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Share Name Share Symbol Market Type Share ISIN Share Description
Sirius Petroleum Plc LSE:SRSP London Ordinary Share GB00B03VVN93 ORD 0.25P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 0.40 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers -2.27 -0.09 15
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 0.40 GBX

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DateSubject
25/6/2021
09:20
Sirius Petroleum Daily Update: Sirius Petroleum Plc is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker SRSP. The last closing price for Sirius Petroleum was 0.40p.
Sirius Petroleum Plc has a 4 week average price of 0p and a 12 week average price of 0p.
The 1 year high share price is 0p while the 1 year low share price is currently 0p.
There are currently 3,689,299,651 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Sirius Petroleum Plc is £14,757,198.60.
23/6/2021
17:03
vatnabrekk: Bron, of course they never made a clear statement that they couldn't produce the collateral. Just read the RNSs going forward from the first one about the 109 deal and the RTO. Initially the loan of $42M was supposed to be made direct from the lender to SRSP's subsidiary, and that the loan would be secured on the services contract. Then a subsequent RNS explained that the lender wasn't happy with that and that they wanted the loan to be with SRSP itself, not the subsidiary. Clearly the lender didn't regard the services contract as sufficient collateral. We heard no more, so I think it's a fair assumption that SRSP couldn't produce the collateral. Not a surprise really, because what did SRSP have that would be sufficient collateral, apart from it's anticipated 40% share of Ororo? And we know what happened to that! Anyway, on what grounds do you claim that SRSP didn't need to suspend?
18/6/2021
22:33
htrocka2: Thought the following may relevant. The 'Subscription Agreement' that entitles SRSP to 40% of ATOG is preceded with the following phrase...'is subject to the satisfaction of certain conditions'.. Sounds simple enough...could be easily over-looked...yet take a look at the Sanleon/Decklar Subscription agreement.... The initial agreement took about nine months to put together and was amended at least once before being signed off. I can only imagine that SRSP and ATOG may have a similar arrangement. The implication being that these 'Subscription Agreements' can be profound and complicated....hence the duration. SanLeon/Decklar. Subscription Agreement San Leon has entered into a subscription agreement (the " Subscription Agreement") with Decklar. The Subscription Agreement entitles San Leon to purchase US$7,500,000 of 10% unsecured subordinated loan notes of Decklar (the " Loan Notes") and 1,764,706 ordinary shares of Decklar ( " Decklar Shares ") (representing 15% of the enlarged share capital of Decklar) for a cash consideration of US$7,500,000 and N1,764,706 (c. US$4,600), respectively. In addition, Decklar and San Leon have entered into an option agreement (the " Option Agreement") that, at San Leon's sole discretion, entitles San Leon to purchase an additional US$7,500,000 of Loan Notes (the " Option Loan Notes") and 2,521,008 Decklar Shares (representing an additional 15% of the enlarged share capital of Decklar, together with a gross-up of the original 15% so as to provide San Leon with a total of 30% of the enlarged share capital of Decklar) for a cash consideration of US$7,500,000 and N2,521,008 (c. US$6,500), respectively, at any time until the date that is forty-five (45) days after the well test results of the first development well on the Oza Oil Field have been delivered to San Leon. The Subscription Agreement provides for certain conditions precedent to be confirmed prior to finalising and issuing the Loan Notes and Decklar Shares, including entering into an agreed form of shareholders' agreement in respect of Decklar and the restructuring of certain historical indebtedness by the owner/operator of the Oza Oil Field, Millenium, to the satisfaction of San Leon at its sole discretion and the approval of the transaction contemplated by the Subscription Agreement by the TSX Venture Exchange. In addition, Millenium has entered into a non-binding term sheet with a local Nigerian bank and the trading subsidiary of a major oil company for up to US$33,000,000 in a five year term debt that provides a use of proceeds of US$22,000,000 to refinance existing debt of Millenium and US$11,000,000 for development activities on the Oza Oil Field, based on entering into a crude sales and purchase contract. Decklar is expected to provide a corporate guarantee as part of this US$33,000,000 term debt facility ( " Development Debt"). If San Leon subscribes for the Option Loan Notes then, together with the amount subscribed under the Loan Notes, upon completion these arrangements will represent new funding for Decklar of up to US$26,000,000. Concurrently with entering into the Subscription Agreement, San Leon has advanced US$750,000 as an initial deposit (the " Deposit ") with the release of the balance of the US$7,500,000 being subject to the satisfaction (or waiver) of the conditions precedent contained in the Subscription Agreement. In the event the transactions contemplated by the Subscription Agreement are not completed on or prior to September 30, 2020, Decklar will be required to repay the Deposit to San Leon within three months of that date. A further announcement will be made in relation to the completion of the Subscription Agreement. San Leon will be allocated one seat on the board of Decklar. Pending development of the Oza Oil Field, Decklar is yet to report meaningful financial information and, in the last audited accounts for the year ended 31 December 2019, it reported a profit before tax of nil and fixed assets of N267,440,000 (c. US$692,000). ....and all under the clause...'Conditions to be Satisfied.'(that also precedes the SRSP/ATOG 'Agreement') ps..I never expected this to be an easy 'walk in the park'(SRSP may even have to sell part of the 40% the deal to raise money required...just a thought)
