Sirius Petroleum Share Discussion Threads

[ace1976] 01/1/2025 11:03

Ht what happened to the jam packed news coming for December seems like there are quite a few here who know the board and Just make up fake dates

[14hugo] 31/12/2024 22:08

And there we have it…… nothing !

[htrocka2] 31/12/2024 19:58

'...filing offering from HMRC & Companies House doesn't allow a company with zero trading income to be anything other than dormant,


This company survives on loans....Loans cannot be construed as 'profit'.

What is the meaning of trading income?
trading income means, in relation to any trade, the income which falls or would fall to be included in respect of the trade in the total profits of the company;


hence , under Companies House Rules...This is currently a 'Dormant Company'...just like Tende Energy Angola Ltd


In short....their past is catching up with them.

[vatnabrekk] 31/12/2024 19:48

Doc, I suspect there is very little chance that the Ds will lose anything, but a very good chance that we might!

There are too many red flags floating about here for my liking.

And just one of those red flags being, why would the company publish the audited signed accounts on their web site, but not file them on Companies House where they are showing a big red "ACCOUNTS OVERDUE" warning? Is it just pure stubbornness, or is there something more to it?

[dr rosso] 31/12/2024 19:07

Company has only been signed off by the auditors as a Going Concern due to the $50m rescue loan on 24 Nov. From an unnamed lender, this facility can be utilised whilst awaiting Angola full completion. Someone is keen that this Company stays afloat.Failure to secure Angola, and no oil revenue from 65 in H1, leaves Tende $42m+ in debt. A $10m Tunisia 2024 cargo is the only income. In other words, dead duck. You'd almost wish that outcome so the contemptuous Ds lose the lot, shareholdings, options and salaries.

[vatnabrekk] 31/12/2024 18:50

Good point about the auditors HT, and if we get no sense out of the BoD with regard to our questions then perhaps the auditors ought to be our next port of call.

But I still don't understand what your getting at in your last several posts regarding loans and revenue.

[htrocka2] 31/12/2024 17:54

vat..


'It is very clear that there is no revenue from OML65 shown in the 2023 accounts.'


If Tunisia has been 'divested'(to use their terminology) and Angola is still a pipe dream, with no revenue from OML65....Tende may well have loaned cash in the bank, however,...this can no longer be classified as an O&G company ...TENDE is now a SHELL company, not an O&G company and cannot be signed off as an O&G company.... which may help to explain the sign-off delay.

(If, as Dr claims, there may be no revenue from OML65 until late H2 2025, maybe this is why they're hoping Angola will materialise before then....so as to maintain the company status))

"immediate cash flows". Except they omitted to tell us the conditions in ensuing clauses ...'

(It seems they've not told the Auditors either.....or the Auditors don't recognise them as such.)

[vatnabrekk] 31/12/2024 15:59

HT, I'm not aware that anyone has suggested that loans drawdowns should be classified as revenue in the accounts.

It is very clear that there is no revenue from OML65 shown in the 2023 accounts.

[htrocka2] 31/12/2024 15:18

'Doc, I simply cannot believe that any Board of Directors, under guidance of lawyers, would be naive enough to sign off a contract that committed the company to three years of oilfield management, operations and production but which would result in zero revenue!'



Signed off?...what's been signed off?...Nothing's been signed off...yet.



Does borrowing cash count as revenue?
Loans (whether from shareholders or otherwise) are not classified as revenue. When loan proceeds are received, the cash becomes an asset of the borrower.18 Feb 2017


The loan may be classed as 'an asset'....but not as an 'income or 'revenue'.....this definition could be the problem?....ie,...there is no 'income'.

[vatnabrekk] 31/12/2024 14:36

Doc, I simply cannot believe that any Board of Directors, under guidance of lawyers, would be naive enough to sign off a contract that committed the company to three years of oilfield management, operations and production but which would result in zero revenue!

It's inconceivable that any company could possibly survive for two or three years under these circumstances. Surely we must have got this wrong somehow!

So it will be interesting to see what explanations we get back from the BoD in answer to the emails from individual shareholders, and in answer to the list of questions from the Group of shareholders which Helix is currently composing.

If indeed we get any response from them at all.

[htrocka2] 31/12/2024 14:23

'1st drill prob not until H2, so that'll mean no revenue for 2025.'

To which you can add that Tende have 8 outstanding Charges, with an unknown number of 'employees'. 9 'Associates' in Nigeria....a further 5 at Bury Street..ALL REQUIRE PAYMENT.......AND NOT A PENNY COMING IN....It's a nightmare .



Website

hxxps://copdc-ng.com

Industry
Oil and Gas

Company size
11-50 employees
9 associated members LinkedIn members who’ve listed COPDC Petroleum Development Company as their current workplace on their profile.
Headquarters
Abuja, Federal Capital Territory

[oliversanvil] 31/12/2024 14:13

Rachael Reeves financial services!

[lanaland1] 31/12/2024 14:04

Hi all apologies asking a totally unrelated question
But when people have bought or sold shares. On JP Jenkins which broker have they used which they would recommend
Thanks in advance

[vatnabrekk] 31/12/2024 13:15

You and I will probably receive our replies about the same time. 😄

[dr rosso] 31/12/2024 12:55

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How gratifying to see communication skills to the fore. So last Monday I sent a msg + an email querying the artificial c13000 production figure from Abura as at Dec 2023.

HEADQUARTERS
4 Edo Osagie Off Golf Course Road, Benin City, Edo State, Nigeria
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[htrocka2] 31/12/2024 12:55

I wonder if we'll be this lucky?

[htrocka2] 31/12/2024 10:01

O/T

Welcome to 2025...





'He told The Telegraph: “Simple maths suggests that an illiquid market will require too much of an issuance discount for even a run-of-the-mill IPO.'

[ace1976] 31/12/2024 09:01

These guys never fail to disappoint with never ending failed deadlines while they keep living off huge salaries

[aventador] 31/12/2024 07:32

Well it was another dud of a year no shock there.
Happy new year here’s hoping we get some end game here be it good or bad, can’t get much worse. Gla

[vatnabrekk] 30/12/2024 19:08

I reckon it has always been their intention to file all of the accounts at the same time on 31st December.
We'll see if I was right tomorrow!

[dr rosso] 30/12/2024 17:47

I'm inclined to agree
Glimmer of hope crushed
Zero entitlement as no. of barrels did not surpass base threshold
Back to "incompetent bunch of scoundrels" mode

Accounts still not showing at Companies House despite having been signed off and made publically available 10 days ago.