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

looks like another tick up is just about due?

indeed!

MM trade. when they take eachother out it usually means there is an order/something cooking...

STERLING ANNOUNCEMENT AT LAST!

Sterling Energy PLC
02 June 2005



2 JUNE 2005

STERLING ENERGY PLC

CHINGUETTI DRILLING UPDATE


Sterling Energy, the AIM listed (symbol: SEY) independent oil & gas exploration
and production company, note that the following announcement was made earlier
today by Hardman Resources Ltd:


Hardman Resources Ltd ('Hardman') announces that the drilling rig 'Stena Tay'
has completed the drilling of the wells required for the first phase of the
Chinguetti development project, offshore Mauritania. This drilling program
included 5 new oil producers, 5 water injectors to maintain reservoir pressure,
and 1 gas injection well drilled on the Banda discovery for disposal of the
Chinguetti associated gas. The Chinguetti early development well drilled in late
2003 will also be tied into the production system, resulting in the planned 6
producing wells being on stream at the end of the first phase of development.
During the drilling of the Banda gas injection well a number of cores were cut
and fluid samples taken, to aid in the continuing evaluation of this discovery.
The 'West Navigator' drilling rig remains in the Chinguetti field and is
continuing work on the installation of well completion equipment. As of 31 May
2005 sand completion equipment had been installed on 7 of the 10 new wells, and
this work will be followed by the installation of the production tubing and
subsea trees before connecting the wells to the Berge Helene Floating Production
Storage and Offtake (FPSO) Vessel for production.



Drilling results on Chinguetti were positive, meeting or exceeding expectations.
The completion of the drilling phase removes one significant element of forward
project risk and confirms that the volume of oil-in-place is at least as
expected. On the assumption that early well performance remains in line with
forecasts, Hardman anticipates that this will result in an increase in proven
reserves when it carries out its initial reserves redetermination. The project
is now over 71% complete and the target date for first oil from the Chinguetti
field remains Quarter 1, 2006.



The 'Stena Tay' is preparing to move to the Canary Islands for upgrade works
before returning in July to commence the 2005/6 exploration and appraisal
program. The forward drilling schedule and selection of the exploration and
appraisal targets are the subject of a number of key joint venture meetings to
be held from mid-June.



SCOTT SPENCER, DIRECTOR



Note: In accordance with Australian Stock Exchange Limited listing requirements,
the geological information supplied in this report has been based on information
provided by geologists who have had in excess of five years experience in their
field of activity.



Harry Wilson, Chief Executive of Sterling Energy Plc, said:

'We are extremely pleased that the Chinguetti drilling results met our
expectations, thereby confirming our belief in the project. The next 12 months
will be very exciting for Sterling as we remain on track for first oil from
Chinguetti in first quarter 2006.'




Enquiries



Sterling Energy (01582 462 121) Web site:
www.sterlingenergyplc.com


Harry Wilson
Graeme Thomson



Citigate Dewe Rogerson (020 7638 9571)

Nina Soon



Evolution Securities (020 7071 4300)

Rob Collins / Henry Turcan




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

This should put price back in the late teen's ..... very good update, now lets see the SP bounce back to 19.5

And a tick up on the offer to go with it. I wonder if during this drilling campaign SEY will be releasing an RNS on drill results when HNR do, unlike last year. Good to see everything going according to plan though with first Ching oil in Q106. Should be a busy end to the year for us.

Price ticking up nicely

sidtrix
See this thread on the other side http://www.moneyam.com/TradersRoom/ShowPostList?fID=1&tID=2973 for book sugestions

skg

Gav if you recall i spoke to Harry Wilson in February about the lack of news releases affecting Sterling particularly around theAfrican drilling, it seems since then, that Sterling have not missed one.

A lesson learnt I feel, and good that they listened to a small investor.

The evidence of what an RNS can do is supported today by the large buys of Sterling Stock.

All good imo

dont have access to the Traders thread yet :) Cheers neways!

ANOTHER 500,000 at 15.75. up, up and away. only one punter on the offer now at 15.75.

SWW, I remember now. Here's hoping that Harry listened to you and that they will be releasing their own RNS's when updating the market, as ROC and PMO did last year.

Prop, I take it L2 is looking good?

Interesting couple of late trades. A 4 million T trade has just gone through @ 15.23p lcosely follwed by a 4 million B trade at the same price. Have we now cleared the distressed seller that was being spoken of a few days ago? If so it augurs well for tomorrow. Any views?

Graet day for SEY

Not too bothered about the late trades as one looks to be the same trade crossing.

Up at ask of 16p at close, so we will wait to see what the drill targets does in the middle of the month.

Hopefully they will do a few in PSCA abd PSCB in which case we can expect more upside in the short term.

prop, was the 1/2mil yours???

From tonights UK-Analyst email:

"Hardman Resources saw its shares firm 4.25p to 79.5p after it announced that the first phase of drilling had been completed at its Chinguetti development. The drill program, based offshore Mauritania, included 5 new oil producers and 5 water injectors to maintain reservoir pressure. Indeed, there were no holes barred as Hardman pulled out the big drills to get what could prove a highly successful prospect underway. The initial signs are good - drilling results at the Chinguetti field were positive, meeting or exceeding internal expectations, thus removing at least one significant element of risk by confirming that the volume of oil is at least as expected."

only way to learn trading is by experience if interested approach prop trading co's in the city- avoid futures.

Morning all, it's a bit slow at the moment but it's blue.

Due another tick up on the bid shortly. I've just done a dummy sell online with Barclays and been offered 15.5.

Morning all, thanks for that Pond Life. I understand that we get a mention in this mornings Express but can't find it online.