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

aldwickk - sounds like a good plan. If WTE have 70% of SEY, do they not own it now?

i am confused...has anyone got any details about a WTE stake??? i can only see that they sold their fusion stock.

The Group presently owns interests in the issued share capitals of AIM
quoted Fusion Oil & Gas plc of 20.36%, Desire Petroleum plc of 5.12% and
Sterling Energy plc of 1.55% as well as 14.82% of the issued share capital
of unquoted Eclipse Energy Company Limited.

cheers, but obviously it had cashed out the fusion after the takeover....

Eclipse energy might be the jewel in the crown.

found this article...17% looks like their holding - not sure how the placement effects this. any idea what Westmount enegy's website is?

19-Sep-03
Fusion looks vulnerable as shareholder helps Sterling

The battle for Fusion Oil & Gas takes a hostile turn as Westmount Energy delivers a stinging critique on the company and offloads its 20% stake to would-be bidder Sterling Energy.
Sterling, whose approach to Fusion was rebuffed last week, is buying Westmount, which holds 20.4% in Fusion. The all share deal will give Westmount a 17% stake in Sterling. It has pledged not to sell the shares for 12 months.


Derek Williams, Westmount's chairman said: 'Our decision to sell follows mounting disappointment in the performance of our investment in Fusion since the flotation, and our strong belief in the merits of combining Sterling's strengths with Fusion's exploration portfolio.


The full story can be found at citywire.co.uk


http://www.citywire.co.uk/instrument/default.asp?

Eclipse Energy Company Limited

The group owns 130,000 shares in the issued share capital of Eclipse Energy
Company Limited ("Eclipse") for which it subscribed 1 each in April 2000 and
represents 13.25% of Eclipse, which is presently unquoted. Eclipse has developed
an innovative concept whereby integrated power generation from offshore gas
reserves and wind turbines is exported by cable to the National Grid.

Following a fund raising, including the issue of new shares at 5 per share and
arrangements with a major industry partner, Eclipse has proceeded with the
planning of the Ormonde hybrid wind and natural gas powered electricity
generation project in the East Irish Sea, 10 kilometres offshore
Barrow-in-Furness.

Eclipse has awarded UK-based Offshore Design Engineering a contract to carry out
pre-construction engineering work. Preparation of the Environment Statement by
RBA Ltd., is also underway for submission in May 2005. It is intended that
Eclipse will provide 100 megawatts of electricity from its gas turbines, which
will be fuelled by two natural gas fields and 100 megawatts from a dedicated
offshore wind farm. Subject to Secretary of State consent it is expected
construction work will commence late next year and come into production in 2006
and 2007.

Westmount has provided, in addition to its shareholding, a secured loan facility
which stood at 670,232 at the end of the financial year which has been now
subsequently reduced to 575,900. This will be repaid from part of the final
funding arrangements for the project.

Sterling Energy plc

The group presently owns 75,000,000 shares of AIM quoted Sterling Energy plc
("Sterling"). This holding consists of 71,375,000 shares acquired upon the sale
of the company's subsidiary undertaking, Westmount Resources Limited to Sterling
in September 2003, taken at 11.5p per share, and the balance of 3,625,000 shares
retained from the sale of its United States based subsidiary, Westmount
Resources, Inc to Sterling in February 2002 taken at 4.5p per share. The group's
total shareholding in Sterling currently represents approximately 9.17% of
Sterling's issued share capital at an average carrying cost of approximately
11.16p for each Sterling share held.

OK, so what is the rough NAV of westmount ex any holders discount????

it could be interesting....

Sterling, whose approach to Fusion was rebuffed last week, is buying Westmount, which holds 20.4% in Fusion. ??????????????????

If so then Sterling still own WTE and it is a subsidiary of Sterling.

I remember this article at the time it was released.

It did enable the takeover of Fusion Oil & Gas.

Obviously WTE has a different board to SEY, needs investigation.

exactly, lets just gather the info and then see if westmount is trading at a deep enough discount to its overall assets.

time for a strong coffee....

Morning all,

Here's a part of WTE's last results.

"On the successful conclusion of the transaction planned for no later than 20
November 2004 and in view of the issue of new ordinary shares of Sterling in the
proposed placing to be effected on 19 November 2004, which have been
underwritten by its Broker, it is anticipated Westmount's stake of 75,000,000
shares in the new total issued share capital of Sterling would be approximately
5.38%."

Westmount will now hold 5.38% of SEY since the deal has been approved.

