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

A couple of snippet's from PanOcean's results released yesterday:

"The exploration model PanOcean has developed in Gabon has proven to be
very successful. To add a new opportunity for growth, the Company negotiated
the purchase of a 25.71% working interest in two new permits offshore Gabon,
Themis Marin and Iris Marin during the first quarter of 2005. These permits
lie along the fairway containing our Etame Marin Permit, and provide the
Company with an additional opportunity to chase similar exploration
opportunities. With this purchase, the Company committed to participate in
drilling an exploration well on the Iris Marin Permit mid-year."

"Themis Marin/Iris Marin

PanOcean has been actively evaluating new exploration opportunities in
Gabon, and subsequent to the end of the quarter, the Company acquired a 25.71%
working interest in two exploration blocks offshore Gabon near its Etame Marin
Permit. Both of the Themis and Iris permits are operated by Sterling Energy
plc (20.57%), with partners Petroleum Oil & Gas Corp. (Pty.) Ltd. of South
Africa (22.86%), Premier Oil plc (18.00%), and Ascent Resources plc (12.86%).
The Government of Gabon has an option to back in for 7.5% in both permits.
The Themis Marin and Iris Marin Exploration Production Sharing Contracts
("ESPCs") cover two shallow water exploration permits of 902 km2 and 607 km2
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."



http://www.newswire.ca/en/releases/archive/May2005/16/c9555.html

They seem positive that these permits will help their growth, which of course if successful will be good for us. Not been the best of days in the E&P sector, RPT getting hit today for a loss of 150 on the back of it's previous losses is painful to watch. Time for lunch I think.

Looks like Sterling need a new Broker....................

EVO have lost it permanently imo.

Below taken in bits from elsewhere.

EVO have come unstuck too as they bought 11% of Regal at 3.90 !

EVO I read were hit or in trouble with a Commerzbank stake too.........

Does that mean the nice bonus they took recently as a board for the sale of IPO shares has to be given back?

They will recover but their credibility is now less than zero, again imo.

regal reality.

shocking stuff..is that EVO position still current?

I can not confirm it, but that is what has been said on the other channel.

ok, i was looking at holdings and didn't see it but it certainlt explains the EVO price today. cheers SWW.

AMEC helping me out today. may have legs.

EVO, yes it looks like they still hold.

Here is a bit of tragedy, UBS sold their holding in RPT a few days ago and bought EVO 3%

They must be sick.........

LOL...happens all the time!

Just goes to prove that we aren't the only ones to get it wrong.

The oil price is gently falling away at them moment.

http://www.killik.co.uk/page.aspx?page=364

Wednesday

from killikmorningnote.co.uk

Petroleum crashes following Greek well results

The big news for the E&P sector this morning is the disastrous outcome for testing at Regal Petroleums Kallirachi-2 well in Greece. High hopes for this well propelled this share strongly during 2004 and 2005 from 110p to a peak of 500p per share and valuing the group at about 0.5bn. Indeed, recently, the group was able to raise an additional 45million of new cash for further drilling in this area and others at 390p. However, the testing now completed has demonstrated that the well is not commercial and the shares have crashed to 100p valuing the group at about 120m.

There are winners and losers from this event. The winners solely will be the hedge funds that went short of this stock and will reap rich rewards from this move. Rumour has it that the short position in this stock was extremely large. However, the losers will be more apparent. Firstly, the sector will take the news badly and this comes as a strong reminder to investors that cash flow is now extremely important. Pure exploration stocks will be de-rated as the risk profile increases. Early casualties include Falkland Oil & Gas, First Africa and Oilexco.

Secondly, Regal Petroleum is an actively traded stock in the CFD and spread betting market and margin calls this morning will hurt other popular traded stocks as traders unwind more speculative positions. Stocks impacted include Innovation Group, Asia Energy and SCI Entertainment.

We highlighted Regal Petroleum as a buy in early 2004 but recommended taking profits in October 2004 after an 85% rise given that it was always a higher risk trade. We recommended a switch into better balanced risk profiles with stocks like Premier Oil and Sterling Energy.

Directors putting their hands in their own pockets, that's what I like to see!

