Sirius Petroleum Share Discussion Threads

[htrocka2] 09/2/2025 09:14

Dr...Twice the company refers to the Tunisia situation as ' de-risking' as opposed to 'di-vestment'....There is a subtle difference. I wonder if was a re-action to the Trafigura fraud debacle that help push them into the 'de-risking' strategy.?



What is Divesting?
Divesting is the act of a company selling off an asset. While divesting may refer to the sale of any asset, it is most commonly used in the context of selling a non-core business unit.

Having been involved with and raised millions against Tunisia since June 2021...I'd hardly call it 'Non-Core"
(Maybe, as a result of the Nigeria operation falling short of expectation Trafigura pulled the plug on this one?)

The need to raise $1.377m , last Sept, for cash (note..in dollars) added to the need to re-post the 'material uncertainty' reference in the 'going concern' section of the AR...looks like a 'red flag'.

[brian helicopter] 08/2/2025 19:42

So it appears as if Perenco is still in the picture? Would this include BBT or is Larssen keeping the onshore? And any idea of what Tende's production is now after the workovers? How long would it take to get Government approval for the sale?

[vatnabrekk] 08/2/2025 17:53

This seems to be getting worse by the day!
So why are all these wealthy people investing in Tende energy plc? The plot thickens!
Are we likely to get a 2024 year-end update any time soon?

[chuffy1972] 08/2/2025 16:56

It's seems the Modus operandi of this company full stop.

Conveniently they chase rainbows that eventually amount to ZILCH. Abit of shuffling here and there and hey presto another year fly's by, huge salaries bagged...rinse repeat.

There is no evidence to the contrary apart from the fantasy world that these individuals inhabit.

Any decent factual win or evidence, that this could be realistically relisted, is clearly not something they want to happen. Control would be relinquished and company business, scrutinised by the stock exchange

[dr rosso] 08/2/2025 16:10

Believe whatever you want to believe but over the last 2 days, contacts in ATOG, ETAP and ENI are all saying that they have no knowledge of a proposed sale of ATOG's Tunisian assets portfolio by Tende Energy PLC to a third party. They are aware of Tende disposing of its 5% stake in the onshore Adam field back to ENI. But that's all.



In stark contrast to these statements in the Tende Energy AR...

"Whilst significant progress has been made since acquiring 100% of the ATOG Group, there were a number of fundamental areas that needed addressing to enable its sustainability in the near term. Post the year end the Company chose to de-risk its
exposure to substantial planned 2025 expenditure of almost $190m, ($17m at BBT, $145m at Cosmos and $27m at Maamoura), and in November 2024, signed a Sale and Purchase Agreement (“SPA”) that is subject to the usual Tunisian governmental and regulatory approvals."

"Agreement for the acquisition of the 90% shareholding in ATOG. Post the year end, a decision was made to divest this holding to a third party."

"Following the signing of the Sale and Purchase Agreement (“SPA”) with a strategic investor in ATOG Group, the Company will have de-risked its Tunisian portfolio......and has now
a remaining royalty agreement in place"





Confirmed just now.
ETAP is not aware of any proposed sale of ATOG nor who the prospective purchaser is.


Why do I get the impression that Tende Energy operates in some kind of Alice in Wonderland fairytale world where nothing is what it seems and nothing comes off? Do they make it all up?

[htrocka2] 08/2/2025 10:22

Just a quick look at the Results will tell you that they're nothing more than 'bean-counters'...shoveling and blinding us with numbers around all day long, disguising the truth, each year hoping to pacify us with different answers....and collecting a salary in the process.

'In George Orwell's novel 1984, "2 + 2 = 5" symbolizes the power of authoritarian regimes to control thought and manipulate truth.'

[brianbl] 07/2/2025 23:22

Or do we only still exist for their benefit? That's the worry.

[htrocka2] 07/2/2025 16:01

Dr... As the saying goes...

'If it looks like a duck, walks like a duck and quacks like a duck...then it must be a duck'


If they act like bankers, talk like bankers, pay themselves bonuses like bankers....then they must be bankers.....(masquerading as oil executives)....(If I wanted to invest in a bank. I would have chosen Barclays...not Sirius Petroleum)

[vatnabrekk] 07/2/2025 13:51

It really is very frustrating!

