From Advfn board14 Jun 2018 12:57
openfield6814 Jun '18 - 11:47 - 80304 of 80306
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From the AGM
Six directors present - between 30-40 shareholders.
- COSL Force is presently two weeks into a four week recertification process, after which it will be put onto an HLV provided by COSL, presently unknown. The recertification decision by COSL caused the non show in April after the release of the Sirius ' we will drill' RNS.
- The rig will take 30 days to transit from Dubai to Nigeria, then approx five days to get through the port authorities and get into site - it is hoped.
- Drilling is expected to start summer 2018.
- The £3m drill fee has not yet been paid and only will be when rig is on the hlv.
- Subject to the results of the two initial wells dug in Ororo 2, four more wells will be dug.
- More assets could possibly materialise - yardy yarda.
- Sirius offices taken on as the company are working closely with add energy and cosl employees and more space was needed. First six months the offices are rent free.
- Sirius presently burning £100k in cash per month paying salaries and for equipment required for drilling
- Directors salaries are low when compared to others in similar position in industry said finance officer
- Sirius production is not dependant on PIB being signed. Some parts of the PIB have been passed by Nigerian government, but not all of it.