09/6/2021
14:12
vatnabrekk: Only1, That's what I thought at first, but when I looked closer: 1. The statement in the accounts of Midco is announcing that on 11th May this year the directors of ATOG, their subsidiary, authorised the allotment of the shares to SRSP for 40% of the company. SRSP are getting 40% of ATOG, not Midco. But it doesn't state that the allotment has taken place, nor the issue. Just authorised at that stage. 2. The increase of 150 shares is an increase of Midco's share capital. But I'm not clear about the ATOG Midco's resolution for the allotment of 150 shares to SRSP as that certainly doesn't represent 40% of anything as far as I can see, and it refers to the second share subscription. 3. In the latest Confirmation Statement issued by ATOG on 21 March this year, the total shares issued stood at 777,600 shares, the same number as per the accounts at 31 December 2019.
03/6/2021
17:34
htrocka2: astra....Yes I acknowledge that the loans, taken out in Jan,'19, were paid back, I'm not disputing that fact....but it was paid back with a further $15m loan in August '19 later on in the year...however, the circa 80m shares issued for the loans as part of the deal.....remain with 'Wonga'.Hence, it's because of the shares 'wonga' have now obtained, that keeping the 'carrot' in place is in their interest.....and it does state....'remains available'. Subsequent events On 5 January 2019 the Group announced that it had agreed a convertible loan of up to £5 million, of which £1.75m has been drawn down to date and £3.25m remains available to draw down, on admission of the Group’s shares to AIM. On 21 January 2019, the Group announced a placing of 46,933,334 New Ordinary shares of 0.25p each at a price of 0.6 pence per Ordinary share raising gross proceeds of £281,600, and converted £240,000 of the European High Growth Opportunities Securitization Fund Convertible Note (announced on 15 January 2019) resulting in the issue of 7,272,727 New Ordinary shares at a price of 0.55 pence per share and 37,735,849 New Ordinary shares at a price of 0.53 pence per share. On 5 February 2019, the Group announced that a further £140,000 of the European High Growth Opportunities Securitization Fund Convertible Note had been converted resulting in the issue of 28,571,428 new ordinary shares at a price of 0.49 pence per share. On 21 February 2019, the Group announced the conversion of £50,000 of the European High Growth Opportunities Securitization Fund Convertible Note into 12,820,512 new ordinary shares at a price of 0.39 pence per share.
27/5/2021
17:20
captminion: cornishtrader1000 “the indicative price has not risen” similarly whilst listed on AIM the share price never rose a cent on receiving a long list of positive RSN’s. Obviously people made excuses for it, it’s all part of the transformational back room dealings. Clearing out, getting shares into the right hands etc. But the fact remains that they raised millions in capital after each and every RSN and the share price remained static ? But I agree the ATOG + OML65 news updates have done little to wet anyone’s appetite.
18/5/2021
20:28
vatnabrekk: Bron, I recall that in the 2018 accounts SRSP stated that they struck up a new relationship with Africa Finance Corporation for pan-Africa projects, although I have not seen an announcement of any funds being made available by them. So that could be one possible source of funds. The difficulty that SRSP has had all along was raising funding for the first part of any project i.e. about $10-$12M for Ororo up to First Oil. No-one was willing to lend them funds for that first stage because there was no certainty, not security, hence no collateral. That's why Wonga came into the frame at that time. However it seems that funding after First Oil wouldn't have been a problem, and Jean Craven of Barak had offered to lend $20M provided SRSP could achieve that milestone. SRSP would also have been able to secure funding from off take agreements. Of course, they never got there. But that problem wouldn't arise in the case of a farm-in, as evidenced by Jean Craven's willingness to lend $10M to allow SRSP to enter into a farm-in with Moni Pulo for part of OML 114. The plan was to also use that producing asset as collateral for the $40M funding for the development of the field. Which shows that funding can be achieved for a genuine farm-in deal, which incidentally Ejulebe was not. So where might SRSP obtain funding? Well as I say, AFC is one possibility, Barak might another, and one or two posters on here have suggested others that I don't know anything about. But I'm sure that given contracts with solid respectable partners e.g. NNPC, Moni Pulo, and access to significant producing assets, I'm sure that SRSP would be able to find willing lenders. It's all about security and collateral.
