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

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!

Found this tonight on a Canadian Newswire:

PanOcean acquires 25.71% interest in Themis Marin and Iris Marin blocks offshore Gabon
ST. HELIER, Jersey, April 20 /CNW/ - Pan-Ocean Energy Corporation Limited
("PanOcean" or the "Company") announced today that it has acquired a 25.71%
working interest in two exploration blocks offshore Gabon near the Company's
existing Etame Marin Permit. The Company entered into a purchase and sale
agreement with Sunburnt Downs Pastoral Co. Pty. to acquire two wholly-owned
subsidiaries which in turn hold a 25.71% working interest in each of the Iris
Marin Exploration and Production Sharing Contract ("EPSC") and in the Themis
Marin EPSC respectively.
Both of the Themis and Iris permits are operated by Sterling Energy plc
(AIM: SEY - 20.57%), with partners Petroleum Oil & Gas Corp. (Pty.) Ltd. of
South Africa (22.86%), Premier Oil plc (LN: PMO - 18.00%), and Ascent
Resources plc (AIM: AST - 12.86%). The Government of Gabon has an option to
back in for 7.5% in both permits.
The Themis Marin and Iris Marin EPSCs cover two shallow water exploration
permits offshore Gabon of 902 km(2) and 607 km(2) respectively. Themis Marin
borders on the northern edge of the Company's Etame Marin permit and Iris
Marin is situated along the Gabon coast approximately 110 km northwest of the
main Etame field. Both the Themis and Iris concessions are surrounded by
proven oilfields, and are close to pipelines and production infrastructure.
The principal target on both Iris and Themis blocks is the Gamba Sandstone
reservoir, similar to that found in Etame to the south.
The Iris Marin EPSC was signed in November 1999 and is comprised of three
exploration terms, each of approximately three years duration. The property is
currently in the second exploration term, with an exploration commitment well
planned to be drilled in July 2005. The co-venturers acquired 1,453 km of 2D
seismic and 332 km(2) of 3D seismic.
The Themis Marin PSC was signed in November 1999 and is currently
comprised of two exploration terms of approximately three years each. The
property is currently in the second exploration term, with the first
exploration commitment well expected to be drilled in early 2006. The
co-venturers acquired 1,541 km of 2D seismic and 296 km(2) of 3D seismic and
are currently processing a recently acquired 216 km(2) 3D seismic survey in
the southern portion of the permit.

PanOcean is an international energy company engaged in the exploration,
production and marketing of oil and natural gas. The Company's asset portfolio
is focused on conventional light oil production in Gabon, West Africa.
PanOcean's Class B Subordinate Voting Shares and Class A Common Shares are
listed for trading on Toronto Stock Exchange under the symbols POC.SV.B and
POC.MV.A respectively. PanOcean has 22,883,905 Class A and Class B Shares
outstanding. Toronto Stock Exchange neither approves nor disapproves the
information contained in this news release. For further information on
PanOcean, please visit the Company's web site at www.panoceanenergy.com .

Forward Looking Statements

This disclosure contains certain forward-looking estimates that involve
substantial known and unknown risks and uncertainties, certain of which are
beyond PanOcean's control, including: the impact of general economic
conditions in the areas in which the Company operates, civil unrest, industry
conditions, changes in laws and regulations including the adoption of new
environmental laws and regulations and changes in how they are interpreted and
enforced, increased competition, the lack of availability of qualified
personnel or management, fluctuations in commodity prices, foreign exchange or
interest rates, stock market volatility and obtaining required approvals of
regulatory authorities. In addition there are risks and uncertainties
associated with oil and gas operations, therefore PanOcean's actual results,
performance or achievement could differ materially from those expressed in, or
implied by, these forward-looking estimates and, accordingly, no assurances
can be given that any of the events anticipated by the forward-looking
estimates will transpire or occur, or if any of them do so, what benefits,
including the amounts of proceeds, that PanOcean will derive therefrom. All
statements included in this press release that address activities, events or
developments that PanOcean expects, believes or anticipates will or may occur
in the future are forward-looking statements. These statements include future
production rates, completion and production timetables and costs to complete
well. These statements are based on assumptions made by PanOcean based on its
experience perception of historical trends, current conditions, expected
future developments and other factors it believes are appropriate in the
circumstances.



For further information: Robert S. Wynne, CFO, +44 (0)1534 700906,
(403) 705-0304, rwynne@panoceanenergy.com, www.panoceanenergy.com



http://www.newswire.ca/en/releases/archive/April2005/20/c7826.html

Gav,

well spotted !

Cheers Andy. One good thing about the 2 licences in the Gabon are the costs we are liable for. We hold a 20.57% interest in both the Themis and Iris licences, and for this we only have to pay 2.57% of the drilling costs for up to 4 wells.

I especially like this part from the Pan Ocean statement:

"Both the Themis and Iris concessions are surrounded by
proven oilfields, and are close to pipelines and production infrastructure."

:-))

It would seem that the statement was picked up on quite a few websites and newswires, 5 that I could find tonight. Could be a decent bit of interest in this perhaps?

http://biz.yahoo.com/prnews/050420/to227.html?.v=3

http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=109&STORY=/www/story/04-20-2005/0003439599&EDATE=

http://press.arrivenet.com/mrg/article.php/624049.html

http://www.mysan.de/article83782.html

Goodness me.

Sterling are very busy on the run up to the results.

Good work gav.