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

Famous last words as the price starts to tumble!!!

FACT - this is a free carry hole.
FACT - 18 more free attempts
FACT - SEY has not incurred an exploration loss

get real here, tis is a drill PROGRAM. sure it would be nice to strike now but there is a multitude of other attempts.

the move today is an overreaction with a placinig supposedly completed

Well pointed out there! We all wish that every hole will be a good one, but that will not be the case in reality. Need to look at the bigger picture and what other activity is in the pipeline. And there is plenty of other drilling to look forward to.

Price starting to move back up now.

Picked up a few more on the drop - personally think its as close as we will be able to get to the placing price

Nervously topped up

Avocado salad tonight

Dave I bought in at various prices, my original price was included in Fusion Oil & Gas.

I had 52K of those at 36p. They were devolved after the takeover at 3.5 shares Sterling to 1 Fusion. That equated to 11.5 pence per share. That made 185k shares of Sterling.

I have kept a holding since but have bought in and out with lumps of stock.

I have bought in even recnetly at 19.something pence.

It don't owe me anything but I am not yet playing only with the profit.

My current holding is less than it was at the time of the takeover but is worth much more.

Heavens above!

We thought we had problems???

Have a look at what PMO lost this morning on the news.

Not hit bottom yet by the look, down 42p!!

SWW, according to L2, SEY, HNR and PMO all down between 6 and 7.5% ish. Seems like we're all getting whacked! Did you take up your L2 trial?

No to L2.

I am in no rush.

Thanks for letting me know though, I had not noticed.

No probs. I think it runs out next Friday. Don't know if I would pay for it every month, probably not as I don't really trade. But if I did trade a lot I probably would use it.

Hopefully we should be getting the Tiof-3 results soon, perhaps next week. As we turn to the weekend, I guess everyone's thoughts are turning back to food and wine!

From Killik's morning note today:

"For reference, the impact of this news on Sterling Energy (which, as a partner in Mauritania is currently raising 97 million to help the local government back into the Chinguetti field) should be very limited. Their fund raising is to help the developed proven and probable (2P) reserve of Chingeutti. The 2P reserve is estimated at 139 million barrels and this will begin production from the beginning of 2006 with 75,000 barrels a day. The cash flow will allow it to repay debt within two years. Naturally, the partners in Chinguetti will be less than delighted of the Governments now ability to buy back into the field, diluting everyones interest. The news today comes on the day that Sterling are pricing the new issue."

sounds good. SEY is the best of the bunch!

Indeed it does sound good Prop. So if production in Chinguetti starts early 2006, then we should see the additional cash flow from this deal in the Interims of Sept 2006.

Can see why the partners in Chinguetti are "less than delighted of the Govt's now ability to buy back into the field, diluting everyone's interest"!!!

not ours! (except the 97million placing!)

Yep! I would imagine that HNR, PMO and ROC were a touch peeved by this deal!

Whilst all the talk recently has been of this deal and Mauritania in general, we also have other projects to look forward to next year. Cameroon, Gabon, Guinea Bissau and increasing production in the Gulf of Mexico. Lots to keep us occupied here.

gavdfc

That's a good point you made. SEY are more that just Mauritania. Although this does play big part it's not the "B" all.

Recipes after 4pm

MS

so true. we are looking at an exciting couple of years...SEY a billion dollar company?????

That's one of the reasons I like SEY, not all the eggs are in one basket. Better IMO to spread the risks. Constant stable revenue from the GOM now, should be increased next year and in 2006 a revenue stream from Chinguetti.

Also throw in the per barrel payment from Premier and the bonus payments of $2m from PSC B and $1m from PSC A. All of this from the free carry deal, not a bad deal I think!

I agree gav, not all eggs are for breakfast.

In fact I sometimes like a hot egg sandwich mid morning.

I was going to cook this evening but have decided that it is a fish and chip day.

Traditional on a Friday, not had them for many weeks, and the local chippy is serving the last cod.

I wonder what he will order?

As for wine, that'll be the Missus, when I tell her to go down the sea front with her bag tonight due to the drop in share price.

I told her not to accept any more half pennies as they are not legal tender, but she assured me that she gives those out as change!

I agree with Killick, the drop was totally unecessary and unjustified. Sterlings price has not had this field written in so why should it affect the price?


Fickle, fickle, mms...........

Right, back to the wine.........

I see all are heading back up again, except Hardman.

Glad I sold them on high, may be a while before they get there again.

Not a fair world.

They should be the second best darling of the stock market.

Low price prospect of high returns, minus 12% of course!