporting 13,000 bopd production, with an expected rise to 15,000 by year end. Confirmed at agm 6 days later.

c) The recently released AR paints an entirely different picture. 2023 production from Abura is revealed as av. 8000 bopd, just over half of what investors were led to believe. Furthermore, it would appear that no revenue whatsoever was received from the 3m barrel output from Abura, Tende/COPDC carried out extensive planning throughout 2023 on an entirely charitable basis. No workovers were performed, or wells drilled. The BoD awarded themselves $2.2m, including bonuses (as yet unpaid) along with 110m options (incl. 1 Jan 2024) exercisable at 0.25p.

d) Through 2024, the AR update reveals 3 well workovers, with partial success. This has resulted in an increase in av. production to 10,040 bopd. This figure is almost exactly half of what investors were led to expect at the 2023 agm. It is not clear what, if any, base or incremental revenue will be received.

e) The ATOG acquisition was completed in June 2023. Workovers on BBT increased production to 400 boepd, up from 190. The prize Cosmos asset was declared as being able to produce between 15-20k bopd following commencement of development, within 12 months or 18 months depending on whether one reads AR ATOG Midco or AR Anglo Tunisian Oil & Gas, released within one day of each other. AR 2023 shows $9m revenue, all of which came from the Tunisia portfolio. The operating loss was $26m, the total loss to Tende being $48m. McMurtrie was appointed in April 2024 as CFO, replacing Henderson.The Tunisia portfolio is now to be sold in order to halve the loans outstanding to Trafigura now showing as $85m.

f) The Angola twin block stakes acquisition continues to await formal completion following the SPA signed by Etu Energias in May 2022.



Ppl here can make their own minds up as to whether the supposedly imminent Angola completion will compensate for the debacle elsewhere, a series of misleading statements having now been exposed. The Dubai commodity trading aspect remains unreported. There is no longer any indication as to when or how shareholders can access their investment.
Fwiw, my view is that the main backers should resolve to oust the entire present BoD and assist McMurtrie in bringing in a team that'll do the job expertly and transparently, with quarterly progress updates.

5,3bn shares in issue, 707m options and 487m warrants outstanding. Is this Co. worth the 3.5p figure mentioned by Henderson a year ago?

[dr rosso] 23/12/2024 23:11

"The Group secured additional secured loan financing of up to $50m in November 2024"

Secured on what? In the circumstances, the lender would be out of their mind if this was secured solely on negligible Abura cash flow. Same applies to the $20m loan from Petropolymer, with revised terms in Oct 2024. What additional security assets?

A little extra charitable donation, out of politeness. Baksheesh and everything gets sorted. It's normal.
BVs on KVK and off we go. Shame about the operational incompetence elsewhere whose delay has cost us Tunisia.

[14hugo] 23/12/2024 22:18

Certainly does rest on Angola Doc…… without that we’re done for…. That’s my view !

[htrocka2] 23/12/2024 22:18

The problem ,as I see it, is of course that if they keep on drawing down borrowed money at 20% that is promised to be repaid 'at lifting'....to pay for items such as salaries ,remunerations, offices, bonuses and various other 'over-heads', etc, etc, all this borrowed money is added to current debt levels.. which the funders are content with the increase knowing that should they fail to meet agreed re-payment terms then this could go the same way as the Tunisian assets.