Sirius Petroleum Share Discussion Threads

[htrocka2] 08/1/2025 08:58

Dr.....In your opinion.....what benefits are the options to the bod if they don't relist?

[aventador] 08/1/2025 07:14

Its a bankrupt con job.
It will be a miracle to see any thing back here now.

[htrocka2] 07/1/2025 19:47

Dr...good post..I my opinion. the acceptance of 420m shares in leu of payment would only be of interest and give more ammunition to a predator....and the 707m share options is a total red herring....as in the case of the Tunisian deal.If they fail to meet targets...this will be their last year.




'24 months after completion of ATOG
Grant date
08-Dec-20, 485,000,000 Options at 0.5p'...(now lapsed)....




(ps....not mention that between y/e 2020 and 2023 an extra 1bn shares were issued.....in return for a bigger shovel to dig a deeper hole))

[dr rosso] 07/1/2025 18:09

AR page 53 sums up what is going on.

No income from Nigeria (with no explanation offered) and the Tunisia $9m cargo wiped out instantly by costs. Everything comes down to loans, $68m taken in 2023 making a total of $85m outstanding to Trafigura.

Take a closer look and you see the debts piling up, spiralling out of control. The 2020 convertible loan, at 12% interest p.a., meant over $1m added to the original $1.5m. Setted through the issue of 420m shares. Finance fees alone for 2023 totted up to $16.7m. Every drawdown attracts fees, $837k for the first $10m tranche for OML 65. On top of all this, they chose to take on ATOG's $34m debt to Trafigura. Then chuck in another $2.3m of COPDC's debt. This is madness.

Our finance gurus are paying themselves $2.2m for juggling debt repayments, so adding to the pile. But not only that, they shelter themselves by mounting up 707 m share options for themselves whilst the rest of us, unable to add at low cost, suffer greatly from the ongoing dilution.

Add management incompetence at the asset operation level to the loan/debt spiral, and its a merry-go-round of robbing Peter to pay Paul. This apology of an O&G outfit stands on the brink. Angola completion and Tunisia sale will stave off execution, and hopefully we'll see a brand new team take things forward.

Btw, the OML 65 debacle turned out pretty much as what I described several months ago ie that COPDC, having booted Tende off any kind of role other than handing over finance, was not managing Abura at all well.

[htrocka2] 07/1/2025 13:04

'Why would anyone in their right mind who has the same visibility of the history of this companys fails as us shareholders, loan these rogues £50 let alone £50 million. It makes no sense to me at all.'


Try not to forget where all this started....and keep your eyes on the prize.

If this is going down the same road, then 30% of COPDC for $50m.....is a snip....Let's hope Tende manages to hang onto it.

[htrocka2] 07/1/2025 09:56

'No mention of relisting'


Believe it or not....that's not a good sign....The latest 'Charge' indicates that the shares now belong to the lender of the $50m, who, you would think, would be more than happy to re-list so as to recoup their 'investment'....However, clauses must be in place to suggest a re-payment time-line. Should Tende default on this time line and apply for a revision of the terms or an extension then the lender could decline and be within their rights to pounce on the asset that's been secured against the loan....presumably this asset, the only one they have left is Tende's 30% holding in COPDC....which may end up going down the same road as the Tunisian operation...ie, sold to pay off debts. The option to Re-list is no longer the prerogative on Tende. In any event, with current production rates at ABURU.....it'll take more than a year to repay the loan and cancel the Charge. The dilemma here of course...now that they no longer own the shares....will the borrowing entity allow Tende to print more shares during this period ...thereby diluting their holding....I doubt it.

[gloucesterboy] 07/1/2025 09:13

No mention of relisting

[bestdeal1] 07/1/2025 06:08

Why would anyone in their right mind who has the same visibility of the history of this companys fails as us shareholders, loan these rogues £50 let alone £50 million. It makes no sense to me at all.

Are they really that good a snake oil salesmen?

[vatnabrekk] 06/1/2025 22:49

So this explains why PP required additional security, because they were giving Tende an additional $50M loan to keep the lights on.

PP now has a charge over all of Tende's Group assets which includes their subsidiaries.

And if Tende fail to pay an instalment on the due date, PP can grab everything, leaving shareholders with zero.

Or have I got this all wrong? Am I being ridiculously pessimistic? Perhaps someone with greater legal knowledge will put me right if I am wrong.

[1sonic] 06/1/2025 22:31

4 years ago today my friend Chris died holding 13 million shares! Held them for 6 years before his death!!!

Just a reminder who believed and fell!

God Bless Chris…

Think he used to post as Jamie40… it’s been so long I can’t even remember his actual posting name.

[htrocka2] 06/1/2025 21:43

CHARGE 0009. 'Additional Supplemental Security Agreement'..Created on Oct.24/ 2024,between Tende and Petropolymer Int,Trading LLC... delivered to Company House on 28th . Tende announces on November 24/ 2024... 'The Group secured an Secured Loan funding upto $50m"

Can we conclude that PP supplied the $50m...ie a 'Secured' loan. Secured against what?

[rpat2] 06/1/2025 18:51

750k and the rest every other year !!and what do shareholders have for the wait all these years !!!

[heliman2] 06/1/2025 17:01

Yes, they are not for the squeamish!
BOBO total remuneration inc living cost contribution 750k!!

[htrocka2] 06/1/2025 15:03

cheers heliman2..Looks like another year down the pan.$26m of debt accumulated(with valid accompanying reasons) The usual $2.68m in salaries..All we've got look forward to this year is the Angola outcome.zzzzzzz

Who ever loaned them the $50m are going to want that back...with interest...I'm scratching my head as to how they expect to do this......more borrowing perhaps....that's how Robert Maxwell use to operate.

[heliman2] 06/1/2025 13:56

Accounts are up on Companies house

[1sonic] 04/1/2025 20:58

HT. the AR was out on the tende website before Christmas

[htrocka2] 04/1/2025 20:36

The AR comes out Monday week.I know from experience that the bod casts the occasional eye on his thread. Just post your questions on this thread.... and I'm sure they'll be addressed within the oncoming AR.

[vatnabrekk] 04/1/2025 19:23

The more people who contribute to this, the more chance we have of getting some answers.

[oliversanvil] 04/1/2025 19:09

Hanging upside down in the wardrobe !

[primroselil] 04/1/2025 18:50

How do you sleep at night?

[helix_22] 04/1/2025 18:22

What question would you want to put to the board? I'm compiling a list to send them from the group of shareholders that has been formed.

If you would like to join the shareholder group please fill in this google form and join the 70+ others who have already filled it in: