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

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.

reads to me like they get 29% of everything but will also delve deeper...

I have had a little top up.

Was not going to buy anything else, but hey...................

Under 18p is a bargain.

I must say the may have been a lack of news over the last 12 months, but when they do it, it is always good so far!

Here's a nice little snippet from their website:

"The drilling of the Maya area located onshore SC40 resulted in hydrocarbons being detected in each of the three wells drilled during the work programme. Forum 2-X flowed up to 217,000 standard cubic feet of gas per day during initial testing. The "Maya field" is in the process of being re-evaluated prior to commencement of extended production testing. Estimates indicate that the Maya Field could potentially hold around 4m barrels of oil and 14BCF of gas."

http://www.forumenergy.com/about.aspx

Quite a lot of info on their website. Looking forward to seeing the exact detail of the deal.

One of the greatest stengths of SEY is that they started off from a producing field (GOM) which produces cash to pay the overhead before going into their more exotic exploration investments on none of which are they expending capital (other than the Mauritanian government loan of 97m which is a special and canny case)).

29% of something which might work for free has to be a better bet than 100% of everything with unlimited cost and no guarantee of return.

It's one great way to accumulate - capital free - a great portfolio of future producing assets in a strategic spread round the world.

What can bring them down?

SD

Thanks for the link gav.........

Time to wait for the deal then, what ever it may be.

Stockdog, excellent post, cant really add to it! The more exotic assets are IMO best played by spreading the risk by bringing in others etc. As to the Mauritania deal, hopefully by 06 some of the 97m should start to be repaid back to SEY. I wonder what they will then do with the cash then? Also, lets not forget that we are also looking to expand production from the GOM which we all know, is an area of high activity by many companies.

I think the price will stay at these levels till short term holders are out.

I will be happier when this gets to +20p.

I found this on the Forum website - dated 09 / 02 /2005 !

According to this " definitive agreements" must have been completed by end of Feb 2005.


==============


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.

On behalf of the Board of,

FORUM ENERGY CORPORATION

David R. Robinson

David R. Robinson

Although we knew something was afoot in February as rumour spread to the press then, we did not know what it was.

We know a little more, what ever the deal is, I am happy as I fully realise that the stranded assets in the Philippines would cost a fortune to develop.

So be it that they are sold and someone else takes the lions share of the risk as it would appear.

I will be looking forward to what Sterling has to say, I dont think even Harry could cut two deals of such significance at one, so I am assuming this has been sorted by the Huston Office.

Interesting times are here again, even if the money isnt yet.

Roll on.

well said SWW, and thanks for the link above Gav!