Sirius Petroleum Share Discussion Threads

[vatnabrekk] 30/12/2024 17:20

Doc, As I explained in an earlier post, revenue does not have to wait for payment to be received before being shown in the accounts. Quite the opposite, any accrued entitlement for production would have to be shown in the accounts for the period that it was earned, whether the oil was "lifted" to tankers or not, and whether it had been sold/paid for or not.

The only explanation I can think of for zero revenue in the 2023 accounts is that zero entitlement was earned in 2023.

I believe this is one of the most critical questions that needs to be put to the BoD. I have already asked this in an email to them, and I have also passed it to Helix for inclusion in his list of questions from the Group.

[bronislav] 30/12/2024 15:13

They could still have agreed an interest going forward Drosso.A small percentage of barrels or more likely revenues.
Maybe they will reduce their exposure to Nigeria next
Followed by A signed off Angola.
Each risking having a deal to market products.
All developed by someone else and dubai marketing it all or a percentage.
Bank of newyork will somehow benefit and hopefully so will we .no guarantee though.

When we picked up atog it was allegedly because trafigura had suggested it..Maybe it was set up all along for a customer.larson.
It could all have been custom designed and set up for someone else with a third of it gone already (atog)

[dr rosso] 30/12/2024 15:09

Page 92 reveals a contract liability wrt OML 65 FTSA. 3610 million naira ($2.3m) paid by NNPC, a kind of insurance against the risk posed by COPDC assuming operatorship.

[bronislav] 30/12/2024 14:17

Reducing exposure to it's Tunisian portfolio .

This sounds to me it's Cosmos that has been sold and they may be keeping the rest of Tunisia. I would also like to think we would have an ongoing interest in Cosmos as I suggested yesterday.Makes sense to let someone with the clout and knowhow to develop Cosmos and we could have a small percentage interest.

The other Tunisian assets including the new drill and with fracing to come it may well add production.
Fits with Henderson North Africa.
Why announce him in order to dump it all months later.

The North Africa title suggests something else in that neck of the woods.

[htrocka2] 30/12/2024 10:41

Cheers Dr....never the less... the increase is intriguing.

[htrocka2] 30/12/2024 09:42

Yet another 'oily' headed for the dog house....(sorry..I mean JP Jenkins)

[sirianbotham] 30/12/2024 09:10

So if Tunisia is being sold how does that affect the recent additional security for the loan

[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!