SRSP RUMOURS: RIG MOBILIZATION

Sirius is Serious…Sirius Petroleum 

RUMOURS: RIG MOBILIZATION IMMINENT

 

Note: Brief historic snapshot and latest developments, timeline of events etc, keep reading to the end for latest news…..

Sirius Petroleum, an investment company whose shares are quoted on the London Stock Exchange, is focused on oil and gas exploration and development opportunities in Nigeria.

Sirius has an agreement with Taglient Oil Nigeria Limited, a Nigerian private company owned and managed by Nigerian nationals, recognized for their considerable knowledge and contacts within the Nigerian Oil industry. Taglient has agreed to use all its reasonable efforts to seek out opportunities for Sirius to acquire interests in oil and gas fields in Nigeria, alongside with other obligations. A Nigerian joint-venture company has also been formed and named Sirius Taglient Petro Limited. Sirius Petroleum has a corporate responsibility to operate as safely as possible and to support the local community and landscape. Through employing locally and working to provide benefits to the local community, Sirius aims to become an asset to the local area.

Schlumberger Integrated Project Service Agreement

Sirius Petroleum has entered into a milestone contract for the provision of an integrated services management with Schlumberger, the world’s leading oilfield services company. (19 December 2016). As part of Sirius’ shallow offshore development strategy in Nigeria, the contract is for a multi-well campaign. Schlumberger’s obligation is to provide Sirius with a comprehensive package of managed and integrated products and services. The contract envisages a drilling programme on the Ororo Field and can be expanded to include other potential offshore assets.

 

SRSP appears on the share market, AIM, alternative investment market online trading, and at the moment in time looks like one of the hot stocks to invest in for future growth, best stocks to invest in.

Schlumberger

Schlumberger is the world’s leading provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. Working in more than 85 countries and employing approximately 100,000 people, Schlumberger supplies the industry’s most comprehensive range of products and services, from exploration through production and integrated pore-to-pipeline solutions for hydrocarbon recovery that optimize reservoir performance.

 

 

Subscriptions

On December 19, 2016, Sirius Petroleum announced that firm commitments have been received from new and existing shareholders in respect of subscriptions, in aggregate, for 170,000,000 new ordinary shares at a price of 0.5 pence per ordinary share to raise gross proceeds of £850,000 (approximately $1 million net of expenses).

The net proceeds of the Subscriptions were planned to be used for additional working capital purposes commensurate with the Company’s accelerated activities in Nigeria for the preparations to bring its Ororo field into first oil production, in conjunction with its Vendor Finance Consortium partners COSL Pan Pacific Drilling, Add Energy, and Schlumberger.

 

 Conversions/Subscriptions

On January 26, 2017 Sirius Petroleum announced that it had received notification from Calvet International Limited, for the conversion of £70,000 of the Company’s Convertible Loan Facility entered into 14 million new Ordinary Shares in accordance with the terms of the Loan.

On February 22, 2017 the company announced that firm commitments have been received from new and existing shareholders in respect of subscriptions, in aggregate, for 266,666,666 new ordinary shares at a price of 0.75 pence per ordinary share to raise gross proceeds of £2 million. The Company has also agreed to issue to 3,333,333 new ordinary shares at 0.75 pence in settlement of fees.

The net proceeds of the Subscriptions were intended to be used to pay the initial deposits on key equipment and long lead items ahead of the commencement of the proposed drilling programme on the Ororo field in conjunction with the Company’s Project Consortium partners; COSL Pan Pacific Drilling, Add Energy, and Schlumberger.

 

 

cancellation of the Loan

The Company has agreed to cancel the remaining Convertible Loan Facility with Calvet International Limited, which had an undrawn amount of £630,000. The Company has agreed with Calvet for the cancellation of the Loan by a payment of £500,000 which has the result of reducing dilution by 59.3 million shares.

 

Seabed Survey

According to the announcement made on March 27, 2017, the company had executed a contract with Polaris Consulting Company, which had been engaged to undertake a Seabed Survey around the Ororo field license area. The marine vessel conducting the survey planned to mobilize to site in early April and it was anticipated that the survey would be completed in two weeks.

Seabed survey complete 24hrs ago Results and rig mobilization news due anytime.

Survey ship back in port expecting RNS soon….

Survey ship

 

SRSP can be bought on the AIM, alternative investment market share market, online trading stock broker.

Appointment of Chief Operating Officer

Sirius Petroleum, following a meticulous search process, has appointed Mr. Peter Gregory as Chief Operating Officer (‘COO’) in April, with primary responsibility for all operational areas of the Ororo field.




