Sirius Petroleum Share Discussion Threads

[htrocka2] 27/12/2024 10:17

vat.....as astra stated....there's no point....they'll just fob you off with BS.

from the 2021 AR..
'Sirius is excited by the significant potential for long-term value creation within the ATOG portfolio.'


With respect to their passed record, the strong possibility exists, especially with the amount of money they're paying themselves, that the OML operation could go the same way as Ororo and Tunisia.....implying that Tende are employed by and for the funders...not the shareholders.(they know where their bread is buttered)


Do you think that they're going to tell you what the 'hold-up' with the Angola deal is....obviously not....so it's a waste f time asking.

[vatnabrekk] 27/12/2024 09:59

HT, have you sent an email to them yet asking questions?

[htrocka2] 27/12/2024 09:43

Dr...ref your post....Yes. it's a bit of a worry. Money pumped into Ororo ended up being written off, Tunisia being sold to reduce debts....the 'Non controlled' COPDC Abura operation currently $17m down the pan...yet extravagant salaries and bonuses still being paid...I'm slowly coming round to believe this is a clever, yet legal, scam.

[vatnabrekk] 27/12/2024 08:46

Take a look at posts on here from Helix.

Also my post 138700.

[deepfreestone] 27/12/2024 08:22

If it is the case that we are dealing with crooks / thieves.

Can anything be done to stop them?

Or can they just continue.

Because they only communicate when they wish and just pay themselves and even their families out of other people's money.🤑297;

[dr rosso] 27/12/2024 00:03

Go back 6 years and its the same old. End-2018 AR shows remuneration package of $2.56m, paid for out of share issues. No income to speak of. Lots of promises, then refused to take the Adriatic rig when it became available for Ororo in Nov. Zero oil produced.

One year earlier...
Blatant rinse and repeat scam. These spongers need to be removed asap.dt


To:
[e-mail]

Kindly indicate revenues received by Tende/COPDC for the years 2022, 2023, 2024 in respect of your de facto operatorship of OML 65 and its operations.
Regards

[htrocka2] 26/12/2024 22:21

That answers that question......If they're referred to as 'porkies'...we won't get them...Welcome to another year of silence and conspiracy theories.

[astralvision] 26/12/2024 19:04

Not much point updating us if they're going to tell a load of porkies!

[htrocka2] 26/12/2024 13:39

One point I'd like the bod to institute with the AGM Resolutions....is a regular Quarterly Update.. (let's face it...it's not as if they haven't got the time.)

[aventador] 26/12/2024 11:59

Hope you enjoyed your spam dinners shouldn't of wasted your time or energy posting on here Xmas day ! This lot ain't worth it anymore it's a sham a shambles a con job always has been. Huge dilution and more to come to keep there salaries afloat.

[htrocka2] 26/12/2024 10:58

The whole project is like a'smoke and mirrors' operation. . The impression I get is that Tende are responsible, agents, for the Trafigura funding..They buy their way into the OML65 Project by agreeing to supply 100% of the funding in exchange for 30% of the project....which implies that the 70% of COPDC are to get a 'free ride'. They further indicate that cash-flow will be 'immediate' from existing field operations.....that have currently accumulated losses by partners of $17,124,000...(As of Dec 2023)...



'Sirius has now acquired a 30 per cent interest in COPDC and will immediately begin to accumulate cash flow entitlements related to the assumption of operational responsibility for existing production at the Abura field.'






'Although only 30% of the shareholding is owned by Tende, the Group has control over the Company as it has control over the decision making process through its right to appoint directors. Therefore, the financial statements for CPD Development Company Ltd, and its subsidiaries, are consolidated in full, and 70% of the profits or losses are classified as a non-controlling interest.



from the AR
Non-controlling interest share of losses

At 31 December 2023 ($17,124,000)

[vatnabrekk] 26/12/2024 10:24

bestdeal, in my opinion there's no point reporting anything to the FCA, I don't think they are interested in supporting a bunch of shareholders.

I really think our best option is through the group that helix is putting together.

[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