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Email out re OML 65 in the bag, about time, now just want news on relist with or without Angola. GLA Verbs
It has been 1360 days since we were suspended for OML 109 - this is a complete joke now!
Well, that's a start, would like to know more about the Angola deals and where we are at with Tunisia and getting the company relisted. GLA Verbs
Hamz they are matched trades, so all 5 trades before the 7,649,211 add up to this amount so they are the sells. Hope that this helps. ATB Verbs
I’ve just had an email regarding Angola from SRSP, confirming the article last week. No other news though regarding relist or other assets in Nigeria or Tunisia. Good luck all Verbs
NICE
I saw that Rod, maybe it’s finally coming together. It’s been a bloody long wait. Fingers crossed, touch wood etc etc….. Good luck Verbs
Bit of action on JPJ over the last few days, someone picked up 5.7M shares and new indicative price is 1.2p, highest it has been for quite some time, maybe they have knocked off one or more of the remaining three conditions precedent. I remain cautiously optimistic here for some closure news on OML 65 in the not too distant future. GLA Verbs
Hi Allan the board were being pushed by an attendee in the second row saying can you see the company being relisted by June and Mark Henderson said that if they get the 3 remaining CPs signed off then no reason not to be listed by then, it was the best that they would allude to. Mark did say that they would need to update the CPRs as they were more than 6 months old and that the 2021 accounts needed to be audited, neither of which should take that long. I think that they didn't want to say that they would relist any earlier, for fear of missing the deadline. I believe the key is the 3 remaining conditions precedent, which according to them could be signed at any point in the near future and then they need a bit of time to update the admission doc and for the yet to be appointed broker to sort out the valuation. Allenby have been appointed as the NOMAD. Hope that this helps, I was quite happy with what I heard, but then again everyone has their own opinions. All the best Verbs
They have signed off one more condition precedent, leaving just 3 to sign hopefully by the end of this month; quoted relist in June as it takes up to 12 weeks. GLA Verbs
Morning Cider I am looking forward to the AGM on Tuesday; will be far more difficult for them to be vague with answers like the relist date that everyone is waiting on. GLA Verbs
Why bother with an open offer to shareholders if not needed. I will not be putting in more funds here. GLA Verbs
Is today the day? Will we hear news on other assets and relist date? GLA Verbs
DM they need an AGM to re-elect the directors, amongst other things. ATB Verbs
Belfort, the news out this morning is encouraging, just wish we had dates for the AGM and Relist. GLA Verbs
I sold 10,000 at 08:05 this morning for 11.55p, but not showing up, still holding quite a few, but needed a little cash injection. Also the wait for the drill results is so tedious and dragging the share price down. I hope that I regret this sale in the coming weeks, but it is what it is. Good luck all Verbs
Sirius Petroleum Plc (“Sirius” or “Company”)
JV Partnership OML 65
$80m Development Funding Secured
Update: Proposed AIM Admission
London, 14 May 2021: Sirius, the Africa focused oil & gas development company, is pleased to update shareholders on the Company’s transaction in Nigeria and its intended IPO on London’s AIM market.
Nigeria Transaction
In November 2020, the Company announced that it had signed legally binding agreements in relation to a proposed Nigerian transaction. Further to this, Sirius will become a 30 per cent shareholder in the joint venture company, COPDC Petroleum Development Company Limited (“COPDC”), which has executed agreements with NNPC (Nigeria National Petroleum Corporation) regarding the development of the OML 65 licence, onshore Nigeria.
OML 65 is a producing onshore block with 2P reserves of 51 mmbbls, according to a Gaffney Cline & Associates CPR dated May 2021:
The existing producing field, Abura, has been in production since the 1970s, has been ascribed 16.2 mmbbls remaining 2P reserves[1] and is currently producing c.8,500 bopd.
OML 65 also contains two further discovered and appraised fields, Owopele and Osioka, which have not been developed to date and will form part of the forward work programme. The two discovered fields contain an estimated 34.9 mmbbls additional 2P reserves1.
In addition, there are two targeted deeper prospects at Abura and Osioka containing an additional 227mmbbls oil in place1.
The existing production facilities and infrastructure servicing the Abura field are capable of handling up to 40,000 bopd.
Sirius and COPDC will assume de-facto operatorship of the block and will lead an Approved Work Programme (“AWP”) to develop and produce the remaining reserves on OML 65
$80m Development Funding Secured
The Company is pleased to announce that credit approval has been secured for a senior funding facility of up to $80m with a leading global commodity trading company, which will form the major part of the funding required to deliver the first phase of the AWP. The senior funding facility is subject to customary conditions.
The first phase of the AWP will involve the further development of the producing Abura field, comprising a planned nine well drilling programme, estimated to boost production by up to 11,000 bopd.
Commenting, Bobo Kuti, CEO of Sirius Petroleum Plc, said: “We are delighted to be partnering with COPDC to operate the OML 65 block and to lead the redevelopment of what is a very substantial asset. This is a transformational, low risk transaction for Sirius shareholders, delivering material near-term production and cash flows and we are particularly pleased to have secured funding from a tier-one global trader.”
Update re: Proposed AIM Admission
We also write to update you on progress towards the Company’s proposed AIM Admission and are pleased to report that this process will be advancing over the coming weeks, to incorporate the most up to date document