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

For what it's worth, I think PMO is near a good target price to buy as well, it standing in the 560's.

May be worth a wait for 540's if they come, this stock can gain a quid in no time from that price!

Light and fluffy!

Darn rabbit!

Come here, Spot!

Ouch................!!!!

Gotcha!!!

Sorry about that folks, he hates having his foot squeezed!!

I got a lucky goldfish as well....................

He fights to get away when I hold him too.............

..........and then there's my cat who loves Exlax!

She lives outdoors!!

And a wife that snores.......

Just about every oil co is down.

MS

oil price back to $35 by end of Q1 nxt year

PT

I did'nt expect that. I thought a min of $40/45 for most of next year.

MS

just a feeling i have. i think the price will steadily come down in december and certainly be in the low 40's by mid jan. i know nothing but i just think that the mkt has been overheated and the longs out there, which i think are considerable, will start flipping when the latent demand is met and the political risks have abated. obviously all bets are off if there is another threatened major pipe line or terrorist attack.

i may be wrong (and often am) but i think the oil to US$60/70 /80 etc argument has run its course and we are going to reenter normalised pricing models.

Afternoon all,

Not been the greatest of 2 days here with the Merou news. Seems to have hit HNR much harder than us, would expect that with a bad well though. SWW, I read that you offered your apologies yesterday, none needed IMO.

Just found this in Killik's morning note:

"HARDMAN RESOURCES mechanical fault



The third piece of bad news from the Mauritanian partners has continued to impact sentiment and the stock price for Hardman Resources. The lead operator Woodside plans to suspend the Tiof-3 appraisal well because of operational difficulties. This follows yesterdays news that the Merou well (with an estimated 250-350 million boe) had sub-commercial accumulations.



The Tiof site has six appraisal wells underway and therefore in isolation, this current problem should be resolvable. Nevertheless, this further sentiment hit is reducing somewhat the exploration risk premium in the stock. The partners need some good news.



As an aside, the impact of this news should be neutral for Sterling Energy. It does have a royalty benefit from its relationship with Premier Oil but none of the costs associated with the drilling campaign. Its recent 97 million financing was used to back the Mauritanian Government into the Chinguetti field which is far more developed. Accepted that sentiment has moved against the partners short term, but Sterling represents the safest way to play this and we retain our buy recommendation."

Also, received this months monthly news letter from Hargreaves Hale via email. They still rate SEY as a buy over the short and long term.

proptrade - you might be interested to know that the Quwaiti oil minister said this morning that he believed the oil price should (and would) be nearer $30-35 a barrel early next year.

If oil falls to $30-35 where would that leave oil exploration. I suspect that in areas where exploration is not so difficult then extraction costs would still be well covered. But places like the Falklands where the margins are tighter might be a different story. Any views?

MS

Well all over for another day. A couple of large G&T's tonight. Not the greatest couple of days but that's the market.

MS