Sirius Petroleum Share Discussion Threads

[oliversanvil] 23/1/2025 13:31

Could it be that a deal is in the last round and has ordered a total shutdown on Board communication until news is announced?

[riskybisky] 23/1/2025 13:24

SIRIUS PETROLEUM -

"CASHED UP AND READY TO ROLL" my ass!


swimming in debt and ready to fold

[vatnabrekk] 23/1/2025 13:06

There has to be a reason why these people are still willing to buy shares in this company.

[rosso4u] 23/1/2025 12:58

Further issuance of shares to third parties also brings in cash (to pay themselves).

[htrocka2] 23/1/2025 12:49

We're not swimming in oil...we're swimming in an ocean of debt. Man the life rafts, get what you can while you can. This cruise ship is barely afloat.

[vatnabrekk] 23/1/2025 11:24

Astounding!

[dr rosso] 23/1/2025 11:06

Here's Ponzi Jo's version of events. No income, so $2m BoD loan-shuffler remuneration each year comes from within. All "repayments" below come out of further loans. Note the fees + interest. Oil? pmsl.

Non-convertible loans
"During the year the Group received short term non-convertible loans from third parties of $40,525,000 net of loan fees of $475,000, (2022: $522,000 with no fees) were received and interest of $3,455,000 was recognised (2022 $Nil). $8,500,000
of these loans were repaid (2022: $479,000) and foreign exchange of $Nil (2022: ($43,000)) was recognised in the year. Additionally, 182,882,115 new ordinary fee shares were issued at a market value of $4,648,000 (GBP £3,658,000), in connection with the loans. Mezzanine loans of $13,034,000 net of loan fees of $266,000 were received in 2022. The loan fees are amortised over the period of the loan giving an effective interest rate of 19.43%. The loans are repayable over five years. Interest of $3,717,000 (2022: $874,000) was recognised in the year.
During the year ended 31 December 2022 the Group signed a facilities agreement with Trafigura PTE Limited for up to $200m to be utilised in respect of OML65 activities. The Group drew down $10,000,000 of this facility in 2022 year on
which costs of $834,000 were deducted. The costs are amortised over the period of the loan resulting in an effective interest rate of 20.24% being applied. The loan was repayable over a period of 2.5 years commencing from June 2023. In 2023 the
terms of the loan were renegotiated with repayments now due in 11 quarterly instalments commencing in March 2024. A further $25,000,000 was drawn down in the year with no costs. Interest of $3,339,000 (2022: $77,000) was recognised during the year and interest of $1,884,000 (2022: $Nil) was paid. The loan is secured against OML65 cashflows.
Various charges over the shares of certain subsidiaries of Tende Energy Plc, and Debt Service Reserve bank accounts have been registered as security for the Mezzanine and Trafigura loan. On acquisition of ATOG in June 2023, the Group acquired short term debt owing to Trafigura $34,548,000. Further amounts of £2,716,000 were drawn down in the year, interest of $2,338,000 were recognised and $3,980,000 was repaid. Additionally in 2022, interest of $106,000 was recognised on loans outstanding from 2021, and $4,171,000, of these loans were repaid. Foreign exchange movements of ($23,000) were recognised in the year ended 31 December 2022, leaving a balance of $8,957,000 outstanding, which was repaid in 2023."


Whose brilliant idea was it to repay the Traf $34m loan debt + interest + Tunisian opex $26m by producing 200 bopd of low-hanging workover fruit from ATOG's sole producing field Bir Ben Tartar? Add to this imbecility by drawing $35m, incurring costs + 20% interest, for OML 65 Abura and receiving no oil revenue for years 2023 and 2024. "The loan is secured against OML65 cashflows" ... uh? Outcome $86m debt by end-2023.What to do? Ah yes, bring in the next loan, this time $50m. What kind of business model is this? Then pay yourselves $2m p.a. for this stupidity. Utter incompetence.

[htrocka2] 23/1/2025 09:46

Years ago I bought into Robert Maxwell...and he had this policy of rotating banks to access loans, ie, robbing Peter to Pay Paul. Banks are always interested in what you propose to due with the money that gives them an investment insight...However, the people behind these banks were known to each other and when they realised that the majority of the loans were for paying wages and paying off previous loans......they pulled plug.

[vatnabrekk] 22/1/2025 22:34

Yes bestdeal, I see you got the reply I was expecting!

[vatnabrekk] 22/1/2025 20:36

I sent the BoD an email before Christmas asking for clarification regarding the ambiguity about the production figures and the lack of revenue, but no reply so far.

TBH I would have thought that any self respecting BoD would have clarified those issues without being asked!

[aventador] 22/1/2025 19:11

One big shambles

[vatnabrekk] 22/1/2025 16:19

Yep, they can't take our dreams away from us!

[oliversanvil] 22/1/2025 14:53

That,s more like it!

[dr rosso] 22/1/2025 13:52

Delighted to be told that Angola had actually completed in late-Nov, upon which 10k bopd production was heading to the refinery, and the refined product trading operation in the multi-billion dollar polymer market had commemced. The Tunisia sale was slated for end-Feb, and OML 65 cash flow had started due to the success of the first drill. BoD had stepped down, replaced by ppl chosen by the big new incoming investment group. A newly producing Namibia asset was acquired last month. Tende was now raking in straight cash of $25m per month and was due to be listed in April at 6p on a £320m mcap. Kuti departing stage on an elephant, trumpets blaring, adulation from agm attendees.




Then I woke up.

[htrocka2] 22/1/2025 11:47

I found an old headline.

With our debt burden, I hope it doesn't apply to us. It tends to suggest that reliance on accruals for funding is a non starter...and implies that all payments to be made upfront prior to access of accruals.

[htrocka2] 22/1/2025 09:13

Related item..





' Around $150 million gross (Net: $39 million)1, including life extension costs, was invested in 2024 in the asset redevelopment plan. Gross investment to increase to around $180 million (Net: $54 million)2 in 2025 to continue to underpin our long-term production outlook.'


You can tell the difference in management styles....Afentra would have had enough cash resources to hang onto and complete the Cosmos operation...whereas...this crew ran out of cash and had to sell it.

[htrocka2] 21/1/2025 22:11

My theory, for what its worth' is that the 'chickens have come home to roost'...they have to either reduce or eradicate their debt before they're allowed to.... borrow more money.

[htrocka2] 21/1/2025 13:40

It's the same elsewhere....a copy and paste from a poster who believes his ships has turned...(In which I also have an interest)...



'''Well I've bought back in, after first buying 15 years ago then sitting on the sidelines ever since... this time it's different'

[aventador] 21/1/2025 10:41

Did seem like a Ponzi scheme everyone ramping it and selling out on a high, bit like tstr back in the day luckily got out of that one shame I bought back into this after selling once on a spike for a small profit!!! Blame the usual ppl ramping for that it dropped to near zero after!!