Sirius Petroleum Share Discussion Threads

[dr rosso] 18/1/2025 23:49

5.3bn shares currently in issue. Let's say the $50m lender wants a shedload, so call it 6bn.

BoD has set themselves a target of 3.6p by 31 Dec 2025 for them to be able to exercise 60m options at 0.25p. Hitting it gives a gain of £2m.

They must be confident that a re-listing will see a surge in the sp, with the market valuing Tende Energy at £216m. Well, with Nigeria ops fumbling their way through the first part of the year and prob worth no more than 1p on the sp, the rest has to come through Angola completed and Dubai polymer trading underway.

Get it done and, for the first time, justify a $2m remuneration package.


The Nov $50m loan facility is likely Petropolymer, having established extra security assets on 24 Oct., so it looks like commodity trading is set up through Tende Energy Ltd, Dubai. $10m worth of crude pm being retaken as refined product for wholesale in a highly lucrative market. Hopefully experienced trading professionals will manage the operation.

[vatnabrekk] 18/1/2025 22:58

No I absolutely don't think PP and Traf are stupid at all. But they are not putting their money into shares like we are. Traf is covered because they have the right to lift the oil produced from OML65, so whatever happens to COPDC-Tende, they are alright.

PP has a charge over all of Tende's assets and subsidiaries, so they are probably covered, but I can't see that Tende's assets will be worth very much if they don't manage to pull off the Angola acquisition. Unless PP have something going with Tende's mystery products subsidiary in Dubai, which is very possible.

Shareholders like you and I have no cover, as we come at the bottom of the food chain.

But...and I always come back to this...there are a lot of "big boys" holding huge quantities of shares in Tende, and I am sure they are not being taken for a ride by our BoD so I have some hope that if they know what they're doing, then we should end up OK by riding on their coat tails!

[rpat2] 18/1/2025 21:32

Vat what are the assets worth without Angola? Based on no cash on incremental production!!??

[rpat2] 18/1/2025 21:30

Exactly ! The loan provider can't be that stupid! Especially looking at the jurisdiction they are in which is rife with corruption

[vatnabrekk] 18/1/2025 20:48

As discussed a week or so back, I think it's a fair assumption that the mystery lender of the $50M is our old friend Petropolymer, and that would tie back rather nicely with the recent increase in the security charge over all of Tende's assets.

[aventador] 18/1/2025 20:24

Why can't these clowns just put us out of misery rather than dragging it out while rubbing our noses in it claiming fat salaries for zero progress??? Disgusting firm.

[htrocka2] 18/1/2025 20:17

It must be disconcerting to the lender of the $50m that no sooner than it's been granted that a percentage is creamed off into private bank accounts awarded to themselves as bonuses before any deal has been completed?....bonuses for what?.....That doesn't sound fair or honest to me.

[dr rosso] 18/1/2025 19:53

Racing certainty that Mr Lender knows full well that Angola is guaranteed, otherwise it's madness because basically, without Angola, the cruise ship has sunk. Having said that, $50m will be a facility from which tranches can be drawn down with approval to cover pressing requirements. No detail provided on the fee charged for setting it up, or for drawdowns.


As for the way business deals are being communicated, it's what they don't say that matters. Misleading through omission. Expected to do this, expected to do that. But certain conditions have to be met in order for the expectation to be fulfilled. We are never informed as to what these t&c are. Whatever hurdle(s) stands in the way of completion isn't overcome, consequently the proposed deal fades away, with no explanation given. Nobody here has a clue why Ke, Ororo, 119, 114, 109 all fell through. Or exactly why no oil revenue from OML 65. And how many know how this Etu-Tende consortium works?

As in "immediate cash-flow entitlement" from Abura, OML 65. Missing out the fact that entitlement is triggered only when the pre-agreed KPI targets are hit. Without knowing the main t&c in a contract, we are either left in the dark, or fed with brief statements which are highly misleading.