12/5/2021
06:06
aventador: Tunisia Acquisition and UpdateNov 08, 2020DownloadPDF Format (opens in new window)Transformational acquisition of Tunisian Onshore and Offshore Portfolio InterestsAdditional growth opportunities via the development of existing, appraised discoveries and exploitation across portfolio licences containing c.600 mmbbls OOIPDear Shareholder,We are delighted to report that we have signed a subscription agreement with Anglo Tunisian Oil and Gas Limited ("ATOG"). Upon satisfaction of certain conditions, Sirius will subscribe for shares in ATOG to secure a 40% economic interest. Furthermore, subject to Sirius satisfying certain conditions and raising sufficient debt finance for the offshore development programme, Sirius will, pending local approvals, be granted an 80% economic interest in the offshore assets held by ATOG.Portfolio summaryThe ATOG portfolio comprises five onshore licences in the Ghadames basin, three of which are operated, and two offshore operated licences in the Gulf of Hammamet (see overview map).The portfolio is currently producing approximately 1,500 boepd from three onshore licences:li>One operated by ATOG (Bir Ben Tartar);Two operated by ENI (Adam and Borj el Khadra); andThe increased capacity with the newly commissioned Nawarra gas pipeline ($1.2 billion investment by its owner) will facilitate increased production at the ENI operated licences, which was previously production constrained.The portfolio contains gross 2P reserves and 2C contingent resources of c.21 mmboe;ATOG has secured a development funding facility and is executing a work programme aimed at increasing its production at its operated Bir Ben Tartar licence and ENI operated Adam field, through workover activity and the drilling of new infill wells;ATOG holds $14m of newly acquired and processed 3D seismic and ATOG has used this to prioritise low risk, step out drilling opportunities. Schlumberger has estimated that the operated onshore exploration licences, Sud Remada and Jenein, contain gross original oil in place of, respectively 472 mmbbls and 100 mmbbls;The offshore licences, Cosmos and Yasmin, contain two discoveries which flow tested at 5,700 bopd and 1,200 bopd respectively; andManagement estimates NPV10 of $110m (based on the Brent futures curve) attributable to net interests in 2P/2C reserves only, but with significant further upside. Also noting that the favourable nature of the Tunisian fiscal regime means that the NPV of our Tunisia assets has an asymmetric relationship with the prevailing oil price under which Sirius will benefit more from higher prices and have an improved downside protection in periods of lower prices.Transaction summaryThe subscription will be made through a wholly owned subsidiary of Sirius Petroleum plc ("Sirius");Total acquisition consideration of $11.35m will be satisfied in stage payments through 2020 and 2021; andOnce all completion conditions have been satisfied, Sirius will own a 40% shareholding in ATOG and, upon satisfaction of the additional offshore conditions, Sirius will have an 80% economic interest in the offshore licences.Development StrategyOnshoreThe ATOG business plan for 2020/21 focuses initially on low-cost well site clean-up, equipment replacement and workover activity at the producing Bir Ben Tartar ("BBT") field, delivering immediate productivity gains and boosting production by 50%, followed by a progressive well infill drilling programme that management estimates could almost quadruple BBT production post the workover activities.The Sud Remada permit surrounds the BBT field and is considered highly prospective. A total of 13 wells have been drilled, all encountering oil and gas, and a 2018 2D and 3D seismic programme has facilitated high grading of drilling candidates. Schlumberger has ascribed STOIIP of 472 mmbbls to the licence, which comes with a funded one well commitment.The Jenein permit, located c.20kms west of the ENI operated Adam concession, contains a discovery well drilled in 2010 and several prospective structures, geologically analogous to producing wells on Adam, that have been identified based on existing 2D seismic. 