Mr. Gregory has had a distinguished career spanning over 40 years continuous service in drilling and operations in the oil and gas sector, holding senior operational drilling roles with a number of companies including with Lasmo, Premier Oil and BG Group. Mr. Gregory is a well-known and highly respected industry professional and importantly has extensive experience working with several of Sirius’ Consortium Partners.

Project Consortium Partners

On April 13, 2017 Sirius Petroleum announced that it had arranged the provision of Offshore Service Vessels through Tidewater Marine International, Inc, with the signing of an OSV Contract for a multi well campaign as part of Sirius’ shallow offshore development strategy in Nigeria.

Tidewater Marine International, Inc is the international technical partner to leading Nigerian marine support company T1 Marine Services Ltd who will act as Contract Principals to the Company and have signed the OSV Contract with Sirius. T1 Marine Services Ltd joins the Project Consortium alongside COSL, ADD Energy and Schlumberger to support the drilling programme for the Ororo field.

Tidewater Marine International, Inc and T1 Marine Services Ltd

Tidewater Marine International Inc is wholly owned by NYSE-listed Tidewater Inc, the leading provider of OSVs to the global energy industry. Tidewater has a global footprint, with over 90 percent of its fleet working internationally in more than 60 countries. Its services range from supply and crew transportation, towing and anchor handling as well as a variety of other specialized marine support services in the offshore industry.

T1 Marine Services Ltd is a leading indigenous company offering a wide range of marine support services focused exclusively in the Nigerian offshore industry. T1 Marine Services Ltd owns and operates offshore service vessels in support of all phases of offshore oil and gas exploration, development and production.

 

Sounds Good

First drill is Ororo1, which flowed 2800 bopd from 1 zone when Chevron drilled it in 1986, 2,800 bopd from one zone is significant to SRSP they have 7 zones and only tested one.  Imagine 2,800 bopd x 7.   5 reservoirs for oil 5  for gas and the unknown deeper sands.

 

Update PIB : ABUJA, May 25 (Reuters) – Nigeria’s Senate passed a long-awaited oil governance bill on Thursday which the president of parliament’s upper chamber said would improve transparency in the OPEC member’s energy industry and stimulate growth in the sector.  Read more here.

 

Offshore Service Vessels Contract

 

On April 13, 2017, Sirius Petroleum plc, the investing company focused on oil and gas exploration and development opportunities in Nigeria, announced that it has arranged for the provision of Offshore Service Vessels through Tidewater Marine International, Inc, with the signing of an OSV Contract for a multi well campaign as part of Sirius’ shallow offshore development strategy in Nigeria.

 

About Tidewater Marine International, Inc and T1 Marine Services Ltd

Tidewater Marine International, Inc is wholly owned by NYSE-listed Tidewater Inc, the leading provider of OSVs to the global energy industry. Tidewater has a global footprint, with over 90 percent of its fleet working internationally in more than 60 countries.

T1 Marine Services Ltd is a leading indigenous company offering a wide range of marine support services focused exclusively in the Nigerian offshore industry.

 

Ororo Field – Rig Selection Confirmed

OnMay 24, 2017, Sirius Petroleum announced that following the analysis of the bathymetry results from the Seabed Survey, COSL Drilling Pan-Pacific Limited has confirmed and identified the “COSL Power” as the Jack-up rig which will be utilised for Ororo field upcoming drilling campaign. COSL Power is a modern high-specification jack-up rig which is an ABS A1 Self Elevating Drilling Unit capable of drilling in water depths of 375ft.

On 12 June the Company announced that it was in discussions with BP regarding an offtake and pre-payment facility to support the financing of the Company’s proposed drilling programme on the Ororo Field.

Final Results for the year ended 31 December 2016

On June 29, 2017, Sirius announces its audited Final Results for the twelve-month period ended 31 December 2016. During the period, the Company’s focus has been on reviewing the opportunities available to the Company, both in terms of assets in Nigeria and the optimum financing and long-term strategy for developing those assets.

Overview

  • Entered into another important contract for the provision of Well Engineering and Operations Management with Add Energy Group for a multi well campaign as part of Sirius’ shallow offshore development strategy in Nigeria.
  • Entered into a key vendor financed offshore drilling contract with COSL Drilling Pan-Pacific Limited, for the provision of a high specification jack-up rig that will be utilised by the Company to drill the multi well campaign.
  • Entered into a contract for the provision of an integrated services management (ISM) contract with Schlumberger, the world’s leading oilfield services company.
  • Commissioned a Competent Person’s Report for the Ororo Field by independent petroleum consultants, Rockflow Resources Limited.
  • Obtained a three-year extension to the Ororo Field Licence (“Licence”) from the Nigerian Federal Ministry of Petroleum Resources with effect from 1 May 2016.
  • The Company raised a total of £1.85 million ($2.43 million) by way of placings at an average of 0.34p per share and a further £625,000 ($830,000) in loans.