What is especially galling is the fact that D remuneration is awarded regardless of achievement. Excessive in circumstances when promises fade to nothing. Failure brings reward, year after year. Zero return for shareholders. Always zero, whilst the select few stuff their pockets. Pass GO, collect $2m.

Hoping, post-Angola, that an Incoming Major Investment Group appears on the scene. First step needs to be a clean sweep of the Board.

[14hugo] 18/1/2025 19:35

I’m hearing from a private source that Angola is due to happen before AGM….. followed by Re-list .
Who knows…. Still anyone’s guess in MY book.
No outfit is going to invest 50 million to expect 51 million back…… it’s got to be bigger profit/return than that…. Why else would they invest ? Answers on a postcard please !

[bestdeal1] 18/1/2025 19:09

You’ll get zero answers from this mob unless they are answers they want you to hear

[oliversanvil] 18/1/2025 18:45

Can someone tell me where the money for their hard work --oh i can not be bothered anymore.

[vatnabrekk] 18/1/2025 18:14

Question is, when they signed the OML65 contract, did they understand that if they didn't maintain production of at least 10,500 bpd they would receive zero payments. If they didn't realise that, then they are incompetent, and if they did realise that then they have lied to us, or at best seriously misled us.

Either way, it's not good!

But of course we are still waiting for answers to the questions that have been put to them, and we don't yet know what sort of surprises that may reveal.

[htrocka2] 18/1/2025 17:46

'The November $50m short-term rescue act must surely be the end of the line for all this loan-shuffling nonsense, and that particular lender is risking all on Angola coming through'

I doubt people with that sort of money take risks....This lot have signed up to a back-up. Plan 'B'.......what ever that is.

[bestdeal1] 18/1/2025 16:33

So basically they are self serving lying scum?

[rpat2] 18/1/2025 16:27

You would think the loan instalment releases are being also signed of by TRAF , I seriously doubt they would continue to release funding and not assess the income comming in via oil as that is there main interest. We have to be missing something!

[vatnabrekk] 18/1/2025 15:53

Peter will soon get fed up being robbed to pay his mate Paul!
The whole thing's a mess!

[dr rosso] 18/1/2025 15:16

The loan instalment payments are being made by taking out further loans, all of which add extra huge fees ($16m in 2023 alone), costs and interest. Rather like private individuals' credit card debts spiralling out of control. The November $50m short-term rescue act must surely be the end of the line for all this loan-shuffling nonsense, and that particular lender is risking all on Angola coming through, along with 90% of the ATOG portfolio being sold to Perenco. Without those two, and no commencement of Abura AWP, the Feb agm is going to be grim. But keep on taking those salaries, boys. Incompetence brings its reward.

[vatnabrekk] 18/1/2025 14:39

And to think that this "transformational" payment system was devised to ensure that the contractors would get paid for their work and that NNPC wouldn't be able to hold back on payments any more.

So how is that working for you guys?

Well, it seems that after two years of hard work managing the oilfield on behalf of the licence holder NNPC, and after drawing down loans of several $millions and getting into debt, the COPDC-Tende consortium has received zero revenue and zero payments to enable them to make any loan instalment repayments, while NNPC (or someone) has managed to squirrel away all of the proceeds from the sale of the oil, AGAIN!!

[dr rosso] 18/1/2025 13:36

The complexities of KPI. If only these KPI targets were matched to salaries. Credit due for bringing in the twin funding package of $215m, followed by $661m. FTSA t&c should mean Abura cash flow from H2 2025 when the first infill production well gets drilled. Perhaps that, with Angola, will spike the share price towards the 3.6p Dec 2025 target which puts 60m options, exercisable at 0.25p, in the money.


To date, Tende/COPDC have succeeded in LOWERING Abura field production from base, hence targets not met, hence zero income. Same should apply to BoD remuneration. Instead they've helped themselves to around $4m for the period of operatorship, paid for out of Trafigura loan money. NEPL rakes in around $400m from 6.5m barrels, so see it as a 1% brucie bonus for lining someone else's pocket.

[vatnabrekk] 18/1/2025 13:18

"where is the money going?"

