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

sandrew64,

Many thanks!


Well SEY finally gave in to the general resource market selloff, - .50p now.

From todays traders thread: "RUMOUR OF THE DAY: STERLING ENERGY (word it is to sell its offshore Reed Bank licence in the Philippines to FORUM ENERGY in return for a 29 pct stake)"

Cant find the actual article online to read though.

It is reported in the Times as rumour of the day, nom link uin the online edition.

That seems to be about right though.

Forum are going to the City today to raise 10 as a pre cursur to listing on AIM.

I suspect it will be another free carry and 29%.

If so, I like their style.................

The Reed Bank will be fraught with financial dangers and it is only right that someone else should carry the risk for us imo.

All speculation, we will wait and see.

looks like yet another sensible deal by management (if true).

Has anyone ever heard of this Forum Energy before? Looking at the Reed Bank licence, we have 100% interest there, prospect of 600bcf of gas. Seismic supposed to be carried out Q1/05. If this Forum take a 29% interest then we will still hold 71%. If the rumour is correct, I dont think it will be a free carry like some of the previous deals that have been done, unless other partners come in.

Forum Energy: www.forumenergy.com


Forum Energy is an independent energy company listed on the NASD OTC Bulletin Board (FRUEF) and the Frankfurt and Munich Stock Exchanges (FE8).

The Company owns 66% of Forum Exploration Inc., a privately-held Philippine based energy company with a 100% sole participation in two blocks known as Service Contract 40 and Manila Bay / West Central Luzon .

In addition, the company is in the final stages of acquiring significant coal reserves.

***********************

News Item on 09 Feb 05:



FORUM ENERGY CORPORATION (NASDAQ OTCBB: FRUEF, Frankfurt/Munich: FE8) (Forum or The Company) reports the signing of a Heads of Agreement (HOA) for the purchase of an offshore petroleum license in the Philippines. The HOA is with a UK-based Oil & Gas Company and is subject to the execution of definitive agreements by the end of February 2005, and to the extent required, approval of regulatory authorities. Forum will provide updates as necessary.

In view of the potential acquisition of additional petroleum licenses in its current region of operations, Forum has decided not to pursue its previously announced acquisition in Tunisia and has therefore allowed the Memorandum of Understanding to expire at no cost to the company. Forum will instead remain focused on the development of its projects in the Philippines.

Forum also reports that it has granted a total of 10.6 million additional options under the Companys stock option plan.

*******************************

Updated news item on 01 Apr 05:

ORUM ENERGY CORPORATION (NASDAQ OTCBB: FRUEF, Frankfurt/Munich: FE8) ("Forum" or "The Company") is pleased to provide an update further to the company's announcement of February 9th 2005:

Significant progress has been made with regard to Forum's agreement with a major UK based Oil & Gas Company. Whilst still confidential at this stage, the company can advise the legal process is still progressing, and that the necessary due diligence and valuations are currently being effected.

The company is anticipating a successful conclusion to this agreement and expects to be in a position to release more detailed information in the near future.

****************************

I guess we now know that the mystery company is SEY (IMHO). LOL

Thanks for that StarFrog.

my reading is that forum are getting the field and in return sterling is aquiring a 29% stake in Forum. free carry works as long as they don't participate in a cash call at a company level or else diluted.

looks like smart diversification and a reduction of exploration exposure + a stake in what could be a larger prospect than just the Reed field.

still rumour...

Well reading it that way, wouldn't it be the case that we sell Forum the field, but only get a free carry in the field to the amount of 29% and not 29% of Forum itself? If that is the case then it looks like an okay deal considering the location of the field and the costs associated with development, drilling etc.

An RNS soon would be nice.

well...lets wait for facts! seems like a decent deal in any case.

by the way check out AVE...something afoot me thinks.

All,

This is the article, as posted by Martin on ADVFN.
=========================================================

April 19, 2005

Rumour of the day



Sterling Energy fell 1p to 17p on AIM, despite word that it is to sell its offshore Reed Bank licence in the Philippines to Forum Energy in return for a 29 per cent stake. Forum, listed on Nasdaq, will today start a UK investor roadshow hosted by Noble & Co to raise 10 million, as a precursor to joining AIM later this year.

Gav,

I read that as SEY having a 29% free carry, with no financial risk, in a highly prospective field, and that looks very nice to me!

Surely once this is official, we'll see blue?

Also note that Forum Energy are due to list on AIM later this year, maybe one to watch out for?

Andy,

Cheers for posting the article. It does seem that from reading it we would have 29% of the field if the story is correct. If we do get a free carry with no costs then it would indeed be a good deal. Seems less risky than going it 100% solo. Brokers estimates of the field are 500bcf from Evo and 600bcf of gas from Oriel.

Prop, cheers for the heads up on AVE.

OFFICIAL..

Sterling Energy PLC
19 April 2005


19 April 2005


Sterling Energy Plc

Sterling Energy Confirms JV Talks


The Board of Sterling Energy has noted recent press comment and confirms that it
is in talks with Forum Energy Corp. with a view to establishing a joint venture
company to amalgamate the two companies' assets in the Philippines.

A further announcement will be made as appropriate.



Enquiries

Citigate Dewe Rogerson 0207 638 9571

Martin Jackson
Rachel Lankester


This information is provided by RNS
The company news service from the London Stock Exchange

It's official!
=============================

Sterling Energy PLC
19 April 2005


19 April 2005


Sterling Energy Plc

Sterling Energy Confirms JV Talks


The Board of Sterling Energy has noted recent press comment and confirms that it
is in talks with Forum Energy Corp. with a view to establishing a joint venture
company to amalgamate the two companies' assets in the Philippines.

A further announcement will be made as appropriate.



Enquiries

Citigate Dewe Rogerson 0207 638 9571

Martin Jackson
Rachel Lankester


This information is provided by RNS
The company news service from the London Stock Exchange

prop,

beat me by a second!


Gav,

Yes it does seem better to take 29% for no risk, than take 100% of the risk, especially as I think they have their hands full elsewhere at the moment.

you snooze you lose!

:-)

made me smile as well..

Any guesses on price by December?? I'm nearly at breakeven but only hold a small number 5000 shares. wondering whether to add. cheers MP