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

Hoodless Brennan have same quote

cheers for that.

16.75 BID

Just seen a copy of the Oilbarrel presentation, looked quite good and it should be on the website tomorrow. Looking forward to hearing Andy's thoughts on the overall presentation.

gavdfc - where can you read it? Wanted to go, but stuff came up at work which prevented me making it.

sd

Stockdog, received a copy of it tonight from the company when they told me that it would be on the website tomorrow. If you want a copy then email me via Moneyam and I'll send it on to you.

Gav

Nothing on TMF, they are rattling on about Tullow, GKP and the food.

Dont read much excitemnt about them.

Humph.........

Some drill targets announced by Woodside. 3 out of 6 will affect Sterling one way or another. Two in PSC A one in PSC B

"Woodside Mauritania Pty Ltd, a wholly-owned subsidiary of Woodside Petroleum Ltd., reports that the first three exploration locations for its 2005 Mauritanian exploration drilling sequence have been selected.

Two of the wells, Sotto and Colin, will target relatively high risk but potentially high reward prospects in PSC Area A. The third well, Espadon, is targeting a medium risk, moderate reward prospect close to the Tiof Discovery in PSC Area B. It is planned to begin drilling these wells in late July 2005 using the Stena Tay drill rig.

The locations of these three initial exploration wells and previous Woodside-interest wells and discoveries are shown on the attached map.
A further three wells are likely before the end of the year, including one in PSC Area C6. Subsequent announcements will be made concerning these wells."

Thank you 618(TMF) for finding this.

http://imagesignal.comsec.com.au/asxdata/20050622/pdf/00528670.pdf

Oil Barrel presentation an attendees view.

http://boards.fool.co.uk/Message.asp?mid=9372423

I would say that, of all the companies presenting, I thought Sterling were potentially the most attractive for the medium/long term. However, a major impediment for me is that not only are they AIM-listed, they seem completely happy to remain on AIM {"been fantastic" "flexible" etc etc)......

....so....no chance of me buying any.

They were asked if the Fusion people were locked in......they aren't! [long woffly answer about integrated into Sterling now blah blah]. The Perth office is maintained entirely for their convenience.

GoM:
Osprey deal got great deal of attention - "paid back a third of its cost in 10 months". aiming to double production again. 2P reserves now 60bcfge. 2 of the 6 explo wells have results very soon.

Mauritania:
Chingetti "140mn bbls" [nb Hardman holders - vs 125mn suggested previously]. SEY have an 8% economic interest, plus a royalty from PMO [$6 per barrel.....roughly 40% of the total economic interest attributable to PMO.....PMO holders please note] They have still to be paid their discovery bonuses re Tiof, Tevet and Banda.

Rest of Africa:
Bigged up the prospects for Gulf of Guinea. In Gabon, Iris Marin spuds in July [$10mn, 25-30 day well....but whilst SEY have a 20.57% interest, they pay only 2.57% of the costs....thanks again to PMO] estimated recoverables 30-40mn bbls. Madagascar sounds massive - but extremely early days and they'll farm out [70-80%?] for a free carry on an accelerated work programme....no shortage of quality farminees

General:
Farming out in order to accelerate development is a common thread. Hedging is an important risk management component.

In sum: solid prospects but not likely to shoot the explo lights out AFAICS. I am disappointed that they prefer to stick to AIM rather than moving to the main market, given the present stage in their development.

ee

SWW, cheers for the post. I think the AIM issue will work itself out over the next 24 months...

I would expect so.

ee did a great job for us in the absence of any other posts, especially as he does not hold and will not.

We need to remember that many an AIM stock have had plenty of sucess.

In Sterlings case it seems they are leeches in PMO's side, I have often wondered how long PMO would put up with it before they buy them out.

I also note that BG. have been mooted as becoming aggresive in the m&a arena, so who knows.

All good stuff.

As I made a bit on HNR again, I may welltop up on any dips in Sterling if they come before any in Hardman.

i think sey are right to stay in aim - but may be they will progress into main mkt when the business progresses in due course.

BTW - when is it likely that the first AIM company will have sufficient maket cap to qualify for FTSE 100? Which one will it be? Would it be admitted to FTSE 100, not being part of the main market? Anyone know?

sd

Cheers for the posts all, just found this on PMO which relates to us also:

Premier Oil, Sterling Energy; Woodside Boost

Wednesday, June 22, 2005 3:35:04 AM ET
Dow Jones Newswires



0727 GMT [Dow Jones] Premier Oil (PMO.LN) is amongst "a raft of UK-listed explorers" in focus on Woodside's (WPL.AU)announcement of its drilling program in Mauritania, says Bridgewell. Notes Premier has 5% stakes in the higher risk Sotto and Colin prospects, and a 9% stake in the medium risk Espadon prospect. If the three wells are successful, they could add 5%-10% to Premier's NAV of 622p. However, warns the value of any discoveries will depend on hydrocarbon type. Notes Sterling Energy (SEY.LN) may also benefit, as it receives a bonus from Premier Oil for any new discoveries, and a royalty on any future production. Premier and Sterling both unchanged at 692p and 17p respectively. (PBA)

Changed my mind.

As you post there gav, do you want to post it?

SWW, post away wherever, I assume you mean TMF?

yep

No problems SWW.

The Oilbarrel presentation is now on the website.

http://www.sterlingenergyplc.com/common/downloads/OilBarrelPresentationJune2005compressed.pdf

Late RNS out:

Sterling Energy PLC
22 June 2005



22 JUNE 2005

STERLING ENERGY PLC
('Sterling' or the 'Company')

MAURITANIA OFFSHORE 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 Woodside Petroleum:

Woodside Mauritania Pty Ltd, a wholly-owned subsidiary of Woodside Petroleum
Ltd., reports that the first three exploration locations for its 2005
Mauritanian exploration drilling sequence have been selected.

Two of the wells, Sotto and Colin, will target relatively high risk but
potentially high reward prospects in PSC Area A. The third well, Espadon, is
targeting a medium risk, moderate reward prospect close to the Tiof Discovery in
PSC Area B. It is planned to begin drilling these wells in late July 2005 using
the Stena Tay drill rig.

A further three wells are likely before the end of the year, including one in
PSC Area C6. Subsequent announcements will be made concerning these wells.

The West Navigator drill ship continues working on Chinguetti development wells.

Woodside does not plan to issue announcements regarding operations on Chinguetti
development wells, but will do so if necessary to comply with its continuous
disclosure obligations under the ASX Listing Rules.

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

'This is further good news from Mauritania. The commencement of a new
exploration drilling sequence in the PSC Areas A and B extends Sterling's upside
potential beyond the already successful Chinguetti development. Production from
Chinguetti is on target for Q1 2006 and will bring a step change in our cash
flow.'



Oilbarrel Conference

On 21 June 2005, Sterling participated in the oilbarrel investor conference in
London. Sterling's presentation to the conference is available on the Company's
website -
www.sterlingenergyplc.com
.