Sterling Energy off shore license area in Madagascar seems to be next to Afren on shore license area.

Sterling Energy disputed " high potential" license area offshore Cameroon and ? Guyana boarder are close to Afren fields off shore Nigeria

Sterling Energy Mauritania field is said to be running down

Sterling Energy has a dry hole in Kurdistan

Sterling Energy has cash in bank about $110m presently not being used, plus
management and offices

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Probably am - but it could work

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in hand of those who shorting the stocks, Cameron, and alike.

If u look at other oil Companies, as I have, there does not seem to be
a better fit for SEY than AFREN. Especially Madagascar, which could be
fantastic.

Madagascar has proven heavy oil on shore so there could be something
also off shore. Was it Cove that found gas or oil off shore Tanzania.
Afren are on shore, in north west Madagascar, next to off shore SEY

I think the original thinking was that SEY would create a steady income
from gas sales in USA and explore for oil on the basis of that income.
The original premise of SEY has not worked, after all these years.

I have had SEY shares for about 6 years and I say politely they have
been "unlucky". Management has changed completely from the original
founders, and now SEY is not much different from 50 other AIM quoted
companies.

Perhaps it is time for SEY institutional shareholders to make a move.
AFREN, assuming they want SEY would be a perfect fit for both companies.

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SEY exited its US business to fund drilling in Kurdistan. The Company has completed tendering for seismic acquisition services and is ready to award a contract, subject to the approval of the Ministry of Natural Resources. The Company plans to acquire the 2D seismic data during the second and third quarter of 2012 and this may lead to the drilling of an exploration well in 2013 on the Sangaw North block.

The political situation in Madagascar following a change of Government by non-democratic methods in March 2009 is whats holding up progression. The Government of Madagascar has not been recognised by the African Union or by the United Nations. In September 2011, the political parties in Madagascar agreed a process, prepared by the Southern African Development Community, leading to elections expected by the end of 2012.

Cameroon Ntem Oil Co. Ltd (Murphy), a wholly owned subsidiary of Murphy Oil Corporation under which Murphy was assigned a 50% working interest in, and operatorship of, the Ntem concession. Sterling retains a 50% non-operated working interest. As consideration, Murphy paid to Sterling a contribution towards past costs and is committed to fully fund joint operations in relation to the current phase of exploration.

Operations within the Ntem concession area are currently suspended under the force majeure provisions of the licence owing to an overlapping maritime border claim between Cameroon and Equatorial Guinea. The Company believes that both countries are actively working to resolve this issue and that the impact of the outcome will be either neutral or positive to the Company’s position however, the possibility exists that the resolution could take longer than expected and that the outcome could have a negative effect on the Company’s position.

When force majeure is lifted, there will be 15 months remaining in the current exploration period which includes the drilling of one exploration well. Having introduced an experienced deep water operator, the Company is now well placed for this operation when it occurs.

The $110 million could be used to progress either of these blocks pending developments, the company remains profitable and as such is in a good position to wait. I see no reason for a buy out on Sterlings side and doubt unless the offering was exceptional shareholders would support it.

Shortie

I do not think SEY exited USA businesses to fund Kurdistan, as you say.
I believe that gas prices were consistently low in USA, and SEY bought into
a USA gas company, which they subsequently sold off at a big loss, and any gas that SEY did find in USA was running down at a faster than anticipated rate


I thought we were told that the work at Kurdistan was "carried" by Korean
National Petroleum at no cost to SEY.

Also SEY had a rights issue about three years ago to raise money from us shareholders, and that is mainly why SEY has $110m in their bank

SEY has been "unlucky", so why should we keep waiting even more years
for Cameroon and Madagascar and for SEY new CEO to achieve something.
Better if AFREN buys SEY out, and we make some salary and overhead savings.

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SEY / AFR both in Madagascar, Kurdistan, Nigeria / Cameroon, all in SEY at no market value, as SEY cash in bank same as market capitalisation. Almost a gift for Afren

Very odd - no prices presently quoted ?

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Just a robot trade....but why, doesn't seem to make sense...but what does with SEY!

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Seems to have been such a long time since we had any release from SEY...perhaps they are to busy enhancing shareholder value to let us know what is happening to what's left of the company :-/

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Almost 1.5 million traded so far today.

ps laughed enough for today mnamreh :-)

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Cheers, you too.

N,

Don't be so abusive.



8-)

... _ _ _ ...

Sudden burst of shares trading within last week ???
Half yearly report is due out - probably within the next two weeks.

Perhaps some good news at long last ???
- or could it possibly be that Afren , or Shell, or other oilers are buying SEY ,
as two SEY very large license areas off shore Madagascar are not too far from
Cove offshore gas - ( Tanzania / Mocambique ).
Shell and others seem to be presently in an auction to buy Cove.

Cash in SEY bank is probably worth 33p per share at a guess -
the whole business excluding cash, is valued at about 4p per share at a guess.
Could be a fair punt at 37p, for risk takers.

Present market capitalisation at 37.50p is stated as £82.00 million
say cash in SEY bank was / is now $115 m or about £73.71 million
_____
All business excluding cash is valued at £ 8. 29 m

219 million shares - Cash is worth 33.655 p per share
Other business interests 3.785 p per share
______
37.44 p

Not much downside risk if all oil licenses fail - any comments. Am i wrong !!