Annual Financial Report

On June 30, 2017, Sirius has today posted its 2016 Annual Report and Accounts to shareholders. A copy is available for download on the Company’s website, http://www.siriuspetroleum.com.

 

US$10 million Revolving Pre-payment Facility & Offtake Agreement

with BP Oil International Ltd

 

On August 14, 2017, Sirius Petroleum announced that following completion of technical due diligence on the Ororo field, the Company has entered into a US$10m revolving pre-payment facility and commercial offtake agreement in respect to the sales of the crude produced from the Ororo Field, with BP Oil International, a subsidiary of BP (LSE: BP).

The Agreement provides for the Company to draw down up to US$10 million, in pre-payment finance following commencement of production from the Ororo Field.  The interest rate on any pre-payment amount drawn down will be charged at Libor + 9% per annum and will be repaid from crude oil sales.

BP Oil International Limited operates as a subsidiary of BP Plc, a multinational oil and gas company and is one of the world’s seven oil and gas supermajors. It is a vertically integrated company operating in all areas of the oil and gas industry, including exploration and production, refining, distribution and marketing, petrochemicals, power generation and trading. It also has renewable energy interests in biofuels and wind power.

Half Year Report
for the six month period ended 30 June 2017

On September 18, 2017, Sirius Petroleum announces its interim results for the six month period ended 30 June 2017.

Overview

  • Sirius undertook a Seabed Survey around the Ororo field licence area. COSL Drilling Pan-Pacific Limited confirmed and identified the “COSL Power” as the Jack-up rig which will be utilised for Ororo field.
  • The Company appointed Peter Gregory as Chief Operating Officer.
  • Sirius arranged for the provision of Offshore Service Vessels through Tidewater Marine International, Inc, with the signing of an OSV Contract.
  • The Company raised a further £2 million ($2.5 million) by way of a placing at 0.75p per share and a further £70,000 ($88,000) in loans, both converted into shares at 0.5p.
  • The Company has entered into a US$10 million revolving pre-payment facility and commercial offtake agreement with BP Oil International.
  • On August 16, the Company announced that a Joint Operating Agreement had now been signed by Sirius and its partners for the development of the Ororo Field. Sirius requested a Temporary Suspension in the trading of its Ordinary Shares.

Senior Management – Mr Peter Gregory

On October 26, 2017 the Directors announce that Peter Gregory has died suddenly whilst at home in the UK.  Peter was appointed Chief Operating Officer of the Company on 12 April 2017, and whilst he was not a member of the main Board he was an important and much valued member of the operational management team.

Notices of AGM and Restoration

On November 30, 2017 Sirius announced it has posted to shareholders the Notice convening the Company’s Annual General Meeting to be held on December 27, 2017 at the offices of Fladgate LLP, 16 Great Queen Street, London. It also announced that the trading on AIM was temporarily suspended. The suspension is lifted from 30/11/2017 7:45 am, an announcement having been made and an admission document having been published.

Environmental Baseline Studies Revalidation

On December 5, 2017, Sirius Petroleum announced that Guarantee Petroleum, its partner in the Ororo Field, has confirmed it has received the Environmental Baseline Studies revalidation from the Department of Petroleum Resources.

Result of General Meeting

Appointment of Interim Chief Operating Officer

On December 18, 2017 Sirius Petroleum Plc announced that at the General Meeting of shareholders held that day, all resolutions put to shareholders were duly passed. The Company also confirms the appointment of Dermot O’Keeffe as Interim COO, with primary responsibility for all operational areas of the Ororo field development.

Ororo Field Update

On December 21, 2017, Sirius Petroleum Plc provided an update on the Company’s Ororo Field development program. Sirius has taken delivery of two sets of Cameron SOLIDrill modular compact well head systems in Nigeria.   All well head equipment and services for the Ororo Field are being supplied through Cameron, a Schlumberger Group Company.

Result of Annual General Meeting

On December 27, 2017, Sirius Petroleum announced that at the Annual General Meeting of shareholders held that day, all resolutions put to shareholders were duly passed.

Ororo Field – Operational Update MEM completed

On January 2, 2018, Sirius provided an update on Ororo Field development program. Sirius has completed a Mechanical Earth Model with the team at Schlumberger Nigeria Limited.  The MEM will facilitate a more rigorous completions program on Ororo-2 and Ororo-3, and is designed to maximize management plans. The MEM will also be used to help develop the future Ororo Development Drilling campaign.

 

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