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

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

We have been promised that oil will flow seriously from Chinguetti and other Mauritanian fields by Autumn 2005. This is the real news that will release the SP from its gilded cage, I believe. SP should go to 50% premium if not more by year end, depending where we are on the oil bull.

IMHO

SD

Excellent news! Go out for a few hours and come back to find an RNS out. :-)) Plenty of smiling around here today, including me. The RNS is very interesting, "with a view to establishing a joint venture
company to amalgamate the two companies' assets in the Philippines." So rather than just looking to sell the field and take a stake, they are forming a joint company.

Stockdog,

My target is 25p by year-end, anything more would be a bonus.

Not sure about your production timetable though, Q1 2006 is the schedule I believe, but open to correction if anyone knows different.

Q1/06 was the target for bringing Ching on line. However, I think it was via an RNS that PMO put out that it may come end 05, but I'm not expecting it until early 06. Of course, end 05 would indeed be a big bonus.

squidly by crimbo

2 squidly by crimbo 06! ;-)

somewhat happier than after yesterdays carnage!

From ADVFN where the board memebers are unusually bright for ADVFN!!!

The choice of words may indicate that Sterling may take a portion of Forums gas assets in the deal.

If so that would be fantastic news and a deal.

Oh I like speculation when it's on the back of something positive.

advfn

car973 - 19 Apr'05 - 14:09 - 4814 of 4814


Interesting choice of words "amalgamate the two companies' assets in the Philippines". Forum has a fair portfolio of gas and coal so will SEY get a % of these producing assets??

SWW, the choice of words is indeed interesting and I read the RNS in a similar way. Will have to do some research as to what Forums other assets are. Perhaps we will get some of these assets plus cash for allowing them access to the field. Where, what and how much should hopefully be covered in the next RNS.