3D seismic was acquired in 2018, the analysis of which should allow high grading of prospects. The licence carries a one well commitment and Schlumberger has estimated STOIIP of 100 mmbbls.OffshoreThe ATOG team will focus its attention on progressing the development of the onshore licences, with the support of our technical team. In anticipation of securing an 80% economic interest in the offshore licences, we will focus our team's attention on devising an optimal development solution for the two existing discoveries. The offshore licences, namely, Cosmos and Yasmin, contain two appraised discoveries, which achieved high initial flow rates, testing at 5,700 bopd (Cosmos) and 1,200 bopd (Yasmin).Previous estimates provide an EUR (Estimated Ultimate Recovery) of 18mmbbls from the offshore discoveries while the concessions contain mapped but undrilled structures which provide significant resource upside. The Company is undertaking further work on the development plan to monetise these offshore licences. In addition, further exploration leads and prospects will be evaluated.The Cosmos and Yasmin licences are located close to and are analogous to the adjacent Oudna field, which recovered 6mmbbls at an initial production rate of 25 kbpd and a recovery factor of 38%.Investment SummaryManagement estimates NPV10 of $110m (based on the Brent futures curve) attributable to net interests in 2P/2C reserves only, but with significant further upside. Also noting that the favourable nature of the Tunisian fiscal regime means that the NPV of our Tunisia assets has an asymmetric relationship with the prevailing oil price under which Sirius will benefit more from higher prices and have an improved downside protection in periods of lower prices.As well as a low entry cost, the portfolio boasts an attractive mix of production, development and near field, low risk exploration. The previous owner (Medco) invested little capital during its 5-year ownership of the assets, providing significant opportunity in what is an underdeveloped portfolio.High quality and very experienced teams in both ATOG and Sirius, incentivized to deliver profitable growth.Business plan focused on delivering production growth and productivity improvements, before shifting to higher impact offshore development and onshore exploration.All Tunisian regulatory approvals pertaining to the transaction are complete.Tunisia Portfolio Overview Map: Working Interests ("WI") net to Sirius:?Onshore:Bir Ben Tartar ("BBT") (Production Sharing Contract) existing production of 700 bopd (Operated). WI: 100%.Adam (Concession) – production of 715 boepd. ENI Operated. WI: 5%.Borj El Khadra (BEK) (Permit) – existing production of 35 boepd. ENI Operated. WI: 10%.Jenein Centre (Permit), Operated. WI: 65%.Sud Remada (Permit), Operated. WI: 100%.Offshore:Cosmos (Concession). Discovery well flow tested at 5,700 bopd Contingent and Prospective resources. WI: 80%.Yasmin (Concession). Discovery well flow tested at 1,100 bopd. WI: 100%.We are delighted to secure this opportunity, particularly as it brings entitlement production and a low risk development programme to the Company. We also believe that there is considerable upside in the onshore portfolio, which is located in a proven, but underdeveloped hydrocarbon province, and we are excited about developing these offshore assets.Future Acquisition OpportunitiesAs previously stated, the Company continues to work on opportunities in Nigeria, as well as other parts of Africa, which are each at varying stages of reappraisal and development following the period of volatility in the oil market. Despite that, and the challenges presented to us all by the pandemic, we continue to work with funding partners and our range of operating consortium partners on the optimum route to progress assets that meet our respective investment criteria. The Company will update shareholders on each project as and when it is commercially appropriate to do so.Intention to seek a listing on AIMIn addition, the Company has commenced the process for the proposed admission of the Company's ordinary shares on London's AIM market in 2021. We will update shareholders on this process in due course.Annual Report & AccountsIt is the intention of the Company to send the Annual Report and Accounts and Notice of Meeting to shareholders in order to hold the Company's Annual General Meeting this year.We are very aware that there is much more to accomplish and we will continue to work hard to bring further opportunities to completion as we now have an excellent platform on which to achieve our goals for the Company and its stakeholders.Yours sincerely,Bobo KutiJust a reminder of the last meaningful update 6 months ago.
