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

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!

Just fallen in!

Taken all afternoon.

Westmount Energy owned Westmount Resources who owned 30% of Fusion Oil & Gas shares, which was bought by Sterling Energy from Westmount Energy,for shares at 11.5p, which then bought Fusion Oil & Gas.

Now I have spelt it out, am I correct?

Read All About It!!

From Hotcopper

"ABN-AMRO just confirmed P90's rumour they suggest a 300mmbbl (gross) oil discovery at Merou

This would influence WPL's share price by 4% HDR by 17% and ROC by 11% the results of Merou are expected early this week. and the TIOF-3 flow test within the forthnight

Bring it on we could have a great Xmas, and Hopefully a good one for Ted as well"

If that ties back to Tiof, that is another enourmous oilfield. says a Bullish Investor.

Do you think it may affect the share price?

Could be why my "Mate" said BUY HNR!!!

I say BUY SEY cause they will only steal it anyway!!

SWW, that's pretty much it as far as I can make out. Also, here's a snippet from an old Oilbarrel article from 8/12/03:

"The Team At Sterling Energy Which Has Finally Acquired Fusion Oil & Gas Knows How To Add Value
The Sterling Energy bid for fellow London AIM listed group Fusion Oil & Gas really did go right down to the wire. Five minutes before midnight, as it were, Sterling had only got just under 50 per cent of acceptances after more than three months of tussle and two extensions to its deadline for shareholders to agree the hostile bid. Then finally Sterling limped over the line with just 51.37 per cent of the shares.

Sterling had offered 3.5 of its own shares or 2.5 shares plus 10p for each Fusion share. At a Sterling price of 10.75p per Sterling share this represented 37.625p or 36.875p for each Fusion share. Fusion shares were standing at 31.25p on September 11, 2003, the last dealing day before the announcement that Sterling had approached Fusion, so the offer represented a premium of 20.4 per cent or 18 per cent. "

Read All About It!!

From Hotcopper

"ABN-AMRO just confirmed P90's rumour they suggest a 300mmbbl (gross) oil discovery at Merou

This would influence WPL's share price by 4% HDR by 17% and ROC by 11% the results of Merou are expected early this week. and the TIOF-3 flow test within the forthnight

Bring it on we could have a great Xmas, and Hopefully a good one for Ted as well"

I say BUY SEY cause they will only steal it anyway!!

SWW, if that is correct re Merou then we will collect a royalty payment of 6% of that plus a discovery bonus of $2m once commerciality over 50mb is confirmed.

so it has all begun...

RNS due Monday they say!

If that is correct re Merou then we will collect a royalty payment of 6% of that plus a discovery bonus of $2m once commerciality over 50mb is confirmed.

Lets shout this out!!!!

Sorry to be stupid but I take it this is all relevant to SEY, will the RNS be from RNS.

AdieH.

Yes relevant to SEY if correct. This was an RNS back in July detailing this.

http://www.uk-wire.com/cgi-bin/articles/200407051509115017A.html

See you've mastered HTML SWW!

HTML, not quite.

I used to do a fair bit of it, but I have forgotten more than than I rememeber.

I have had a tickle of HNR to catch the 20% if it goes that far!

Bearing in mind there has been a fair amount of buying today, it may only work out to 15% on the price, but:-

HEY!!!

Yo, Ho, Ho, and a Bottle of Rum!!