anyone got any ideas about the block trades that went through today?

website: http://www.sterlingenergyplc.com/



weather: www.nhc.noaa.gov/refresh/graphics_at4+shtml/084938.shtml?50wind120

I am waiting for comments from those who know more than me.

sww,

Unfortunately the rns was a puffed up pr job. No real details of the placing itself nor any indication of initial institutional interest. Will it be heavily discounted? Buy the rumour, sell the news I'm afraid.

15,nice price.

thanks.

sold but will go back when the sea is calmer(no pun intended seawallwalker)

Not the first time the city boys have been in and out like a slippery d**k,after all thats there business..

Well here is the condensed version

Sterling Energy to get share of Mauritania govt's Chinguetti revenues UPDATE
AFX


(Adding fund raising plans via 79 mln stg share placing)

LONDON (AFX) - Sterling Energy PLC, the AIM-quoted oil company, said it has been chosen as a strategic partner of the Mauritanian government and as such will get a share in the revenues from the government's 12 pct interest in the 120 mln barrel Chinguetti offshore oil field.

Chinguetti, due on stream in early 2006 and operated by Australia's Woodside Petroleum Ltd, is expected to initially produce 75,000 barrels of oil per day.

Sterling said it is to pay 15.5 mln usd signature bonus and provide a 130 mln usd letter of credit to the Mauritanian government to allow it to exercise its right to join the development of the field.

To finance the deal, Sterling said it is to raise 97 mln stg (175 mln usd) by way of a placing of new shares to institutional investors.

It called a special shareholders meeting on Nov 18 to seek approval for the fund raising plan.

At 8.15 am, Sterling shares were unchanged at 19-1/4 pence.

ak/mbe/slm/

OK,

So, disappointing in the short term, price goes down on fund raising. But this sort of deal has to be financed somehow. Most of you guys appear to be here for the long term, which is EXACLTY what this deal is. So cheer up for God's sake. Instant riches will take a little longer.

Regards

PTH

Well said pt,hype & substance.

YES indeed ptholden I bought again first thing this morning and I am not selling, it will be rising by late afternoon.

Hope I'm rising by late afternoon normally it takes a fortnight.

MS

Well

I am in long, I have been in for a while anyway so I am staying in.

pt is right, who expected a free ride on any Company trasforming deal?

By Q1 2006 you won't remember this, the share price will have risen on expectation of this money coming in.

12% of royalties is already a huge amount. Any more finds will increase this pro rata.

So guys, I am off to the seawall.

Just before I go, I had one more look at the sgare price, and it has regained most of the early losses.

Short termers have made the initial fall, the wise investor seems to be buying back.

Up to you lot, but I say hang on in there.

Not the sort of deal that we may have been expecting I think. But for the long term holders I think it is a good deal. Gives us a greater foothold in Mauritania and once the Chingeutti field is up and running we receive constant revenue payments.

From the RNS -

"The Mauritanian Government has provided written confirmation that it
considers Sterling as a strategic partner for the development of its future
oil and gas assets."

So what happens if there is further development in the area, eg new exploration work and further drilling oportunities. SEY would hopefully get first call over any other company to exploit new oportunities.

Short term we have taken a hit today, but long term I do feel this is a good deal for us. Short term there will be some uncertainty here, but still holding for the long term.

I'm in long term. A small blip that's all. If you want to make loads of money hold. Let the MM's play just sit back and enjoy and don't worry about the odd bump it's goung to happen.

MS

gavdfc - I am off out but thanks for that.

Dead right.


Dave if you can spare enough for 10k, you may just get you asking price over the next few weeks.

I intend toi make more avaiulable just in case too.

At this rate, I will own as much as Westmount soon!!!

lol

SWW, you're welcome. Enjoy your walk. I too will be adding again when I can free up some cash. Mickey, agree. For those in this for the long term, we have to put up with some up's and down's along the way. I'm continuing to look at the bigger picture.

From the RNS:

The Directors believe that, with the expected production profile of the
Chinguetti Field, the Transaction is likely to:

- lead to an early repayment of the funds drawndown under the letter of credit;

- provide an attractive income stream over a number of years;

- increase its proven and probable reserves; and

- diversify its areas of production.

In addition the Mauritanian Government has given Sterling written confirmation
that it will be a strategic partner for future oil and gas developments.

Sounds good to me.

Damn, I'll get out soon, back to 1/4p down on yesterday already, whio sold out cheaper????

This helps to cement it too.


How bad can buying out the Mauritannia Government revenue be?

It is a cunning deal imho.

Well done Harry. And for your next trick...............................

UK smallcap opening - Sterling Energy hit by fundraising news
AFX


LONDON (AFX) - Fundraising news upset the market in Sterling Energy.

The AIM-quoted oil company has been chosen as a strategic partner of the Mauritanian government and as such will get a share in the revenues from the government's 12 pct interest in the 120 mln barrel Chinguetti offshore oil field.

Sterling is to pay 15.5 mln usd signature bonus and provide a 130 mln usd letter of credit to the Mauritanian government to allow it to exercise its right to join the development of the field.

To finance the deal, Sterling is raising 97 mln stg via a placing of new shares to institutional investors.

Sterling shares were 1-1/4 pence off at 18 by 8.40 am. (No longer correct)

A little bit of HNR from oilbarrel.com

I must have missed this the the Trading Staement.

An appraisal of the Tiof oil find, Tiof-3, encountered a 134 metre oil column, in line with pre-drill expectations, leading Hardman to repeat its internal 2P number for the field of 300-350 million barrels.

This figure, if proved correct by further appraisal drilling (up to three more appraisal wells are planned for Tiof), would dwarf numbers for the Chinguetti field, which has a 2P reserve base of 123 million barrels and is expected onstream in the first quarter of 2006.

Anyone feel any better yet?

SWW, feeling good here! See we've bounced back up now. May be some volatility in the short term, but should present a buying opp.