Sirius Petroleum Share Discussion Threads

[vatnabrekk] 24/12/2024 17:44

Astral, maybe I misinterpreted your "accrued income" remark, sorry about the accounting lesson!

Anyway, it was really misleading of the company to issue these 2023 production numbers when we were not getting any associated revenue. In fact, I cannot see how they could deny that it was deliberately misleading because they must have known when they issued the update in December 2023 that there would be no revenue from the production figures that they were quoting. Very bad.

So we can't change the 2023 revenue situation now, but we can take action to hold them to account and demand explanations for all of the ambiguities and unknowns regarding the 2023 results, and perhaps similar anomalies wich may arise regarding 2024 whenever they release any numbers for the year just ending.

[vatnabrekk] 24/12/2024 17:34

I would say that questions need to be arranged in advance of the AGM so that everyone is singing from the same hymn sheet. Let's see if Helix can pull the group together with verification of near 10% shareholding, then questions can be presented as from the group, or maybe even a resolution from the group. That should carry more weight.

[flash f2] 24/12/2024 16:34

The only low hanging fruit these clowns have been targeting are our plums.

[astralvision] 24/12/2024 16:15

Hear what you are saying Dr R, it damn well should do.They clearly state in the AR 2023 all revenues are from Tunisia Therefore f-all from 65 for doing anything

[dr rosso] 24/12/2024 16:01

"Reservoir Modelling" doesn't count as work? What is it then .... charity, play, pastime, hobby, leisure?
As for "Planning", ah yes, all those impoverished designers, architects, town planners, etc giving freely their time.

Could be in for a fiery agm if these conniving scoundrels can be dragged out of their hiding place.
Cashed up and ready to roll, indeed.

[astralvision] 24/12/2024 15:54

ps, maybe 'pause' was not the best word, substitute 'didn't start'

[vatnabrekk] 24/12/2024 14:52

Astral, sorry to be a pain but I don't agree with the "accrued income" scenario. Any income relating to production in 2023 would be shown as Revenue in the 2023 accounts, whether payment has been received or not. Revenue will always be shown in the accounts of the period it was earned (as will costs for that same period) and if not paid it is also a debtor at the year end.

As there is no revenue relating to OML65 showing in the accounts I can only assume that no revenue was earned, or accrued, for that period, and that is what we need an explanation for.

Regarding liftings, tanker lifts are usually in loads of 500,000 barrels and sometimes 1,000,000 barrels. If Abura was producing at an average of only 8,000 barrels per day, then they ought to have generated a 500k lift every 2 months, or a 1M barrels lift every 4 months. So on that basis there should have been 3 or 6 lifts during 2023, and that would have given rise to payments being made to the consortium.

I didn't see any mention of lifts in the 2023 AR, perhaps that's because there were none relevant to the COPDC-Tende consortium?

[dr rosso] 24/12/2024 14:18

Cut across to Tende's office location at Brookfield Place, Dubai



Feeling down? Let Lulu loose on your beanstalk.

[htrocka2] 24/12/2024 14:18

vat...

'...during the year and post year-end, initially identifying the well targets on the Abura field where average daily production was 8,000 bbl during 2023.'


Personally, I didn't find anything wrong with that statement....think about it logically. OML 65 contains 3 fields...Aburu is the only field that was producing... 10k at this point of take-over.(the other two fields are yet to be developed) ...that obviously means that all 15 combined total wells on the Abura field produced this number in 2022....Re-entry work was carried out on some existing wells that brought THE WHOLE field average upto 13k by 2023....so they go on to look for new targets ..... WHERE..... (Definition being... at, in, or to which (used after reference to a place or situation).The new sought well targets are to be drilled among/in between the higher producing wells that are currently producing 8k.(I'm not sure how large in area the Abura field is...but can assume it's the size of an English County..which, to me anyway, explains the 'identifying' aspects of the targets.

I agree the language could have been more descriptive....but that's the way I see it..


(In the survey conducted by NPDC....some of the wells are not producing anything)

[astralvision] 24/12/2024 14:09

Thinking of applying for a job given the recent disappointments...Saw this one, sounds greatRequired enthusiastic MD for growth business Self motivated Own your own businessHours to suitLocation flexibleCash flow positive from day oneMinimal start up capital requiredNo IT skills neededStrong personal relationshipsNot stuck in a stuff officeCan bring your dog to workSeasonal costume wearing encouragedPlease apply to the Big Issue office for further details.

[oliversanvil] 24/12/2024 14:08

Merry Xmas all enjoy your spam dinners heres hoping for a good 2025 deja vu lol HA HA HA!

[aventador] 24/12/2024 14:05

Merry Xmas all enjoy your spam dinners heres hoping for a good 2025 deja vu lol ho ho ho

[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.