Sirius Petroleum Share Discussion Threads

[rosso4u] 26/1/2025 00:46

"Please explain why you have turned positive again."



The Law article clearly states that newly promoted partner Elisabeth Moseley from MWE, the same who advised Sirius for OML 65 funding completion, has "recently played a pivotal role in the acquisition of interests in oil and gas blocks in Angola on behalf of an Africa-focused oil and gas development, production and exploration company."

Tende is listed. It fits perfectly with the goings-on in November. Feb call for AGM suggests to me that ANPG Gazette announcement is imminent.

The effective date of the SPA for Angola is 26 April 2022. 30 months of accruals from that date provides all the money needed to secure the 3 blocks. Two days later we see the Petropolymer loan agreement amendment with security assets added. This surely has to be the original $20m loan being upped to $50m, the security assets being the blocks having been legally guaranteed through MWE's Moseley.

pivotal : adjective : "of crucial importance in relation to the development or success of something else."


Becomes evident now why BoD have loaded themselves up with 707m share options exercisable under 1p. At average 0.5p, those options take on a value of £24m if share price hits 3.5p. These ppl are not clowns when it comes to finance. Just stay away from operatorship of anything O&G.

Dr Rosso - 14 Jan 2025 - 14:50:19 - 139088 Beginning of H2 2025 is our turning point.

[vatnabrekk] 25/1/2025 23:29

Even if they do manage to turn things around at OML65 in the latter part of this year that will not absolve them from the unacceptable way that they have misled the shareholders with ambiguous and conflicting information regarding production and revenue over the past two years. Whatever happens, they absolutely owe us an explanation for all of this.

[riskybisky] 25/1/2025 23:13

DocRosso,
Please explain why you have turned positive again.
Has something changed?

[htrocka2] 25/1/2025 18:49

good post rosso4u....so let me see if I've got this right...everything has been forward sold to get onto the Angola ladder. I can live with that. The only worry being is that I hope the share valuation by Dec '25 and Dec '26. is not based on the Mickey Mouse JP site.....but rather based on AIM market trading.

[swiz73] 25/1/2025 18:06

Just seen you've updated it.

[swiz73] 25/1/2025 15:11

Hi Doc. Am I reading that correctly, in that it suggests that Angola is completed?

[htrocka2] 25/1/2025 09:28

What are the requirements for due diligence?

'A due diligence check involves careful investigation of the economic, legal, fiscal and financial circumstances of a business or individual. This covers aspects such as sales figures, shareholder..'

What more do you want to know....I can see they've failed on at least three counts.

[bestdeal1] 24/1/2025 21:08

Shameless thieves is what they are, only real punishment is ….. well i’ll leave that to everyones own conscience.

[htrocka2] 24/1/2025 20:59

rosso4u....There is this curious paragraph in the 2022 Accounts that goes as follows...
(I've highlighted the relevant point)



'During the year the Company was delighted to announce that it and its JV partner in Angola, Somoil S.A., 'SIGNED' SPAs with Sonangol related to the proposed acquisition of non-operated participating interests in offshore producing blocks 18 and 31 and exploration block 27 from Sonangol. Blocks 18 and 31 are operated by Azule Energy, the combination of BP and ENI’s total Angola upstream interests, while Block 27 is operated by Sonangol.'

however...a minor detail that MUST be met before the sale can go through....and could be the sticking point in this case...

'A SPA also outlines due diligence periods, conditions that must be met before the sale, and what remediation is available if the product is damaged before the sale.'

(ref Investopedia)


The question being....was the DD successful?...or not.

[vatnabrekk] 24/1/2025 14:43

In my mind it would make sense for it to be an asset owned by Tende Angola Ltd, a 100% subsidiary of Tende Energy plc.

[chuffy1972] 24/1/2025 14:14

Im curious, if they are so close, as we are led to believe, where are they intending to register the Angolan asset. It been suggested the Dutch register KVK, but neither Etu or Tende have any relevant companies registered that would indicate this. If so close surely, forward thinking would dictate that a registered company be ready and waiting, if it's close.

