Sirius Petroleum (#SRSP) – seeks further extension to Ororo licence term, rig now reached target depth on adjacent licence

Sirius Petroleum (#SRSP) – proposed funding arrangements constitute reverse take-over, shares suspended

Sirius Petroleum - Director's spread-betting and share dealings - care to clarify?

Sirius Petroleum (SRSP) has just announced that one of its NEDs, Chris Neal, has closed a spread bet he had in the company's shares. Whatever.. But the RNS does not actually make sense.

Zak Mir's Bulletin Board Heroes: 88 Energy, Gulf Keystone, Metal Tiger, Sopheon, Sirius Petroleum

Featuring shares of 88 Energy (88E), Gulf Keystone (GKP), Metal Tiger (MTR), Sopheon (SPE), Sirius Petroleum (SRSP), together with some share price targets.

Sirius Petroleum (#SRSP) - Raises £1million 1t 0.4p. Yikes!

Sirius Petroleum (#SRSP) - completion of loan is er..delayed

Sirius Petroleum; something not quite right about this story

I last wrote about Sirius Petroleum (SRSP) towards the end of July and suggested the company was “nearly there” in finally realising its ambition to drill the Ororo-1 well, offshore Nigeria. Located in the Ororo oil field (OML 95), Ororo-1 was drilled by Chevron in 1986 and had an initial flow rate of c.2,200bopd from one zone and another 600bopd from a separate oil producing sand. According to the official line from Sirius, Chevron abandoned this discovery during a lower price environment, but the strength in oil over the last decade has made projects such as these economic. This all sounds extremely appealing, but there are problems with this story.

Sirius Petroleum; nearly there (at last!!!)

Since it came to market in March 2011, Sirius Petroleum (SRSP) isn’t exactly a share that has set the market on fire. Over the last three years the stock has traded in a tight range between 2.5p and 5.5p. All that has been remarkable about this Nigerian oil exploration play is how regular the pattern of its share price has been. This morning Sirius announced a $20million placement, priced at 3p. This money will go towards the estimated $25.1million cost of drilling the first well in the Ororo off-shore field. For a stock with a market cap of £32.9million, and with a c.$5.1 funding gap to fill before September 15^th, this might sound like an incredibly risky place to put your money. Betting on an oil exploration company, which will likely just about be able to scrape together the money for one shot at the big time, is usually a recipe for disaster on AIM. However, in the case of Sirius, previous testing work completed by Chevron in 1986 at the Ororo field suggests the company could be onto a winner.