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

Even if we don't get them this week then it's no problem. They wouldn't be testing it if they didn't think oil was there. This week, next week, no worries.

From Rigzone.com nice big article which repeats itself a few times. Do they need an Editor?

I'm free.

Sterling Energy reports that its shareholders have overwhelmingly approved the company's 97 million share placing to raise funds principally for investment in the development of the Chinguetti Field, offshore Mauritania in West Africa.

The shareholder approval follows Sterling's announcement earlier this month that it was raising the money to provide funding for the Mauritanian Government on Chinguetti, which is operated by Woodside Petroleum and is due to produce from early 2006 with peak production of 75,000 barrels of oil per day.

It comes as AIM-quoted Sterling hosts a visit to London by the Mauritanian Minister of Industry and Mines, Mr Zeidane Ould Hmeida, for an official signing ceremony to mark the completion of the Chinguetti agreement.

Sterling Chief Executive Harry Wilson said: "Having received such a strong response from new and existing institutional investors to one of the largest ever fund raising exercises on AIM, we are naturally pleased to have received such overwhelming shareholder support at the EGM. We are now looking forward to a fruitful relationship with the Mauritanian Government as it continues to develop its offshore oil industry."

Sterling has raised the 97 million through the issue of 570,588,235 new ordinary shares at 17p per share. It plans to use the bulk of the new funds to pay a $15.5 million signature bonus, and provide a $130 million letter of credit to cover the Government's share of the Chinguetti field development costs. In return, Sterling will receive income from a sliding scale share of the field's production.

The new shares have today been admitted for trading on the Alternative Investment Market. Following admission, there are 1,393,300,558 ordinary shares in issue, of which the new ordinary shares comprise approximately 41%. Sterling Energy reports that its shareholders have overwhelmingly approved the company's 97 million share placing to raise funds principally for investment in the development of the Chinguetti Field, offshore Mauritania in West Africa.

The shareholder approval follows Sterling's announcement earlier this month that it was raising the money to provide funding for the Mauritanian Government on Chinguetti, which is operated by Woodside Petroleum and is due to produce from early 2006 with peak production of 75,000 barrels of oil per day.

It comes as AIM-quoted Sterling hosts a visit to London by the Mauritanian Minister of Industry and Mines, Mr Zeidane Ould Hmeida, for an official signing ceremony to mark the completion of the Chinguetti agreement.


There, some duplications deleted.

Morning boys/girls.

Easyjet,a quick buck.

Thanks for posting that SWW. Rigzone articles are shown over a few pages so when you copy and paste it duplicates it here a few times. Nice read though.

feels like everything is simmering nicely. now the placement is out the way any good news will easily see these boil over 20. all tee-ed up!

Backhanded sycophancy and low levels of testosterone do not excuse the miserably quasi-bullying attitude of certain posters of this BB thread. Truth and facts are very difficult concepts to define but downright rudeness and ungentlemanly conduct is patent for all to see. Opinions, whether in concert with your own, however ill informed are all grist to the mill - censorship and aggression with a faint, over-weaning and patronising attitude is only likely to lead to hardened entrenched attitudes and the closing of ears (and minds). Try to remember people are more, MUCH MORE, important than money or being correct. Try to be more understanding and accepting of others views - not all of us have the luxury of knowing a priori.

Nuff said. Lecture over.I used to be a expert. Now I am just pert. Lighten up!

Nam

What was all that about, by the way the price is down.

See previous posts aldwickk re Hilary etc. Mean-spiritedness is alive and well and existing on this thread. So much for good manners!

PS apologies to Hilary. I sometimes wonder why I bother too. Lead a horse to water etc etc.

namreh3

comments appreciated. we have a very open thread here with a diversity of views, subjects and opinions. what has to be stressed here is that everybody is entitled to a view and everybody has the ear of all posters at all times. what is NOT acceptable is spoilers who exist only to spread negativity for negativities sake.

I hold virtually every poster on this thread in the highest of esteem and through disagreements, banter and news have enjoyed participating frequently.

I too have an investment banking background and abhor those who stare down their noses at less experienced posters. I am happy to chat about the basics with anyone at anytime. the poster we are talking about should know better and has persistantly tried to rock the boat on a thread that many enjoy participating on.

ok, i have that off my chest and have now lightened up!

Rgds
proptrade

Can somebody please explain to my why the price keeps going down if this deal is so good?

the new stock is now in the accounts and there may be a few flippers of their 17p stock out there. the overhang of the placement is now out the way and all it will take is a touch of positive news to take these through 20p.

be patient is the best advise i could give.

Thanks. What do you mean by the overhang of the placement is now out the way?

i just mean that from when the placement was announced until the stock itself was successfully placed (about 3 weeks) the stock had substantial news "overhanging" the price...ie major news keeping pressure on the stock.

the term overhang is more usually applied when there is a huge seller of a stock and the market is aware of it and the stock remains under pressure whilst that stock is being sold. you often hear an explanation of a stock rising "because the overhang has been cleared."

Rgds

Re post 1988, Hear what you say Prop.

cheers sir.

Correct me if I'm wrong, but I thought that the price moved according to the balance of buyers and sellers of the stock. I also thought that the news was merely a catalyst which served to attract buyers and sellers.

If the placing was twice oversubscribed, then surely demand is high. I still don't understand why the price keeps falling.

namreh3 if you wish to email me, I will be pleased to answer you.

I stand that, my comments were justified and were all called for.

Nothing more will be posted on this board by me concerning this subject.

Thanks

Wow that all got a bit lively. Guy's lets not turn this thread into that awful slanging match on ADVFN BPRG v SEO. I've really enjoyed all postings on this thread with some expert views being given as well as some fun when things go quiet. I feel as if I know some of you so let's keep things the way they are, nice and friendly but POSITIVE.

LOL

MS