[htrocka2] 07/2/2025 12:14

Bonuses
Bonuses paid in 2023 were in respect of a bonus scheme set up for 2023, in respect of personal performance and achieving specified objectives. These bonuses are unpaid at the time of signing the accounts. Bonuses paid in 2022 are shown in the table above which include an additional service payment to executive directors on the successful completion of the OML65 transaction in November 2022. These payments recognise the accumulated length of service to the Company and compensate for the discounted salaries, relative to market averages, that the executive directors have been paid since their respective appointments.


£930,454....has been paid as 'discounted salaries'....for doing what?...(the 2023 bonuses were stuck into the accruals....until the next fund raise)


from the AR
'While the group currently has sufficient cash flow to meet its obligations as they fall due within the next 12 months, its ability to continue as a going concern beyond that is dependent on the successful execution of future projects and its ability to raise additional funds as required to either settle existing obligations or fund its projects. These conditions indicate the existence of a material uncertainty that may place greater doubt on the group's ability to continue as a going concern.'


(This is their Modus Operandi....find a project, hook a punter to deposit cash towards the deal...and cream off against salaries as they go along...the conclusion of the deal is irrelevant as long as the salaries get paid...... we've seen many times before...The MINA case come to mind)

[htrocka2] 07/2/2025 10:02

O/T

If the cut and paste article below is anything to go by, we shouldn't get too exited and believe all the hype that goes with the Angola deal...



Corcel's Angola portfolio consists of interests in three licences:
· KON - 16 Operated - 55% working interest - 49.5% net to CRCL
· KON - 11 Non-Operated - 20% working interest - 18% net to CRCL
· KON - 12 Non-Operated - 25% working interest - 22.5% net to CRCL

CORCEL ...With the above interests in Angola licences(that TENDE can only dream of)....CORCEL has a Market Cap of £5m.

[astralvision] 07/2/2025 08:39

Interesting info Dr R. Have to agree, it don’t make any sense.
Firstly I’ve wondered why Tende detail $27m
Cap ex on Maamoura for 2025 when, as far as I know, they’ve never mentioned it before let alone said we own it and are planning cap ex on it. Was that perhaps a slip up in the AR?
Now you’re info says Tende have Maamoura and presumably bought or have got the right to use the Tazarka treatment plant, as without that Maamoura is useless. We know from your previous info that Tende were trying to buy Tazarka. Maybe this way, by buying Maamoura, Tende achieve their objectives re Tazarka which can then be used for Cosmos oil.
Maybe bringing this package together, Cosmos, Maamoura & Tazarka makes it a much more attractive and therefore more valuable proposition for the incoming buyer.
As ever, any real detail hidden by our lot.

[aventador] 07/2/2025 08:06

Another week /month of tumble weed

[dr rosso] 06/2/2025 22:35

Developments in Tunisia.

Tende's 5% stake in the onshore Adam field has been sold to ENI. I'm told that, in return, ENI has sold to ATOG/Tende or the incoming purchaser (thought to be Perenco) the producing Maamoura oil/gas field adjacent to Cosmos and will flow the hydrocarbons into the Tazarka processing facility.


Unlikely imo that Tende Energy could be in a position to be buying the field but that is what the ENI employee is confirming. Maamoura oil and gas field has been acquired from ENI by Tende Energy.


[...]

htT p://abarrelfull.wikidot.com/baraka-oil-field


Page 5 AR "Post the year end the Company chose to de-risk its exposure to substantial planned 2025 expenditure of almost $190m, ($17m at BBT, $145m at Cosmos and $27m at Maamoura), and in November 2024, signed a Sale and Purchase Agreement (“SPA”) that is subject to the usual Tunisian
governmental and regulatory approvals."

This is not making sense. In effect selling Cosmos, buying Maamoura then cancelling $27m outlay.
Mind you, proposing to do something and actually doing it are two entirely different matters for Tende.

[bestdeal1] 06/2/2025 14:17

BoD = 💩

[htrocka2] 06/2/2025 13:56

'Therein lies our hope..' possibly re=phrase that bit...'Our hope.... in their lies'