28/4/2021
10:35
dr rosso: Lets take a closer look at those share allocations .... Jan 2019 46933334 @ 0.6p (Loan conversion ABO) Jan 2019 7272727 @ 0.55p (Loan conversion ABO) Jan 2019 37735849 @ 0.53p (Loan conversion ABO) Feb 2019 28571428 @ 0.49p (Loan conversion ABO) Feb 2019 12820512 @ 0.39p (Loan conversion ABO) Dec 2019 33333334 @ 0.75p (Cash direct) Dec 2020 82400000 @ 1.00p (cash direct) Dec 2020 102500000 @ 0.5p (Loan conversion) Dec 2021 3750000 @ 1.00p (Cash direct) Feb 2021 20500000 @ 1.00p (Cash direct) Mar 2021 20000000 @ 1.00p (Cash direct) Mar 2021 12500000 @ 0.5p (Loan conversion) In Jan 2019 ABO provided £1.75m. £0.43m was allowed to be converted (see below) and the remaining £1.32m was repaid in cash. Following the conversion of £240,000 of the European High Growth Opportunities Securitization Fund Convertible Note (announced on 15 January 2019) the Company is issuing 7,272,727 new ordinary shares at a price of 0.55 pence per share and 37,735,849 new ordinary shares at a price of 0.53 pence per share. In addition, a further 46,933,334 new ordinary shares have been placed with existing shareholders at a price of 0.6 pence Following the conversion of £140,000 of the European High Growth Opportunities Securitization Fund Convertible Note (announced on 15 January 2019) the Company is issuing 28,571,428 new ordinary shares at a price of 0.49 pence per share. Following the conversion of £50,000 of the European High Growth Opportunities Securitization Fund Convertible Note (announced on 15 January 2019), the Company is issuing 12,820,512 new ordinary shares at a price of 0.39 pence per share. Under the terms of the transaction, the Company will issue 5-year warrants whose proceeds would represent 30% of the principal amount drawn under each tranche, exercisable at 110% of the average of the closing VWAPs over the fifteen trading days immediately preceding the request to issue a new tranche, except the warrants issued with the first tranche of Convertible Notes whose exercise price shall be equal to 0.64 pence per warrant.
28/4/2021
09:09
htrocka2: So who's buying these shares? Looking at this logically..firstly, the Company House purchase of 20m shares was made on the 3 March, prior to the Tunisian government meeting. What ever the outcome of that meeting was, positive or negative, it looks as if buying SRSP shares via JP has resumed. So who's buying?.You can fit lots of factors into this equation but the ,most important one being that the buyer expects the shares to be relisted...otherwise the exercise is pointless. Presumably the buyer is already a holder, hence accumulating. So why accumulate?...this is the tricky bit. No doubt there are various reason but allow me to put forward a hypothetical scenario. In the 'Statement of Capital' on the Company House site it states 'Share Allocation and Bonus shares'...So the 20m buyer paid 1p for those shares and a further 0.5p for 12.5 bonus shares. This equates to one 0.5p bonus share for every 1.6 ordinary shares held.(in this case 1p)...This is the hypothetical point...Assume that millions, even a billion more shares are to be issued ...and assume , as a consequence, they relist at 1p (don't forget this is only hypothetical)....should those that bought at 1p and also have a bonus share decide to sell at 1p, will get their money back with the 1p purchase but will make 100% on the bonus share. Putting this into round numbers, for every 1m shares held would entitle you to 625,000 bonus shares, so far so good...here comes the rub...for every 1m shares held, you'll need to cough up £3,125 for the bonus shares.......how many shareholders on this board will go that far?...yet this is where the 'real' money is made.
21/4/2021
15:30
htrocka2: Subsequent events On 5 January 2019 the Group announced that it had agreed a convertible loan of up to £5 million, of which £1.75m has been drawn down to date and £3.25m remains available to draw down, on admission of the Group’s shares to AIM. On 21 January 2019, the Group announced a placing of 46,933,334 New Ordinary shares of 0.25p each at a price of 0.6 pence per Ordinary share raising gross proceeds of £281,600, and converted £240,000 of the European High Growth Opportunities Securitization Fund Convertible Note (announced on 15 January 2019) resulting in the issue of 7,272,727 New Ordinary shares at a price of 0.55 pence per share and 37,735,849 New Ordinary shares at a price of 0.53 pence per share. On 5 February 2019, the Group announced that a further £140,000 of the European High Growth Opportunities Securitization Fund Convertible Note had been converted resulting in the issue of 28,571,428 new ordinary shares at a price of 0.49 pence per share. On 21 February 2019, the Group announced the conversion of £50,000 of the European High Growth Opportunities Securitization Fund Convertible Note into 12,820,512 new ordinary shares at a price of 0.39 pence per share. In short...the above shares were issued to 'Wonga' between Jan 21 '19 and Feb 21 '19 About £430k was converted into roughly 120m shares. At the final conversion date of Feb'19 the share price dropped to 0.4p.....None of these shares could have been sold (unless at loss)...and they also hold about 82m Warrants as well. The point being... This is why I'm not worried .....because if SRSP can't come up with a deal, 'Wonga' will do it for them.
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