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

Morning all,

This just released:

Sterling Energy PLC
08 July 2004



Sterling exercises option on West African offshore oil find

Sterling Energy plc ('the Company') has exercised an option to take a 5% working
interest in a block containing the unappraised Sinapa oil discovery, offshore
Guinea Bissau in West Africa.

It follows the completion last April by Premier Oil as Operator of the Sinapa 2
well on Offshore Block 2. Sinapa 2 found oil in reservoir sands but, due to the
design of the well, flow rates were not tested.

The option over the Sinapa permit is one of two held by Sterling offshore Guinea
Bissau as a result of an agreement in May 2003 that Premier Oil reached with
Fusion Oil & Gas. Fusion was subsequently acquired by Sterling late last year.
The other option covers the undrilled Esperanca permit nearby. In each case,
Sterling's option to participate follows completion of the first well at
Premier's expense.

Sterling Chief Executive, Harry Wilson, said: 'Although Premier announced that
reservoir quality was only moderate, we believe the Sinapa 2 well was highly
significant in proving the presence of a light oil petroleum system with very
positive implications. The well also proved the presence of good quality
reservoir sands, although in this instance they were not oil bearing. There are
a number of similar features to be tested, and we also believe the same promise
extends beyond Sinapa and Esperanca into our Dome Flore permit in the AGC Zone
between Guinea Bissau and Senegal.'

Along with Premier Oil (55%), Occidental Petroleum also holds an interest in the
Sinapa permit (40%). The state company of Guinea Bissau, Petroguin has a back-in
right for 30% of any development, which would reduce Sterling's interest to
3.5%.

Sterling looks forward to the Operator's forward work programme on Sinapa and
Esperanca once the evaluation of Sinapa 2 is completed.

.




For further information contact:


Harry Wilson, Chief Executive, Sterling Energy plc: 01582 462 121

Nigel Quinton, Operations and Technical Director,
Sterling Energy plc: 01582 462 121

Allan Piper, First City Financial Public Relations: 020 7436 7486
07736 064 982

Rob Collins, Evolution Beeson Gregory: 020 7071 4311




This information is provided by RNS
The company news service from the London Stock Exchange

Good post Xmortal.

I think this is a precis of the last post

Sterling Energy takes 5 pct stake in West Africa offshore oil find
AFX


LONDON (AFX) - Oil exploration and production group Sterling Energy PLC said it has exercised an option to take a 5 pct stake in the as yet unappraised Sinapa oil discovery, offshore Guinea Bissau in West Africa.

Sterling said the move follows the discovery oil by Premier Oil PLC - the operator of one of the wells in the area.

Sterling said its option is one of two it holds from an agreement in May 2003 that Premier Oil reached with Fusion Oil & Gas.

Fusion was acquired by Sterling late last year.

Sterling said the terms of the options include completion of the first well at Premier's expense.

newsdesk@afxnews.com

cw

it reads so damn well. xmortal i would also like to thank you for your inciteful post.

i still maintain that this firm is doing all the right things to be a target themselves.

Nice load of buys this afternoon including another 1m lump. Institutioin again I should not wonder, but it may provoke a rise to the next level.

here's hoping. i think the management rounds are being well recieved and could add that push to 20p combined with the drill program commencing next month

Hopefully we will hear soon how the management presentations went this week. Some more buys like that 1m near the close today would suggest they went well.

exactly. i even have a feeling that there are a few fund manager PA buys as well.

Glad I got some more yesterday! Thought I'd wait for a bit of a pull back, but didn't happen. Still, happy to add to my holding at that price. If any more news released re fund buying of any sort then think sp will move up sharply. Wanted to get in again before that happened.

agreed, i am thinking od adding as well....

Good move Prop. Some nice buys going through right now.

3 million buys before lunch time but no price increase.

An obvious bargain of the day!

I wondered how long it would be before these ticked up.

some solid buying going on recently.


capa

Lots of buying in these today. Should be due to move up. Finnishing at 17p would be nice.

Though we should have a new look at a rare feature.

The ascending chart!

Isn't she beautiful?

<

Seawallwalker, dont know much about TA, but the rise in that chart is as you say beautiful!

Profit taking going on now.


offer has dropped a quarter

At least I can read trades, and see what is happening next.

Now the buys will start again!

this is what is known as healthy trading. SCAP ticked them up, bought some stock and then moved the bid lower. great volume and the trend is certainly higher.

The trend in the chart is very healthy, onwards and upwards! In this one for the long term and not interested in taking a quick profit.