The full results are here, won't post them all.



http://www.uk-wire.com/cgi-bin/articles/200411101100020685F.html

So, they have sold the Fusion Shares for a profit(below).

But now hoold Sterling and Desire the values at Jult had doubled.

Are they a subsidiary of SEY?


The company accepted 71,375,000 fully paid shares of Sterling in
exchange, taken at 11.5p per share, which the company agreed to hold, at least
until 25 September 2004. This resulted in a total consideration of 8,208,125
for the sale of the investment.

The group invests principally in companies which hold the possibility of
considerable capital growth on the funds invested. Profits are only brought to
account when an investment is sold.

The market value of the group's two AIM quoted investments, Sterling and Desire
Petroleum plc, as referred to further below, on 30 June 2004 totalled
13,055,000 compared with a carrying book value of 8,890,469 showing an
unrealised surplus on that date of 4,164,531. As previously stated it remains
the directors' intention to return capital to shareholders as and when any
substantial profits are realised upon the sale of major assets for cash.

westmount are just a holder in SEY. Their total holding is about 15 million in SEY and DES and they have an oil royalty interest and this private company as well.

would need to know more re the current value of eclipse but is it is close to 5 quid a share then i think westmount is fairly valued. i don't think there is a massive hidden asset unless i am missing something....

proptrade - seems you may be right and the item is worded badly. I do not think based on my quick research that Fusion of Sterling ever owned WTE.

Interesting that they will return money to shareholders when they think they can get a good return for the sale of stock for cash.

As a long term SEY holder, I would be looking for announcements saying that they are selling or buying.

I think DES is a good long term hold too at a reasonable price which I think is set about right at the moment. 50p ish.

I may well buy in long at some point if it drops below that, but I do not think the rapid rises of late there will be repeated for a while.

Thanks for flagging that aldwick, interesting!

it certainly is interesting but in these sort of situations you want to look for something like a 30% discount to assets.

Seems to be a bit of confusion here over this Eclipse and owning WTE. SEY have not owned any part of Westmount Energy WTE.

Westmount Resources was a wholly owned subsidiary of Westmount Energy WTE. Westmount Resources assets were 20m shares in Fusion, sold to SEY for 71,375,000 shares in SEY. From WTE's interims:

"The assets of Westmount Resources consisted of 20 million fully paid
shares of Fusion Oil & Gas plc and 500,000 partly paid shares of its
subsidiary, Fusion Oil & Gas NL. The Company accepted 71,375,000 fully paid
shares of Sterling in exchange, taken at 11.5p per share. This resulted in a total consideration of 8,208,125 for the sale of the investment."

Also from WTE's interims:

"The group presently owns 75,000,000 shares of AIM quoted Sterling Energy plc
('Sterling'). This holding consists of 71,375,000 shares acquired upon the sale
of the company's subsidiary undertaking, Westmount Resources Limited to Sterling
in September 2003, taken at 11.5p per share, and the balance of 3,625,000 shares
retained from the sale of its United States based subsidiary, Westmount
Resources, Inc to Sterling in February 2002 taken at 4.5p per share. The group's
total shareholding in Sterling currently represents approximately 9.17% of
Sterling's issued share capital at an average carrying cost of approximately
11.16p for each Sterling share held."


Also from WTE's interims:

"Eclipse Energy Company Limited

The group owns 130,000 shares in the issued share capital of Eclipse Energy
Company Limited ('Eclipse') for which it subscribed 1 each in April 2000 and
represents 13.25% of Eclipse, which is presently unquoted. Eclipse has developed
an innovative concept whereby integrated power generation from offshore gas
reserves and wind turbines is exported by cable to the National Grid."

WTE just hold shares in Eclipse. As far as I know, this has nothing to do with SEY at all.

Westmount Energy are just an oil and gas investment company with a stake in SEY.

Now that the Cinguetti deal has been done, WTE's 75m shares are 5.37% of SEY's issued share capital.

so basically no hidden assets or huge discount to nav so probably not a screaming buy? certainly one to keep an eye on though.

Prop, not really looked at WTE with regards to buying so couldn't comment on it's suitability as a screamiing buy! It made a profit of 6.5m last year but would appear that was on the sale of Westmount Resources to SEY.

As to it's other big asset, 5.5m shares in DES at cost of 9.4p. If it sold them then that would be another big jump in profits for them. Don't know much about DES apart from the Falkland seismic and rumours of partnerships.

But agree one to keep an eye on.

sorry about the screaming. i will try not to yell in future!