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

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.

SWW

Haven't felt less than better personally, I see the SP is starting to recover now. The Traders will/have jump(ed) ship, and the investors will take their places. No doubt the placing will attract a significant discount on the current SP, but if you were coughing up 97 mill you would probably demand that. Barking not to. I'm going to stick these in a drawer and have another look in a years time.

Regards

PTH

bigger picture boys and girls...

ok, this wasn't the oil major tie up we were hoping for but lets put this in perspective. SEY is pitching up to play along with the big boys...management wants to transform the company and lets face it that is accomplshed organically and by acquisition and investment.

they have struck a deal for the longer term and all i can say is that i am in it for the long term and this deal will be a company transforming one. who seriously cares if the stock is wobbly for a while. the only clarity i would like it what level the placing will be at - try and get access somehow...

How do we find out what the placing will be.

MS

Proptrade morning , its been a up /down sort of morning,no position as of yet 15 is the magic number for me,but will be calling in from day to day,good luck all.

Prop, agreed. Investors need to look at the long term and to where the company is going to. As I said earlier, for those of us in this for the long haul, I do believe this is a good deal.

Perhaps what spooked some earlier was not knowing the price of the placing, or maybe not the deal they had been hoping for.

cheers...my guess is that the placement will be a bookbuild just because of the size versus mkt cap. i think 15 to 16 is around the level it will settle at from experience. there must already be an indication of interest from an anchor because you don't undertake something like this unless u have checked the mkt quietly beforehand.

Thanks for that Prop. I wouldn't have thought that the City would have got in on this deal unless they thought it would be a good one. I will be adding some more once everything settles down a bit.

Me too.

MS

Hi all, I have been lurking on this thread for a while I am in at 18.5 and spotted this link posted on advfn suggesting a figure of 17p

http://www.guardian.co.uk/business/story/0,3604,1336614,00.html

Do you suppose we will get a take up offer or will these go straight to the markets? Might have known the price would fall in the short term....it always does as soon as I top up again! Long term I'm sure these will rocket!

thx for the link. the guardian probably has it right, they would have heard it from brokers involved. if that is the case then happy happy days. put this is perspective, we may be diluted but the mkt is obviously in agreement with the continuing fortunes of SEY and their management.

Some interesting observations on advfn. Have a look.

MS

Sandrew, we won't get to see any of the new shares. It says in the RNS that the 97m will be in a placing to the institutions. Would have been nice to get some though, but would have taken a lot of time I think to set up for us to get them. I remember Kenmare did something similar early this year for retail investors, buy 4 new shares and get 1 warrant free. But of the top of my head it took quite a few months to sort out.

Shame....usually a good chance for a bargain!

If the news in the Guardian about the placing price being 17p is correct, I wonder if we will actaully get anywhere near that with a view to buying more? Any thoughts anyone.