----------------------------------


Sterling Energy PLC
19 May 2005


Sterling Energy plc ('the Company')

Director's Share Purchases


The Company was informed today that on 18 May 2005 that the following Directors
of the Company, purchased a total of 1,027,865 ordinary shares of 1p each
('Ordinary Shares') increasing their respective holdings as detailed below.

Director No. of shares Price paid per Total no. of Percentage of
bought share shares held the issued
following share held post
purchase purchase
Harry Wilson* 200,000** 15.125p 27,970,092 2.01
Graeme Thomson 350,000 14.60p 16,049,558 1.15
Andy Grosse 327,865 15.25p 5,500,473 0.39
Paul Griggs 150,000 15.20p 150,000 0.01

* Includes 17,823,802 shares held by Roselea Limited, a company in which Mr
Wilson has a 26% interest and is a director.
** The purchase was made by Roselea Limited.

19 May 2005



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

and what we love to see...

Amvescap PLC



FORM SAR 3

DISCLOSURE OF ACQUISITIONS

(Rule 3 of The Rules Governing Substantial Acquisitions of Shares)


Name of acquirer AMVESCAP PLC
--------------------------------------------------------------------------------------------------------
Beneficial owner, if different from above

--------------------------------------------------------------------------------------------------------
Names of any other persons acting by
agreement or understanding (see SAR 5)
--------------------------------------------------------------------------------------------------------
Company dealt in STERLING ENERGY PLC
--------------------------------------------------------------------------------------------------------
Class of voting shares (eg ordinary shares) ORDINARY 1P
--------------------------------------------------------------------------------------------------------
Date of acquisition 18 MAY 2005
--------------------------------------------------------------------------------------------------------



Number of shares acquired 4,950,000
--------------------------------------------------------------------------------------------------------
Number of rights over shares acquired #
--------------------------------------------------------------------------------------------------------
Nature of rights over shares
--------------------------------------------------------------------------------------------------------



Total holding of voting shares (and
percentage of total voting shares in issue) 210,368,636 ( 15.09% )
--------------------------------------------------------------------------------------------------------
Total holding of rights over shares (and
percentage of total voting shares in issue)
--------------------------------------------------------------------------------------------------------
Combined total holding (and percentage) of
voting shares and rights over shares 210,368,636 ( 15.09% )
--------------------------------------------------------------------------------------------------------



Date of disclosure 19 MAY 2005
--------------------------------------------------------------------------------------------------------
Contact name MARIA MADEMYR
--------------------------------------------------------------------------------------------------------
Telephone number 01491 417215
--------------------------------------------------------------------------------------------------------


# See the definition of 'rights over shares' in the Definitions Section of the
SARs.

For details of the SARs disclosure requirements, see SARs 3 and 5 and their
Notes which can be viewed on the Takeover Panel's website at

www.thetakeoverpanel.org.uk
.

Good to see the directors adding to their holdings, especially when they already own quite a few. And nice to see Amvescap buying some more. I'm assuming then that we won't see a drilling update from the Gom at the end May now since the directors have been buying. Could be wrong though.

Just found this on Oilvoice which is of interest to us. They have started a Gulf of Mexico facts section as a part of their website. Not had time to look around it but could be handy.

http://www.oilvoice.com/m/gom.asp?pageType=gom

gav,

Yes I would think you're right.

There's nothing like putting out some "good" news to take the focus off a delay!

Am I becoming too cynical?, Maybe I need to work for Alan Byers!

I wonder where Jo Moore works now?

Proptrade..why has the note from Amvescap not been put up on the LSE website?

Andy,

I wasn't assuming any delay as such in getting the results, but you could of course be correct. I was just assuming that they would be in a closed period in the run up to publishing results from the test. I'm not too sure exactly of the specific rules for director buying over such a period, so thats why I said I could be wrong.

no idea. maybe a delay. i saw it origionally on dow jones newswires and then here as well...

sidtrix - It's on UK-wire http://www.uk-wire.com/cgi-bin/articles/20050519112300Z6230.html

7.5 million sells & 2 million buys in 5 transactions.... hmmmm something is happening here but what???