Sirius Petroleum Share Discussion Threads

[vatnabrekk] 26/12/2024 10:06

Or was it just plain incompetence, with no real understanding of what was going on with the operations? I think that is very hard to believe.

For me, this is the incriminating paragraph in their circular of 6th December 2013:

"Current production at Abura is now running at c.13,000 bopd as a result of the optimisation of production facilities and infrastructure. Further workovers are programmed to be undertaken during the early part of 2024 to add additional incremental production."

This is giving a very clear indication that the consortium has contributed to the increase in production, and there is no suggestion whatsoever that the consortium will not benefit financially from this production. Was production at Abura really running at 13,000 bopd at that time? And if so were our directors aware that we were not going to receive any revenue from that? Had the consortium forfeited revenue for some reason? If so, why did they not say so?

It seems absolutely clear to me that they deliberately misled us, and if that's not the case then the onus is on them to prove otherwise.

Perhaps they believed that they don't need to bother explaining anything to us because we don't have the capability to do anything about it. We really have to show them otherwise.

[bronislav] 26/12/2024 09:53

If Angola was completed with Tunisia sold off tende would be a good proposition for some interested suitor if they picked it up at the right price .The incoming company benefits and the board of directers millions of shares would ensure they were happy and the large holders in bank of new York etc would also be happy given all these shares were either free or picked up at way below a penny.

[astralvision] 26/12/2024 09:21

Excellent post Dr R re 138797Particularly agree with your summing up:'The reckless or knowing failure to do so is fraudulent misrepresentation, a criminal offence. On the basis of that false issuance, shareholders were duped into thinking that the Co. was making excellent progress, with revenue flow. Also on the basis of this apparent "progress", the BoD awarded itself over $2m in a remuneration package, along with tens, if not hundreds, of millions of share options at extremely low exercise prices. And quite likely the same again for 2024. Taking money under false pretences?This too could be construed as fraud, which carries a sentence of up to 10 years imprisonment, reducible if negligence can be demonstrated. Incompetence can sometimes work in one's favour.'Who were they trying to fool? Future investors, funding partners such as Trafigura, themselves to claim bonuses? Not quite sure where the motivation comes from to give out what looks like made up figures to grossly misrepresent the true picture at 65.I don't think this bunch can be trusted to perform in shareholders best interests.

[vatnabrekk] 26/12/2024 08:19

I have written to them bestdeal, but no reply yet. I wonder how many others have written? The more who do so, the more chance there is that we might get a response.

[bestdeal1] 26/12/2024 00:11

So write to them, challenge the figures and tell them that based on your understanding of the figures it looks like they have provided fraudulent figures and unless the BoD provide an open and transparent explanation you will have no alternative but to report them both to the FCA and the police .


In the mean time i hope they got salmenella from their xmas dinners.

“Merry xmas ya filthy animals”

[vatnabrekk] 25/12/2024 23:50

Doc, see my post 138770.

[htrocka2] 25/12/2024 20:29

Dr......that's not the worst of it...

Up to the end of 2023 there were 645,750,000 share options on going with 487,197,916 Warrants outstanding together with 5,257,000,000 Fully paid up shares issued making a possible total liability of 6,389,000,000 shares...and that's up to Dec 2023....By the time this re-lists...7bn shares is a high probability.Even at 2p would require a capitalisation of £140m....As of Dec 2024 and losing money hand over fist.......that's a big ask.

[riskybisky] 25/12/2024 16:34

Thanks Doc that seems a good summary and sounds like it's at least close to fact.

[astralvision] 24/12/2024 18:23

No problems VatnaAgree with your post

[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!