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I see my earlier post didn’t last long. It’s becoming apparent there are many companies requesting the removal of negative posts, probably getting paid rampers to report them.
https://www.desmog.co.uk/2018/05/10/exposed-elite-boys-club-running-london-s-opaque-oil-network
Let’s see how long this lasts?
Bobo?????????
About the time you posted that, someone dumped 10 million
any good news will not move sp up.
rather, will be used by recent placees and CLN debt conversion, and being dumped in the market with any good news.
so, unfortunately, sad to say, we may ended up flat or red.
Hopefully looking that way now. A lot of potential value to be unlocked here if we get oil flowing from Ororo
are we off at last
Rig must be nearing completion at the current 227 drill site. Its been drilling getting near to 45 days now so one would have thought TD has been hit or nearing hit. 2 day tug pull and Ororo spudding will then hopefully become a reality
We now have the cash to get into production.
GREAT NEWS
A load of sh/t. No mention of the rig? I’ve got a ton of 3 in 1 in my garage. More oil than bloody Sirius.
Depends on how many potential assets we have..... Hopefully 109 funding will also be signed off in feb, and there's talk of other assets in the pipeline......
5bn+ shares in issue then! so much dilution
Sirius Petroleum Plc
("Sirius" or "the Company")
Ororo Field Funding Update
US$20 million debt facility agreed with Barak Fund SPC Limited
Sirius Petroleum (AIM: SRSP), the Nigeria focused oil and gas development and production company, is pleased to announce a funding update for the Ororo Field as follows:
Binding agreement for up to US$20 million agreed with Barak Fund SPC Limited ("Barak"), a credit fund focused on Africa, to contribute to the funding of the first phase (Ororo-2 and Ororo-3 wells) of the Ororo field development.
Sirius has signed an agreement with Barak for the provision of a US$20 million debt facility, which, subject to the satisfaction of all conditions thereto, can be drawn down in specified tranches following first production. The facility will be deployed to pay for costs in relation to Ororo-2 (following first oil) as well as Ororo-3, which are due to service providers under the staged milestone payments for the Ororo work programme and marks an important step in developing the strategic, long-term partnership with Barak.
The facility has a term of 3 years from the date of the first drawdown and is repayable in four equal instalments of, if the facility is fully drawn, US$5 million (plus accrued interest thereon) in the last four quarters of the term of the loan. Commencing from drawdown, interest is charged at 3-month LIBOR plus 10% and is payable quarterly in arrears
Other key terms of the facility are that the facility may be cancelled and the outstanding amounts of the loans declared immediately due and payable by Barak upon, among other things, a change of control of Sirius or on the disposal of all or substantially all of the assets of Sirius' group. Sirius has given customary negative pledges, warranties, undertakings, events of default and indemnities to Barak. Sirius will grant Barak an all assets debenture and a security assignment of receivables by way of assignment of offtake contracts. Drawdown is conditional upon, among other things, the satisfaction of customary conditions precedent.
Bobo Kuti, CEO of Sirius, said:
"We are delighted to have signed a facility agreement for up to US$20 million of debt funding from Barak to support the development of the Ororo field and look forward to building a strong strategic partnership with such a high-quality investment management team."
Jean Craven, CEO & Co-Founder of Barak Fund Management, said:
"The Sirius shallow offshore strategy is complementary to our investment philosophy where we back strong asset-based investments and the development of the associated infrastructure of the asset. Sirius has a clear focus on maximising the potential of its assets, present and future, for the benefit of all of its stakeholders and has clearly assembled a 'best in class' team of partners to deliver increased value from the first of its operational fields."
Hope it will start moving soon be nice to get show on the road at last, but expect more patience is needed
There's no mystery about where the rig is. It can be seen clearly on marinetraffic.com.
Adriatic 1 hasn't moved for a couple of weeks
https://www.marinetraffic.com/en/ais/home/shipid:738417/zoom:14
It's had a couple of visits from PRINCESS AJIRIOGHENE (offshore supply ship)
More dilution, but what I would like to know, when is this rig going to show up, where is the rig now, is it still drilling somewhere else, will it have to have maintenance before it starts , they said it was near by, so all I want is a bit of honesty , we brought our shares to be part of this adventure and hope of some return, but all we had is promises
My hope is that once they start drilling Ororo we will see a lot higher than 2p.
I was hoping to see 2p one day, looks pretty unlikely now. Maybe 1p?
What we need now is news about the rig move to Ororo. Surely that will push the SP upwards, when it comes.
The placing is at 0.6p and we are already at that level
So nothing to worry about ...except the decrease in overall value of course .
If you read the RNS the other day you wouldn't be shocked it did explain it all.
more dilution, 7.5bn shares yes billion now in isssue!
A fool and his money?
I think not!