Does anyone have a clue?

Could they possibly place it in Tende Angola UK, I doubt that would be ideal in the current climate.

So AGM in less than a month and still nothing to declare. It certainly doesn't feel like anything will change with this lot. Expect more rainbows, smoke and mirrors and good old pie in the sky BS, to avoid yet another huge disappointment.

[htrocka2] 24/1/2025 11:58

There has been no share movement with JP since July, the longest period in the company's history without a trade. To raise new funds by issuing more shares, the only people that would be interested in taking up this confetti for cash would be... a potential predator.

[rosso4u] 24/1/2025 10:49

Band of Brothers stuffing each other's pockets with unearned cash. Raiding the loan coffers for their own benefit. BoB acting like BoV (Board of Villains). Whilst this highly dubious practice is going on, shareholders roi steadfastly stuck at zero. Hardly surprising when some moron has signed a contract which provides zero income.

OML 65 "Immediate cash flow entitlement". "Producing c13k bopd". My ass.
No matter, grab $2m from the loan trough. Finance fees $16.7m, interest $3.4m. There's $20m down the spout. So what's an extra $2m here or there?

How are they paying off all this stuff?
Ans: A) Dish out an extra 700m shares, and B) take out a further high interest, high fees loan.

Report dated Dec 2023...
Current production at Abura is now running at c.13,000 bopd as a result of the optimisation of production facilities and infrastructure. Further workovers are programmed to be undertaken during the early part of 2024 to add additional incremental production.

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.


Outcome:
Production infill wells expected = 3
Production infill wells drilled = 0

13k bopd. Revenue to Tende = $0.

And they've awarded themselves bonuses for this total shambles.

[htrocka2] 24/1/2025 09:37

A small related item caught my eye......I wonder if the Tende/ETU Consortium were compelled to enter a 'competitive bidding process' for the Angolan Block percentages?.....as in the case below.


'A statement by the company’s Secretary, Mrs Ayotola Jagun, said this followed a competitive bidding process organised by the Angolan National Agency for Petroleum, Gas, and Biofuels..'

[pigmonster1] 24/1/2025 08:30

Absolutely RB
It's completely understandable to be skeptical of these individuals. We consistently observe a significant discrepancy between their statements and reality, akways to our detriment. What's most concerning is the immense suffering their harmful business practices have inflicted on shareholders.

Bod get some decent concrete news out, we have endured this disgusting behaviour to
long.

They never answer emails, I'm sure someone can relay the above to them.

" Get a bloody move on "

[aventador] 24/1/2025 07:43

Should create a new thread Tende Energy cash strapped and ready to fold.

[riskybisky] 23/1/2025 18:32

Yet the latest leaked (my ass) info / rumour still has some thinking it's all gonna be fine in a few weeks.

Gees! 😯
If only

People keep clinging onto latest 50m ... But did anyone give us it it yet?
No

[rosso4u] 23/1/2025 17:21

Loan fees are being paid for in newly issued shares confetti. Was the lender duped, like the rest of us, into thinking that all was going to plan on OML 65?
Over 700m dished out.

Oct 2023 Loan conversion. 403m shares issued at 0.4p

July 2023 $475,000 lender's fee saw the issue of 183m shares valued at the JPJ stabilised price of 2p

May 2023 $40k CLN fees paid for by issuing 4m shares at 1p

May 2023 CLN converted through issue of 120m new shares at 0.4p


2024 saw a modest release of 64m, again valued at 2p. 13m wrt fees, 51m for cash.
The latter brought in £1m, which I suspect was enough to get Omega off their backs.

[htrocka2] 23/1/2025 16:40

Omega released that the re-list promise was waffle....especially after they kept pumping out more millions more shares that could only de-value the confetti they were palmed off with.

[vatnabrekk] 23/1/2025 15:57

Presumably Omega felt that they had been led down the garden path and took them to court over it.

[carrbradshaw] 23/1/2025 15:17

I believe so Olivers - everyone gone quiet