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

This old dog seems to have teeth again!!!

http://www.killikmorningnote.co.uk/

Sterling Energy in attractive farm out deal in Senegal carried interest over 30%

STERLING ENERGY Farm out

Sterling Energy, the US and West Africa oil and gas business announces a farm out deal for its Dome Flore block in offshore Senegal. The block contains an estimated 800 million barrels of heavy oil in place and under the terms of the deal, Markmore Energy will take over operator ship of the licence in return for a 55% stake. Sterling will retain 30% and the government 15%. In return for the stake, Markmore will incur the expense of a year long engineering study.



Using a standard 40% recoverable rate, it is estimated that 350 million barrels could be extracted from the site and for Sterling shareholders, should this prove successful, for no cost, it will benefit from 30% stake in the proceeds. At current oil rates, this could prove very valuable.



The stock has held steady since the 100 million placing where it backed into the Mauritanian producing interests through a government deal. This is now increasingly looking unjust and we would expect a move over the 20p level (from the current 17p) in the short term.

Cheers for the Killik post SWW. Found this:

Halim Saad buys 55% stake in Africa oil block



Malaysia's Halim Saad, the former controlling shareholder of industrial group Renong, has bought a majority stake in an African oil block from Britain's Sterling Energy Plc for an undisclosed price.

Markmore Energy (Labuan) Ltd, Halim's wholly owned oil and gas firm, purchased a 55% stake in the Dome Flore block, located in West Africa off the coasts of Senegal and Guinea Bissau, the firm said in a statement.

Sterling will retain a 30% interest while the remaining 15% is held by a firm owned by the governments of Senegal and Guinea Bissau -- Agence de Gestation et de Cooperation entre la Guinea-Bissau et la Senegale.

The block has proven petroleum reserves estimated at 800 million barrels of heavy oil, according to the statement.

"Dome Flore has long been known to hold large quantities of oil and we believe that Dome Flore is an excellent candidate for possible development... we plan further substantial investments to move towards its development," Halim said.

In January, Halim agreed to join with the government of Senegal to build 70,000 homes in the African country.

Halim also holds a 32.6% stake in Seloga Holdings Bhd, which is building a RM270 million bitumen processing plant in eastern Terengganu state. - Reuters


http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_b4dc1447-cb73c03a-1b11b790-cfad9a80

the edge...that takes me back....the best business news in Malaysia. a surprisingly professional publication.

Things appear to be building towards May then as we thought.

I've got a feeling that we may well see more deals like this over the year, which seems to me to be a good move for the company. It cuts down on spending by bringing in others to help develop the areas. Makes sense to me that a smallish copmany spread the risks and costs by bringing in partners, especially with an active drilling program coming up.

Some other areas it may happen in this year.

Phillipines, the Reed Bank, Sterling hold a 100% interest there. Gas reserves beleived to be around 0.5tcf. 3D survey planned 1Q5 so another partner could be brought in there.

Croix du Sudin in West Africa. 88% interest and the operator. Again, looking to farm out and drill probably in 2005. 1bn barrels unrisked potential.

The reserves figures I used came from one of last years brokers notes. Interesting times ahead I think.

same her. this really could be the start of something or even takover stuff?

Got to say, similar in many respects to the way Hardman have dealt over the last few years, although there, times they are a changing.

I know a song about that!

If they can get these fields drilled and come up with decent drilling results then I think they may become a takeover target. I just mentioned 2 possible scenarios where deals similar to today's may happen this year. Of course we all know that there is much more going on in other areas that I didn't mention.

SWW, you wouldn't be talking of Bob Dylan by any chance! The times they may be a changing indeed!

New website up and running, just went live today I think, MUCH better than the last one and finally gives details of the company's operations.

http://www.sterlingenergyplc.com/

Sterlings web site has been improved as promised by Harry Wilson.

Much better.

They have a heck of a lot on the books for ongoing operations, some I had forgotten, or did not know about.

http://www.sterlingenergyplc.com/

Snap

Make a wish gavfdc.................

We're rich!!

Well, we will be one day............

Takeover is always there especially with all that stuff to have a go at.

The new website is indeed a massive improvement over the last one. So much info on there regarding the areas of operation, an issue i'd mentioned to them a couple of times. I like the detail they have put on the site regarding operations.

2m T trade just gone through at 18.38

nice spot...

Cheers, all in all a good day for us. Excellent RNS this morning, new website up and running and we've moved up. Great end to the week.

Well at last it would appear things are starting to move. You've got to have patience with this one. I'm down The Red Lion tonight downing a few pints of Stella. What ever you get up to this weekend, have a good one.

MS

cheers, you too sir.

Think I'll be joining Mickey with a few Stella's tonight. Some positive press over the weekend would be nice. A good weekend to all.

gavdfc, nearly every share mag or tipster I have read recommend SEY I haven't seen bad press on the company, as for Me a pint or two of ESB or Abbott ale will go down a treat to celebrate SEY & the gunners winning.

Wow! what a good start.