Sirius Petroleum Share Discussion Threads

[vatnabrekk] 30/12/2024 09:01

Doc, re your post 138871 - revenue relating to existing production. Remember this one:

In an update issued on 3rd August 2022 the Company announced that “under the terms of the FTSA, COPDC will receive immediate cash flow entitlements related to the assumption of operational responsibility for existing production.“

When did that change? When did the BoD realise that there was to be no entitlement relating to existing production? Did they carry out management of operations for two whole years before they realised that they were not going to be paid anything?

And they still haven't told us, instead they just issued accounts with zero revenue and left us to figure it out for ourselves!

[aventador] 30/12/2024 08:48

Happy now solarno?

[solarno lopez] 30/12/2024 08:41

No Rpat just woke up in a bad mood !!

[rpat2] 30/12/2024 08:37

What's with the sudden change of stance? Been duped also ?

[solarno lopez] 30/12/2024 08:31

We do Vat, we do need to act now

[vatnabrekk] 30/12/2024 08:25

As I said Solarno, our best chance now is to support Helix's group.
There are a lot of re flags crawling out of the 2023 AR and I think we need to act now or we may end up with nothing.

[solarno lopez] 30/12/2024 08:13

But we never do anything plenty of 'man the barricades', 'give them hell at the AGM' but nothing we do absolutely nothing.
Plenty of talk about organise resolutions at any upcoming AGM but an EGM should have been called long ago !
Even the loudest shouters have done nothing other than shout with a bit of analysis !
Monday morning rant over for the time being !

[vatnabrekk] 30/12/2024 07:59

risky: "Our bod are running away... Call the FCA"

As I've said on previous occasions, the FCA are not interestd in protecting or supporting shareholders. That's not their function.

But I do agree that our best chance now is to support Helix's group.

[dr rosso] 30/12/2024 01:03

Sherl0ck - 03 Oct 2023 - 129995
Shouldnt have to explain this again¦ OML 65 project HAS started as per legally binding contracts, govt 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.

Duped Sherl0ck.

Incremental production lies at the heart of the contract, triggering entitlement to revenue. 10500 is the agreed commercial base level. Failure to surpass that figure means not only $0 for incremental, but also $0 for sub-base (not the $5 stated by S).
Payment is in accord with barrels exceeding an agreed base figure, on which Tende took over operatorship, regardless of how much Planning work etc is going on.

How on earth did Tende's legal team sign this off?

[riskybisky] 30/12/2024 00:43

Ignore latest whispers.
Let's be honest they've all been bs so far.
Latest same as before are just to keep us quiet.

Imo this is about to be disseminated.
Are the shareholders gonna get anything? Imo best chance is to get in the mix now before it's done and dusted.

Our bod are running away... Call the FCA

[vatnabrekk] 30/12/2024 00:16

I doubt if there is any "incoming group" wanting to buy this lot Doc!

[htrocka2] 29/12/2024 23:18

A quote from Warren Buffets sums them up...



Warren Buffet. 'Greatest skill is clearly sounding plausible but not knowing how to execute'

[riskybisky] 29/12/2024 23:08

I don't see this lasting long.

Rats jumping off a sinking cruise ship that never got out the harbour.

I'd urge everyone to join the Helix group. Do make the effort to get the details requested. Download the info or phone or email broker.

The sooner the group has the verified 5 percent the sooner we can intervene ... And imo that may be better done sooner than later.

[htrocka2] 29/12/2024 22:53

jimjam22...you might have to wait a couple more years for that...

(The options are dated from Jan 1 2024...so they had this plan up their sleeves for over a year before we got to know about it.)





The conditions attached to the share options..ie, IF..."the share price reaches....blah, blah, blah..'from the Base line...by Dec 25'...Dec 26'.

In short, They have a general plan in mind but not certain where this is headed and given us a.... 'guesstimations' that's not certain.


The 2023 Options indicates that nothing is certain.

If the Price for the Shares does not grow from the Base Value by at least 20% per annum over the three-year period ending 31 December 2025 then the Option shall lapse and cease to be exercisable.(Total Number. 60.6m). (No doubt the amount of future shares they'll issue to cover salaries etc..will more than offset the loss of any options)


(more 'if and but's)
The share options issued on 1 January 2024 are subject to the following exercise conditions:

• If the Price for the Shares grows from the Base Value of 2.5p by at least 20% (but by less than 25%) per annum over the three-year period ending 31 December 2026 then one quarter of the Option Shares shall become Vested Option Shares.

• If the Price for the Shares grows from the Base Value by at least 25% (but by less than 30%) per annum over the three-year period ending 31 December 2026 then one half of the Option Shares shall become Vested Option Shares....(Total Number 51.6m)




It looks as if they're going to pick up a further $3m+ in salaries and benefits...no matter how this turns out. All we can do is ....watch.

[dr rosso] 29/12/2024 22:27

You've aleady been shagged mate. Up the ass

[jimjam22] 29/12/2024 22:09

ooh!! so I might get a shag out of this?

[vatnabrekk] 29/12/2024 21:51

Given what we've just discovered from the 2023 AR I very much doubt if any oil major or institution would be prepared to pay very much to take out this company right now.

No revenue from OML65 after managing the operations, production and work-overs for 2 years, maybe 3 years. Cosmos gone. Angola - who knows?

And if they were to re-list now, what do you think the share price might be?

Someone might be prepared to buy out its assets and contracts and clear it's debts, but no more, leaving zero for shareholders.

Watch out for a private company Newco appearing over the horizon.

But I reckon that if there is to be a take-out it will not be on the basis that several posters here have been talking about for the past couple of years.

The best that could happen now for us small shareholders is if they can complete Angola and re-list on the back of that. Then we can all get out with whatever is on offer. Otherwise, I reckon we could all be shagged.

Not that I want to cause consternation, but I now see that as one possibility.

[htrocka2] 29/12/2024 18:41

Dr....Just watched a film this afternoon starring Tom Cruise ( a bit slow).. called 'The Firm'...The basic story line being that 25 Lawyers were overcharging their clients by exaggerating their invoices. The law firm called it 'business', the IRS called 'embezzlement'...and they ended up headed for jail.

[chuffy1972] 29/12/2024 16:42

Thanks Dr.

[dr rosso] 29/12/2024 16:16

Intend and expect, the never fulfilled promise. Rope a dope.

[dr rosso] 29/12/2024 15:32

Not only OML 65, but also Tunisia shown with wildly inflated figure, far far higher than the actual 190 boepd they inherited.


Fraudulent misrepresentation and embezzlement are words which spring to mind.


Works wonders every time. Detailed presentations showing fantastic pie in the sky numbers.
Ke, Ororo, 109, Nigeria, Tunisia.

Every single one. Show the figures and grab the cash.