Sirius Petroleum Share Discussion Threads

[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'

[htrocka2] 06/2/2025 10:04

They're working together.....(but not on our fields)

[htrocka2] 05/2/2025 13:27

We don't know how far this is 'down the line'.


from the AR
'The new FDP reflects the updated field data and sub-surface study undertaken during 2024 ...... for the planned new well programme during 2025-2026.'

[htrocka2] 05/2/2025 10:59

Oliver.....We know what they don't do.

[oliversanvil] 05/2/2025 10:30

What do the board of directors actually do all day?

[vatnabrekk] 04/2/2025 23:08

Does anyone actually believe that before the AGM they are going to come with answers to the questions that Hellix put to them more than a month ago?

[14hugo] 04/2/2025 22:25

For some reason, and I’m not really sure why, I’m ever hopeful !
Surely SOMETHING has got to give ??

[riskybisky] 04/2/2025 22:04

And we're all reading it.why not?
We've all been mistreated and hope for some return

[1sonic] 04/2/2025 22:04

Even I’ve had enough of the waffle on here. No wonder Sherlock disappeared! All we want is a return on our investment!!!