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

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!

Lol SWW, can't see the missus being to happy at your suggestion to get to the sea wall! Still, all the pennies mount up!

As for eggs, an egg roll is very tasty. Not thought of what to have for tea, but since fish n chips was mentioned... I do like that, with haddock, nice! Out to the shops soon so will stock up then, might get some wine.

PMO seems to have bounced back 2% or so.

Yahoo biz posted this.

Not read it well yet so no comments.

Friday November 5, 3:59 PM
UPDATE: Australia's Woodside Misses Out At Capitaine

By Stephen Bell
Of DOW JONES NEWSWIRES

PERTH (Dow Jones)--Australia's Woodside Petroleum Ltd. WPL.AU) Friday unveiled a second consecutive dry hole in its US$100 million-plus oil drilling program offshore Mauritania, upsetting investors in the company's junior partners.

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Shares in Hardman Resources Ltd. (HDR.AU) fell as much as 10% after the partners said no hydrocarbons were encountered at the Capitaine 1-A well. The stock ended 6% lower at A$1.97.

Woodside was targeting up to 200 million barrels of oil at Capitaine, which is only 27 kilometers southwest of the US$600 million Chinguetti development that is due to begin production in early 2006.

Hardman said that drilling data will need to be evaluated "before any definitive announcement on fluid type" is made, but analysts said it is almost certain that Capitaine-1 is barren.

It is the first real upset for Woodside and its partners in the closely watched program, as an earlier dry hole, Dorade-1, was well flagged by its chief executive Don Voelte in September.

Gordon Ramsay, an analyst at UBS, said that Capitaine was drilled on the same channel sand trend as Chinguetti, which also yielded the Banda and Tevet finds.

"I'm still fairly positive on the area, but every once in a while you get a negative surprise from these wildcat drilling programs," he told Dow Jones Newswires.

Capitaine comes just a few weeks after Woodside plugged and abandoned Dorade-1.

A third well, Tevet-1, was confirmed as a new oil discovery in early October. Tevet is believed to contain between 50 million and 100 million barrels of oil and may be tied into the Chinguetti development.

Woodside shares closed down 1.8% at A$19.10 amid a broadly weak energy market.

ROC Oil Ltd. (ROC.AU), another junior player in the program, fell 2.6% to A$1.84.

Hardman investor relations manager Dean Richardson said that it is unrealistic to expect a 100% success rate in a wildcat drilling program.

"An unsuccessful well is always disappointing but the joint venture is still very confident about the area, and we still believe there are opportunities there," he told Dow Jones Newswires.

Hardman is hopeful of better news later this month when drilling begins at the Merou prospect.

Located on the same trend as the Tiof field, Merou has a pre-drill target of 250-300 million barrels of oil, Hardman said.

Woodside owns 53.846% of Chinguetti. Other participants are Hardman 21.6%, BG Group 11.63%, Premier group of companies 9.231% and Roc Oil 3.693%.

One thing that keeps coming up is that Tevet is believed to contain between 50 million and 100 million barrels of oil and may be tied into the Chinguetti development.

If any do not understand what that means, let me explain, Tevet and Chinguetti may actually be holes into the same oil field.

If that is so, and they will know by the end of this, it will be massive!!!

;-)))

Afternoon all,you got a good deal there sw. Been up a ladder most of the day,,bit of diy on a cctv camera,but now back in the hot seat.
Still down i see,,just a little bit more please,off to see what i can sell now back later.

So Gordon Ramsay's changed jobs, from Hell's Kitchen to an analyst at UBS!

This is a valid point he makes - "I'm still fairly positive on the area, but every once in a while you get a negative surprise from these wildcat drilling programs," he told Dow Jones Newswires." Not every hole drilled is going to be a hit.

If Tevet is tied in to Chinguetti then that's another addition to out revenue stream.

Its in free fall .

Visiting friends for a few days , just saw what has been happening today. Ouch!Let's hope this is another case of getting bad news out of the way before a positive drilling result on Tues. Mushroom and white wine risotto tonight,margarita sorbet for pud...need a few stiff drinks after seeing this. Have a good weekend all!

Whose in freefall....

Can anybody see 17 pence by close !

must be dave off his ladder