The money is going to the licence holder, NNPC, because production is below the base line of 10,500 and it seems that COPDC don't get paid anything until production reaches 10,500.

That is what the good Doctor is telling us.

[htrocka2] 18/1/2025 12:58

Dr...even 8,000 a day (Say) $70 a barrel equals 560,000 p/day...times 365 days per year comes to well over $200m a year......where is the money going?

[dr rosso] 18/1/2025 12:52

Onwards to 2024
"Drilling of New Production Infill Wells

The operational team is finalising the overall work scope planned for the Abura drilling programme for 2024. Drilling of the first two of the new production infill wells focused on established horizons is expected to spud during Q2 2024 and the second in H2 2024, in line with the 2024 programme. These are expected to add a further 4,000 bopd of gross production from the Abura field. A third new infill well is also expected to spud during H2 and this target will be assessed as part of the ongoing appraisal of the Abura field as the team builds on its knowledge base through each new well."

Nice work, good positive optimistic stuff. Except, couched in "expected to", that none of this is true. The AWP Phase 1 Abura drilling prog never got started. At Jan 2025 it still hasn't begun. They are atm putting together a new FDP and will submit it for approval. 2024 was given over to a series of workovers on 3 of the 15 existing production wells on the field.

AR 2023 Page 15
"Following on from the planning work in 2023, which was completed in 1Q 2024, rigless workovers were conducted on the 8L and 11L wells in 2Q 2024.

Abura 8L was re-entered to a total depth of 11,120ft targeting the 5AB4 reservoir. A linked gun was positioned to perforate the targeted formation. The formation was successfully perforated and initially tested, flowing at over 1,000 bbls/d to surface for over 24 hours. The operational team then proceeded to install sand screens which stopped the hydrocarbons flowing from the 5AB4 reservoir. In light of this it was concluded that Abura 8L will be worked over to a shallower zone during 2025. The 5AB4 reservoir will be scheduled for an up-dip in-fill well based on the Field Development Plan studies carried out
during the period.

Abura 11L was re-entered to a total depth of 11,890ft targeting the 1AB1 reservoir, the shallowest undeveloped reservoir in the AB1 group. Following the successful perforation at 11,890ft pressure levels were confirmed; however, on retraction of the perforation gun, work was halted at 11,454ft due to wire line failure. The reservoir potential has been confirmed and a rig is required to complete the workover.

Abura 4L was drilled to a depth of 11,887ftss (12,779ft MD). 4L Producing interval- 2AB4: 10,181-10,185ftss (10,922- 10,926 ft MD). OML 65 operations team ran a Gyro to acquire deviation data for studies. Abura Well 4L Job was completed and SCSSV was re-installed and handed over to NEPL Production team and is now flowing to OML 34 Processing Facility."

From the above we can see that only Abura 4 is a success. This allows Tende to release a production figure of 10,040 in the AR signed off on 30 June 2023. As with the previous year's 13k, this may well be another spike, rather than continuous flow.

Because of the lack of commencement of the AWP Drilling Prog consisting of 9 infill production wells, the KPI targets for incremental production are not met. Whilst NEPL will get the benefits of 3.5m barrels produced, Tende/COPDC will receive no oil revenue income for the whole of 2024.

Tende's 2 representatives were Martin Richards and Philip Day, respectively Subsurface Consultant and Drilling Supervisor. Both of these qualified personnel have now left a Project which has floundered over two years. Tende recommendations going unheeded, having resort to "low-hanging fruit" which turned out to be unproductive. Reports indicate that the COPDC/NEPL partnership has been antagonistic, under-performing, with high cost overruns. Tende is copping for this with high interest charges on the Trafigura drawdowns and, of course, no income whatsoever. The July 2023 Presentation portrays a promising outlook. Unfortunately it completely omits the KPI which related to the Abura AWP.

Consequently a massive loss of $48m declared for 2023 and an equally staggering $85m debt to Trafigura.


In the meantime the Tende BoD, misrepresenting the true picture, awards itself over $2m p.a., including bonuses.