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

SWW,

Morning, nice little 0.25p tick up!

I particularly like the fact taht punters are paying close to 16...

SWW, good feeling all round.

Morning all, a 1m T trade at 16 just gone through.

Common MM's...show us the money ;)

15.5 bid

15.50 bid with three market makers.

Some nice trades going through, shouldn't be too long before the next tick up

pth

pth- more upbeat with sey than goo at the moment- what do you think on goo situation?- i think more long term play.

lizard

SEY is already an expanding producer with exploration thrown in. GOO has a long way to go before it achieves anything like the same level and is more of a speculative play at the moment. there are plenty of resource companies around who on 'paper' have great prospects, but the object of achieving profitability evades many. GOO will probably bounce up and down for some time to come, before we see any significant return on our investment based on fundamentals. However, like many of these small companies, a good bit of news will probably drive the SP up. Which of course is where we come in, stay in for the real long term or take a quick profit?

SEY we already know will return short term profits, but seems such a well run outfit that staying in will definately produce a greater return on capital invested.

pth

Just found this:

Canadian-UK energy firm eyes $27M for exploration
Posted: 2:33 AM | Jun. 07, 2005

Abigail L. Ho
Inquirer News Service

printable version email a story write the editor feedback




FORUM Energy PLC, the newly formed joint venture between Canada's Forum Energy Corp. and the United Kingdom's Sterling Energy PLC, is considering raising another $27 million in additional funds to develop oil, gas and coal resources in the Philippines, according to a statement posted on the Forum Energy Corp. website.

The new company's plan to list shares on the Alternative Investment Market of the London Stock Exchange can raise the amount, Forum Energy Corp. president and chief executive Larry Youell said in the statement.



The joint venture has already received pre-listing commitments of $6.2 million.

The recent approval of the joint venture by shareholders of Forum Energy Corp. effectively transferred the Canadian firm's 66.67-percent interest in Philippine company Forum Energy Inc. to Forum Energy PLC.

Forum Energy Inc. holds Service Contract 40, an oil and gas license covering onshore and offshore areas in the northern part of Cebu province, and coal operating contracts in central and southern Cebu.

Sterling Energy's Geophysical Survey and Exploration Contract (GSEC) 101, for oil and gas exploration over offshore northwest Palawan Island, in the South China Sea, has also been transferred to the new company.

GSEC 101 contains the Sampaguita gas find, which a recent assessment by PGS Reservoir Consultants (UK) Ltd. says has potential gas reserves of 2.3 trillion cubic feet.

Seven prospects and three discoveries now under Forum Energy PLC's licenses have total potential "unrisked" reserves of about 900 million barrels of oil and 5,500 billion cubic feet (BCF) of gas.

On a "risked" basis, potential reserves from the three discoveries amount to 2,330 BCF of gas, while those from prospects within the licenses total 93 million barrels of oil and 320 BCF of gas. Proven and probable coal reserves are placed at 4.9 million tons.

"This transaction will deliver accelerated growth and value to both the company and our shareholders," Youell said. "Not only will the FEI assets receive fast-track development as a result of the considerable investment from London-based institutional investors, but the company will also additionally benefit from exposure to the potentially world-class GSEC 101 asset."

Forum Energy PLC "has already received commitments for approximately $6.2 million and an aggressive work program in the Philippines is underway commencing with a seismic survey of the Central Tanon prospect offshore Service Contract 40,'' he added. With INQ7.net


http://money.inq7.net/topstories/view_topstories.php?yyyy=2005&mon=06&dd=07&file=3

Gav,

Cheers, good spot, and an interesting read.

like to see SEY offer a discount to their shareholders when Forum floats, I would imagine they would have no problems with the float.

Does this not mean that the cgse 1021 is no longer a Sterling asset?

What return do we get?

I see zilch!

SWW,

As to GSEC 101, this was sold to Forum Energy PLC. SEY have a 23% interest in Forum Energy PLC and so still have an interest in the asset, RNS stating the deal on 25/4:

http://www.uk-wire.com/cgi-bin/articles/200504250700234476L.html

Andy,

Hopefully they will be able to do the fundraising succesfully, especially after the RPT fiasco. I wonder if Evo will be involved.

