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

Anyone else up yet?

Well I'm off out so I will catch up with you all later.

Excellent set of results. Highlights:

LONDON (AFX) - AIM-listed Sterling Energy PLC, the oil and gas explorer and producer, said it is well positioned to take advantage of growth opportunities, after sales in 2004 doubled to 11.5 mln stg and pretax profit increased 130 pct to 4.2 mln stg.

Proven and probable reserves rose by 450 pct to 21.6 mln boe. Operating cash flow grew 144 pct to 8.1 mln stg, according to the preliminary results.

CEO Harry Wilson said: 'The next few years offer many further exciting opportunities including the anticipated significant increase in cash flow from our Mauritanian interests and the prospects from a substantially increased exploration programme.

'These will ensure that Sterling is well placed to continue to exploit the growing opportunities in our industry.'

During 2005, Sterling Energy expects to drill up to six exploration and appraisal wells in the Gulf of Mexico and intends to double production by the year-end.

Sterling said it has used the futures markets to sell approximately 10 mln usd of gas this year at prices averaging 6.20 usd per thousand cubic feet of gas equivalent (mcfge) as part of its risk management.

really excellent results. time to be noticed by the majors.

proptrade,

Yes these superb results must surely make a few people sit up and take notice.

Surprised to see the price static after such an announcement to be honest.

indicative of markets unfortunately. AIM is consolidating and a static price indicated more of a flight to quality than some of the dross which is rightfully collapsing.

i think going forward we will see a few shell names being crucified and the wheat being sorted out from the chaff.

no more market proverbs...at least for the rest of the day!

Just bought 3k worth @16p .... hope these dont fall (never good at timing my buys)

Surprised after such results these babies are not moving up??? Anything we should know other than the market performing badly???

No position atm so I'm neither bullish nor bearish, but it looks to me as though the dilution from the Mauritania deal has killed the prospective eps growth which was being priced in last autumn. Straight out of a Jim Slater novel.

Fully diluted earnings per share, which reflects the potentially dilutive impact of options, was 0.33p per share (2003: 0.33p). This is despite the impact of the shares issued for the Fusion takeover in late 2003 which was exploration focused and the 97million placing in November 2004, the shares for which affected the computation since their issue.

Future growth is definite. The share price movements are the result of manipulation.IMO

Could anyone please update me on the past few days events! I have been away for a few days but read today that 'the bulls have lost out on recent company figures'. Many thanks.

bella - you got that from where?

Can someone find any negative point in the result?

Afternoon all,

Just read the results, am happy with them. Especially pleased with the activities in the GOM. Just noticed this part so it seems we may get an update on this by end May perhaps.

"This drilling programme is underway. The Mustang Island 749 GU No. 2 (Sterling:
100% working interest) is expected to reach target in mid-May. This well targets
5+ bcfge gross, proven undeveloped reserves in the Oligocene, Cib Haz sands at
an approximate depth of 11,500', with upside potential of 15 bcfe gross
reserves.

Sterling will shortly begin a work-over operation on the Eugene Island 268 No. 1
well. This re-completion is targeting 3+ bcfge (gross) of proven behind pipe
reserves in two sands at an approximate depth of 4,800'. Sterling has a 60% WI
in this well."

I see that Evolution have put out another buy note with a 26p target. Am trying to get my hands on a copy of it.

Also, nice little write up on Citywire, here's a snippet:

"Sterling's management has built a solid company with a good mix of production and potential upside from exploration. It has also reduced a lot of the risk involved with exploration by farming out its interests and getting partners to shoulder a lot of the financial burden of projects.

Citywire tipped Sterling at 6.75p in April 2003 and the shares have been as high as 19.6p since. Today it is down 0.25p at 16.25 and with its solid base and exciting portfolio we remain fans of the company. Sterling's management has a track record of rewarding shareholders by building companies and then selling them on and it appears well on the way to doing the same again"



http://www.citywire.co.uk/News/NewsArticle.aspx?VersionID=74208&MenuKey=News.Home

Hightech, a negative in the results? The delay of work in Cameroon is one negative that stands out.

"Sterling had planned to farm-out this licence, and had attracted a good level of
industry interest, but the award in late 2004 by Equatorial Guinea of a
partially overlapping licence to the South of Ntem has delayed this plan.
Discussions are presently being held with the government of Cameroon with a view
to resolving this territorial issue. Until that time the proposed drilling
activity is suspended."

i am hardly fretting about that small aspect of the results!

Gav,

As always, thanks for those snippets.

Neither am I, but Hightech asked about any negative point and that was one, although it is a small point. A lot of positive points in the results as I'm sure all have read.

You're welcome Andy.

bella - 11 May'05 - 12:18 - 3956 of 3964

bella - you got that from where?


Looks like we will never know.

Oh well.................(sighs)

The most important thing is that all holders who express a preference, are pleased with the results.

Not many shareholders of other small caps can say the same.

I may get a bit frustrated now and then about the movement or lack of it, in respect of the share price, but I have been here long enough now not to worry.

Production and reserves in the GOM more than doubled last year and is targetted to double again by end 05, I'm happy with that.

Also, getting 8% of Chinguetti "which lays the
foundation for a quantum leap in production and cash flow in the first quarter
of 2006" also makes me happy.