Sirius Petroleum Share Discussion Threads

[rosso4u] 04/2/2025 09:36

And they'll likely tell you of their full intention to re-list in the forthcoming year. Just like they told you in 2021

and 2022

and 2023

and 2024


Don't trust a single word from this hapless bunch, especially if that word happens to be intend, hope or expect.

[vatnabrekk] 04/2/2025 09:00

Ask them at the AGM.

[rosso4u] 03/2/2025 23:16

Global experts in hot air production and lining their own pockets for one failure after another. About time, for the first time, something of value gets pulled off. Let's be seeing Angola bagged, polymer trading underway, and shareholders having access to their money. Only then do you see appropriate remuneration.

[htrocka2] 03/2/2025 22:25

Ask them what method did they commit to in the up-dated Field Development Plan,(my bet is it's steam.)

[rosso4u] 03/2/2025 21:55

Quite so. Spare a thought for all the Sirius/Tende investors who have died through the long period of mismanagement and false promises here whilst all the time this unscrupulous BoV have been helping themselves to millions.

Chris Neal held 30m share options, at 1.125p (page 23 AR y/e Dec 2018.) Part of the mass award for Ororo. BoV hit the depths when these lowlifes redistributed those options amongst themselves after he died.
One wonders if they swiped his $22k salary too.

Page 21 AR y/e Dec 2021 reveals what happened. They supposedly "cancelled" the Ororo award, but the same number of options re-appeared, this time at 0.5p, ostensibly for taking ATOG, Neal's portion finishing up in other hands.

Have no doubt as to the character of the ppl here who are running this show

[vatnabrekk] 03/2/2025 19:20

Doc, regardless of what prospects may or may not lie ahead, none of that can detract from the atrocious way that they are treating their small private shareholders ie with contempt. There is no excuse for it and it is totally unnecessary.

Whether they manage to turn the OML65 wreck around or not, and whether they make a fortune from polyethylene or not, they need to be held to account for the mess that they seem to have made at OML65, and they most certainly need to explain why no revenue has been received for 2023 and probably most of 2024.

So let's not start thinking if they can show us a pot of gold at the end of the rainbow then all will be forgiven!

[primroselil] 03/2/2025 18:59

Ah yes, thanks Vat

[vatnabrekk] 03/2/2025 18:51

Primroselil, no still there, try helix_22.

[vatnabrekk] 03/2/2025 18:47

GloucesterBoy, yes I have seen the list, I wrote a chunk of them!

[vatnabrekk] 03/2/2025 18:45

Seattle, no I won't be attending the AGM. From where I live that would involve at least 2 days travel plus hotels etc. It's just not viable at the moment.

[primroselil] 03/2/2025 18:42

Is it me or have Helix's posts disappeared?

[dr rosso] 03/2/2025 18:35

Ppl need to be focusing on the other end of the chain. Look beyond the ongoing issues wrt supply of crude. Think polyethylene. Far more lucrative than selling oil, trading in the huge market for polymers is the potential success story for Tende provided that they engage ppl competent enough to manage the operation.

Everything here is very much hidden. Virtually no info released about what's going on in Dubai. There are links with DP World and Arcadia Energy wrt storage, and to Petropolymer for wholesale trading of refined product.

Disgraceful and incompetent our BoV may be over Nigeria but let's not get too bogged down with supply issues. Get Angola done, get trading, get listed or taken over.

[gloucesterboy] 03/2/2025 18:23

Hi Vat, have you seen the list of questions being put by Barnabas Pimentel in his email dated 1st Feb? It’s very comprehensive?

[seattle slew] 03/2/2025 17:53

Vat will you be attending the AGM? maybe you can organise it all to make sure the points are put across correctly?

[vatnabrekk] 03/2/2025 12:46

Might be an idea if there was a list of questions organised for all to follow, so that if one person gets mauled by the BoD, the others can jump in. Show solidarity, in other words.

[vatnabrekk] 03/2/2025 10:45

So what's the plan for the AGM?

[htrocka2] 03/2/2025 10:20

Maybe off loading the Tunisia complex was a shrewd move?

[bestdeal1] 02/2/2025 21:12

On the other hand, they have paid themselves millions, so not entirely gone wrong from their selfish perspective!!

[htrocka2] 02/2/2025 18:40

vat....There were costs to set the operation up. The 70% partners are refered to as 'Non Controlling interests'. The costs for 2021 were...

Buying into the deal..........$5.422m
Losses incurred by 'Partners'..$2.73m

for y/e 2022..as follows..

Further Tende Investment......$8.152m
70% Partners Investment.......$8.972m

Total costs so far upto y/e 2023....$17.123m

The bottom line......There's no profit on the deal yet. It's all money going put.(It's called 'Investment')




'Although only 30% of the shareholding was acquired, Tende has control over the Company as it has control over the decision making process through its right to appoint directors. Therefore, the financial statements for CPD Development Company Ltd, and its subsidiaries, are consolidated in full, and the 70% share of losses are classified as a non- controlling interest.'


The movement in the non-controlling interest reserve is shown below:
Reconciliation of Non-controlling interests
At 31 December 2021 -

On acquisition of a 30% shareholding in COPDC Non-controlling interest share of losses
At 31 December 2022
Non-controlling interest share of losses

At 31 December 2023 (17,123,000)



'...regarding the further development of the OML 65 licence, onshore Nigeria. The acquisition has been treated as an asset acquisition with an intangible asset arising on acquisition in respect of the service agreement. This will be amortised over the life of the agreement from commencement of revenues and the remaining amortisation period is 14.5 years (2022: 15.5 years). This has been assessed for impairment using forecast cashflows over the next 8 years, using a 10% discount rate, which shows no impairment is necessary.'



Its all in the latest AR...


As can be seen from the costs booked against the field, ..are increasing.I'm of the opinion that not all has gone to plan, hence the request for an updated Field Development Plan.The Nigerian Government want's the problem of declining oil reserves reversed. This could be the reason why 'The Big' boys are selling up and pulling out. 71% of the oil Left in the ground in Nigeria has been classified as 'Heavy'. That incurs increased extraction costs, hence less profit for companies. 'Yes' it needs to be sorted...but for Tende?....hardly an entry point for a non-proven minnow swimming around blind in a shark pool.

[vatnabrekk] 02/2/2025 15:01

If you're right HT that the 8,000 relates to only a specific area at Abura , and that's a fair analysis of the wording, then why is there zero revenue in the accounts for the whole of 2023? That suggests that overall they didn't reach the critical level average of 10,500 per day overall, which was the starting point.

See rosso's post above 139333.

[htrocka2] 02/2/2025 14:37

vat...read it carefully, try not to jump to conclusion....If I remember correctly, there are about 59 wells on the Aburu Field, some are no longer producing anything and have been abandoned while others, ie; a cluster, that are producing 8,000, has been chosen as the target area for the revised upgraded Field Deveoplment Plan...that as yet, is still to be approved...(there are about four different ways of getting the heavier oil to surface, steam being one option) (The 8,000 bopd, refers to a local group of wells....not the whole field.)



from the AR
'...initially identifying the well targets on the Abura field where average daily production was 8,000 bbl during 2023..

(They're talking about targeting drilling spot(s) around a specific local area where 8,000 bopd is being produced)


'Current production at Abura(THAT'S FOR THE WHOLE FIELD) 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.'



I just believe the whole communique is poorly worded.