Glad you could read that gav, I couldn't

Thanks Prop, now I am back in UK fulltime it will be easier
Looks like today was positive though this may just be a reflection of the nudge up in oil prices
SEY management competence is my reason for my holding,they seem to understand the balance of risk, income flow etc, sometimes though they are short in managing the news compared to others.

management is also highly respected in the industry which came from a conversation i had with an oil company CEO (He mentioned them as a model they are replicating)

RNS Number:2228N
Hardman Resources Limited
07 June 2005

STOCK EXCHANGE / MEDIA RELEASE

RELEASE DATE: 7 June 2005

AUSTRALIAN CONTACT: Scott Spencer
Hardman Resources Ltd
+61 8 9261 7600

LONDON CONTACT: Patrick Handley
Brunswick Group
+44 207 404 5959

RE: CHINGUETTI FINANCE FACILITY

Hardman Resources Limited ("Hardman" or "the Company") on behalf of its 100%
owned subsidiary Hardman Chinguetti Production Limited ("HCP") is pleased to
announce that it has fulfilled all Conditions Precedent on its US$100M
Subscription Facility with Australia and New Zealand Banking Group ("ANZ"). This
facility, which is fully underwritten by ANZ, is now available for immediate
drawdown, and will be used solely for the purpose of financing HCP's share of
expenditure on the Chinguetti Field offshore Mauritania. ANZ is now concluding
the syndication process, with four leading international banks committed to the
facility subject to final documentation.

HCP's holding in the Chinguetti field is 19.008%, with Woodside the field and
development operator. The project is now over 71% complete. The target date for
first oil from the Chinguetti field remains Quarter 1, 2006.

Hardman is also pleased to announce that all Joint Venture Participants have now
agreed and signed the Chinguetti Joint Operating Agreement ("Chinguetti JOA").
The Chinguetti JOA has been put in place to reflect the Mauritanian Government's
exercise in November 2004 of its right under the relevant Production Sharing
Contract ("PSC") to back in and hold a 12% interest in the Chinguetti field (as
previously announced). HCP's equity in the field has therefore reduced to
19.008%, while in the remainder of PSC Area B HCP continues to hold a 21.6%
interest.



SCOTT SPENCER
DIRECTOR



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

END
MSCGGGGVNNLGKZG

Morning all, just found this on Dome Flore:

AFX News Limited
Malaysia's Markmore starts engineering work on African oil block - report
06.07.2005, 02:36 AM

KUALA LUMPUR (AFX) - Markmore Energy (Labuan) Ltd, a company fully controlled by businessman Halim Saad, has commenced engineering development work on an African oil block, the afternoon paper Malay Mail reported, quoting unnamed sources.

Halim bought a 55 pct stake in Dome Flore block, located in West Africa off the coasts of Senegal and Guinea Bissau, from the UK's Sterling Energy Plc for an undisclosed amount in March, the report said.

The paper said that Markmore has made all the required payments to Sterling for the oil blocks.

It added that the engineering development work will help determine the amount of oil reserves in the block and Markmore had raised about 10 mln usd for this purpose.

The paper also said that on the high end, expectations are that the block may have up to 1 bln barrels, with 80 pct of it being heavy oil deposits and the remainder made up of light oil akin to Petroleum Nasional Bhd's Tapis crude oil.

It added that Halim hopes to sell stakes in the block to major oil and gas companies, if substantial reserves are found, as the investment is too 'huge to bear' to commercially drill for oil.

The paper said that Halim is also hoping that the African oil block will have long term synergistic value with a Bitumen plant in Terengganu, 50 pct owned by Seloga Holdings, of which the tycoon is the chief executive officer.

(1 usd = 3.8 rgt)

alice.chia@xfn.com


http://www.forbes.com/home/feeds/afx/2005/06/07/afx2078862.html

Same story as the above here also:

http://www.mmail.com.my/Current_News/MM/Tuesday/MailMoney/20050607114328/Article/index_html

Good work gav.


As I recall Sterling farmed out this but retained a 30% equity