About time we had some chart's and link's to company website put on the header rekirkham

$120 million in bank = £77.49 million cash in bank
Market capitalisation at 37.50p £82 million
Business excluding cash in at £ 4.51 million
Business ex cash valued at 2.06 p per share *
Business cash valued at 35.38 p per share
*( excluding tax liability )

AFREN - TAKE SEY AS A GIFT ---- Take SEY for almost nothing

SEY has $120 million in bank = £77.49 million
SEY market capitalisation at 35.5p £77.74 million
SEY business interests excluding cash £ 0.25 million


SEY share price at 35.50p represented by cash 35.25p
SEY share price value of business interests .25p
( Excluding taxation )

Almost no downside risk now to a SEY share buyer at 35.50p

and upward potential almost for nothing

A bit of life.
Any move has to be cracking....

Today a few buyers and share price is coming back to life
Perhaps someone knows something that I do not ?
Price moved up from 38p where it has been for months to 40p

?????????????

I do not know what is happening but share price is beginning to show signs of life.
I think someone may know something, as a bit of buying now taking place.
Hopefully some good news may be announced soon ???????
Maybe the time to buy SEY is now -
very little downside risk - perhaps 3p only as plenty of cash in SEY bank ???

Have a look at SEY trades today
All buys no sells
Is this insider trading - somebody knows something we do not !!!!!
Perhaps I may advise LSE - I will continues to wait and watch

certainly being ramped.

It was disaster over the last five years, always spent and failed....

They just need one success to make it jump a couple of folds.

Madagascar off-shore licenses would slot in nicely by
the side of Afren on-shore license area at very little cost.

Cash in bank $107m or £66.875m
SEY market capitalisation £52m
So is business worth - minus £15m ???

Some possibilities of drilling next year - Somaliland etc.
A share that has not dropped in the current market much
and that has been supported by its cash in the bank.
Looks like a fair bet on any future oil finds
I still hold on to 50,000 shares

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SEY up 11.45% so far today - is something happening, and news about to be issued ?

Maybe Afren have finally realized SEY potential offshore Madagascar,
which is next to Afren onshore license area.

Also Afren should be able to buy SEY at a bargin price, having mind that SEY probably has more cash than its market capitalization, plus Afren may pick up some good staff.

Look very carefully where Afren oil find is - today's Afren news -
Afren are on shore Mozambique - Go a short distance to the coast to Sterling Energy shallow water off shore area - Ambiliome ( or something like - could be mis-spelt ).
Southern part of this SEY block is very close to Afren find, and likely to be a very very exciting SEY drilling prospect. SEY could have an interest in a few billion barrels here, "when" oil is produced ! You can buy SEY for a few peanuts just now.

It is still not too late for SEY to do a deal with Afren.

for starters, AFR don't have the money or management

Money is no problem - It could be a share exchange - I'll accept more AFR shares.
SEY have good management AFR could possibly buy / acquire.
It is about time AFR got a new Operations Manager -
their must be lots of qualified guys willing to take a job with AFR,
and AFR have already had a few months to sort that problem out.

Mocambique could be the next Kurdistan style oil producer, but without the Muslim problems ?

Dream on

ps Is Mocambique bay , up north

aldwickk

Sorry I meant Madagascar anyway -

Mocambique is the French spelling for "Mozambique". -
I used to work there on an aid project for a short time, and spoke a sort of French.

I now live in Spain where we spell it "Mozambique"
Are you one of those privileged sarcastic Southerners who think they are all
peasants "up north" ?

Thought SEY's was deep water and AFR on land, cost implications?

Seem to recall that I once held this stock at 11.5pence before the 40 for 1 consolidation, what's the price now?

20.5pence................. value share then!

They couldn't find oil in Halford's

SEY is there just to keep the directors in the luxuries hey have become accustomed to in my honest cynical opinion.

I was born in Stockport.,

I thought that Afren was at the other end of the Island ?

aldwickk
I was born in Levenshulme and lived in Stockport, Heaton Lane / Didsbury Road from the age of 1 to about 12 ( 1946 - 1958 ) - went to Didsbury Road School, then Dial Stone Lane, then Stockport College.
Where were you ?

No good telling them where a Halfords is aldwickk, they still won't find oil.

Maybe SEY should now buy out Afren or Kurdistan Afren !!!!!

Or even Madagascar Afren ???

Maybe rekirkham, I kind of wonder why they have gone back into Mauritania bearing in mind the company breaking prospects there. (I refer to Hardman Resources for one and the quick exit by Woodside and others from that area). The geology is described as difficult and yet in they go again. Must have a reason I just wonder if it is sound?

Chinguetti has failed to deliver as promised all those years ago and other great finds in the same blocks have failed to cut the mustard because of said geology.

Just thinking out loud.

poo bear
I understand and agree with what you write about Mauritania.
However SEY investment is only about £ 2.5m I think - so not major, plus I guess
the SEY CEO knows more about the geology of the area than we do, so maybe it is another thing we need to take on trust.
Remember SEY also have gone into Somaliland with Genel, and I wonder if any
progress is taking place there.
If SEY are still cash rich they may now be in a good position to buy into any licenses
that are on offer cheaply ??
It would be nice to see a bit of action from SEY

I think the thread title is wrong... should be the other way round....

LOL.

Yes, as you may be aware they do have previous for buying other companies, (2003)Mauritania Licenses used to belong to Fusion Oil and Gas till they made a cheeky hostile takeover bid and succeeded.

The upshot was not too bad as the FOG BoD went on to found Ophir Energy, the rest of that is history.

Funny to see the ebb and flow of these companies and their like over a long period, unless you were a holder as I was for some of that period
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SEY were supposed to have many company making assets on the go then and along the line, and yet here we are still in exactly the same place 12 years later, except they and a few others have a massive share dilution attributed to them, the most striking in SEY's case being the 1 for 40 share dilution of a couple of years ago.

When I look back very few of the "......exciting company making ventures." by these oily minnows have actually done anything other than pay the BoD a usually handsome salary.