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

Hey!

Rememeber???

Sterling Energy PLC
21 December 2004


Sterling Energy plc advises that the following announcement was made earlier
today by Woodside Petroleum Limited:



'Woodside Mauritania Pty Ltd, a wholly-owned subsidiary of Woodside Petroleum
Ltd., reports the following activity offshore Mauritania since the last report
issued on 14 December 2004.

PSC-B, Block 4
Tiof-5 and Chinguetti Development wells

Tiof-5 Appraisal well

Following the completion of wireline logging operations, the Tiof-5 appraisal
well was plugged and abandoned as planned. On 17 December 2004, the 'Stena Tay'
drill rig moved to the Chinguetti Field to join the 'West Navigator' on the
development drilling program.

Chinguetti Development wells The 'West Navigator' and the 'Stena Tay' are
currently conducting operations on Chinguetti Development wells. Woodside does
not plan to issue announcements regarding operations on Chinguetti Development
wells, but will do so if necessary in order to comply with its continuous
disclosure obligations under the ASX Listing Rules.

All reported drilling depths are referenced to the rig rotary table and all
times are Universal Time (UTC) (Mauritanian time).

The locations of the Chinguetti Oil Field, the Tiof and Banda discoveries and
exploration wells are shown on the attached map.*

Wells are expected to be drilled in two production sharing contract areas during
the remainder of the 2004/5 campaign.'

Participating Interests in the areas are:

+-----------------------------------+-----------+----------+
| Company | PSC-A | PSC-B |
+-----------------------------------+-----------+----------+
|Woodside group companies (Operator)| 53.846% | 53.846% |
+-----------------------------------+-----------+----------+
|Hardman group companies | 24.3% | 21.6% |
+-----------------------------------+-----------+----------+
|BG group companies | 13.084% | 11.63% |
+-----------------------------------+-----------+----------+
|Premier group companies | -- | 9.231% |
+-----------------------------------+-----------+----------+
|Fusion group companies | 4. 615% | -- |
+-----------------------------------+-----------+----------+
|Roc Oil group companies | 4.155% | 3.693% |
+-----------------------------------+-----------+----------

Sterling owns a royalty right over a 6% interest in PSC B, save for Chinguetti,
where the royalty right is 5.28%. It will hold a royalty right over a 3%
interest in PSC A following a Declaration of Commerciality in PSC A. This is as
a result of the transaction between Fusion Oil & Gas and Premier Oil, announced
on 28 May 2003, and Sterling's subsequent takeover of Fusion.

Through a funding agreement with the Mauritanian government, announced last
month, Sterling also has a further interest in the Chinguetti development.

1 by crimbo!

MS

LOL

4 by er.................

by ummm.....................

Mmmmmmmmm...................

?

I think this RNS was needed and put out probably at the right time when the share is stable for a while.

It is designed to reassure and remind everyone of Sterlings interests.

Well done Harry and the boys and girls, I was going to write and ask for just such a little piece but you saved me the bother.

;-))

Right now lets get back to cranking this one up to unreal proportions!!!!!!!

lol

50p by Christmas

1 by April!

Edited by me.

and the thread wakes up again!

Well why not?

Looks like ESY has hit a consolidation patch and theres not much else happening except on the PET rumour boards.

They are getting dafter by the day.

Funny though, seems there still may be a chance there but I won't have any thanks!

i agree, PET is for the very very brave right now.

i would be delighted to see ESY consolidate here for a while. the jan update could see it then have a platform to move into the 120-150 range. this could be one of the stocks of 2005 if it snags some major contract wins from BT. if it wasn't a serious aquisition target before it most certainly is now.

SEY - still love this one as well.

Well, I am all over the place just now having had a quiet time with SEY.

WLW has a broker downgrade so don't buy yet!

Afternoon all,hows tricks.

wlw stuck around 40p for a longtime- better options elsewhere?.

Shorts on pet,if you can hang around screen watching.

lizard yes there probably are, but I have made 3 sucessful raids over the last 2 years, and it does depend on what I feel this time.

I must admit I am a bit suspicious this time,but thats for the WLW thread.

Thank you for the observation.

Evolution have issued an updated Sterling(SEY) note. They have a, somewhat demanding, target price of 29p against the current share price of 16p and a core value of 19.3p.

I do not have acess to the whole thing, this is from TMF.

But, here are a couple of snippets from it...

"We estimate Sterling's core value at 19.3p/share. Sterling still offers strong upside potential to its core value together with risked exploration potential outside Mauritania, which we estimate at around 29p/share.

Deal will boost cash flow 3x in 2006 as the Chinguetti field comes on stream, but is dilutive to earnings and cash flow in 2005 due to the increase in the number of shares.

Based on our forecasts for 2006 cash flow from operations should increase from 20.6.m to more than 60m and cash flow per share from 2.4p to 3.9p. At the current share price this would put the stock on a 2006 forward cash flow multiple of around 4x."

oh how they underestimate this one!

Has anyone got the whole thing please?

MS,are you going to the liverpool/spurs game on january 19th at anfield ,,f.a. youth cup.

prop at least it is positive...............

So we have to wait till February 2007 to get 2 per share, so what? (lol)

Really, I think they are erring on the cautious side. After all they can not be sure how much oil is coming out if Chinguetti till it does, plus production multipies by 4 in 2007according to targets already posted on this site.

Then of course they are allowing what per barrel?

Not $40 I would think, probably going for around $36 and if it is more then the return will be more.

May be worth an extra wait but ay least we know the money is safe.(ish)