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

Sterling also have a free carry in Gabon.

Why pay when others buy the beer??

remind me not to take you to the pub then!

Exxon boosts Madagascar presence with Sterling deal
Tue Jul 19, 2005 12:44 PM GMT
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LONDON (Reuters) - U.S. oil major Exxon Mobil has boosted its oil and gas interests in Madagascar by taking a 70 percent interest in two licences held by small UK-listed oil explorer Sterling Energy.

Sterling said in a statement on Tuesday Exxon will receive a 70 percent share in the Ambilobe and Ampasindava licences off Madagascar's northwest coast, in return for paying for a significant exploration work programme on the blocks.

The deal shows growing oil major interest in Madagascar, which some in the business believe may become a rich new province for hydrocarbons.

Exxon already has a 40 percent stake in the Majunga block, immediately south of Ampasindava, which is operated by privately-owned U.S. oil group Vanco Energy, and in which Norway's Norsk Hydro holds 30 percent.

Vanco has said that two wells in its acreage encountered gas sands with resources potential in excess of 1 trillion cubic feet of gas.

Madagascar is one of a number of new oil frontiers being explored off the east African coast as high oil prices and scarcity of opportunities force majors to explore in areas previously not deemed highly prospective.

Production in Africa has been dominated by west African players from Nigeria to Angola and Equatorial Guinea.

Success at Ambilobe and Ampasindava could transform London-headquartered Sterling. News of the deal boosted its shares 2.5 percent to 20-1/4 pence at 1020 GMT on Tuesday.

Did someone mention a beer! :-) As for the Gabon interests, SEY hold 20.57% of both Iris and Themis Marin and are the operator on both licences. They only have to pay for 2.57% for each well with the rest being carried by PMO. According to the 04 report and accs, they hope to drill Iboga-1 on Iris in July of this year, although the Ascent RNS of today says drilling to commence in August.

I'm not really that tight.

lol

One liner in The Times, just says they have farmed out to Exxon Mobile.

I think Harry is secretly negotiating a takeover of Exxon, that can only be how he got the deal!

Great news from Exxon. This will boost SEY.

20.25 bid.

So it is, watching occassionally.

Sorting out an assault at my boys footie last evening.

Looked just like Bowyer and Dyer all over again..................

Our keeper caught a packet in the face.

this was an article i found yesterday...check out the takeover comments in the last couple of paragraphs..

19/07 12:20 - FOCUS: Sterling Energy, ExxonMobil Sign Exploration Deal
By Leia Pake
Of DOW JONES NEWSWIRES
LONDON (Dow Jones)--Sterling Energy PLC (SEY.LN), a small U.K. oil and gas company with big ambitions, is placing a large bet on whether it can find oil off the coast of Madagascar - but its doing so with money from someone elses deep pockets.
Exxon Mobil Corp. (XOM) will bear the cost for a significant exploration work program in Sterlings two large oil blocks off Madagascar, yet Sterling will have a 30% interest in any oil discovered there, Sterling said Tuesday, announcing a so-called farmout agreement with the worlds largest oil and gas company. ExxonMobil will have the remaining 70% interest in any oil found.
To be honest, it is still relatively frontier acreage, Sterling Commercial Director Paul Griggs told Dow Jones Newswires. One would hope if theres one discovery, there will be the potential to find more, but its also possible well find nothing at all.
Griggs told Dow Jones this month that the exploration work for its offshore Madagascar licenses could potentially top $100 million, with Sterling retaining the 3O% interest in any discovered oil. He said Tuesday the deal with the U.S. oil major would bring significant upside potential without the financial risk.
Madagascar granted Sterling a 100% interest and operatorship of the Ambilobe and Ampasindava offshore licenses last year. They cover about 20,800 square kilometers and 13,147 square kilometers respectively of the Ambilobe and the Majunga Basins.
Its equivalent to the entire central sector of the U.K. North Sea, Griggs said.
Sterlings offshore Madagascar blocks are just to the north of another exploration area in which ExxonMobil already had an interest. The agreement gives Sterling a partner that is useful not only for promotional value but has considerable knowledge and experience in that area, Griggs said.
The total exploration term in each license is eight years. In the event of a commercial discovery, a 25-year production license would be granted, Sterling said.
The signing of this deal with a partner such as Exxon Mobil, with their extensive existing interests in Madagascar, reflects the potential of this acreage, Sterling Chief Executive Harry Wilson said in a statement.
The agreement is subject to certain milestones being achieved, with the initial ExxonMobil commitment for the first two exploration phases under the license covering technical studies and 2D seismic.
Assuming a positive outcome of this initial work, which could take up to a further 3 years, ExxonMobil would then finance 3D seismic and up to two wells per license.
The transaction remains subject to approval of the Madagascar government.
The Ambilobe and Ampasindava licenses cover a large, under-explored area offshore Madagascar in which all of the geological elements for a working petroleum system are believed to be present, Sterling said.
Madagascar has seen a recent increase in exploration activity. In 2004, ExxonMobil and Norsk Hydro farmed in to Vanco PLCs (VAN.LN) exploration license in the Majunga basin, adjacent to Sterlings Ampasindava license.
Sterling aims to independently grow its exploration and production business, but its executives also have experience in growing small oil companies and selling them on to larger ones. Although they said recently theyre not involved in any discussions for a takeover of Sterling, they havent ruled out the eventuality.
Were not looking to be around forever, Sterling Finance Director Graeme Thomson said this month. We would be happy to be acquired.
The company listed on London Stock Exchanges Alternative Investment Market in October 2002 with a market capitalization of around GBP1O million. By the beginning of this year, it had grown its market capitalization to some GBP25O million.
-By Leia Parker, Dow Jones Newswires; 44 20 7842 9260; leia.parker@dowjones.com
(END) Dow Jones Newswires

Prop, those are more or less the same words used by Fusion Oil and Gas, about 3 months before Sterling made the hostile appraoch.

Looking at things, now would be the best time for any predator to snap them up, all the usual health warnings etc.

Going on...........

What this type of comment does, is that it makes a few hungry ambitious Companies have a look see what they have, and right now, they have plenty.

If the Board continue to say these things we never see the 1 per share. More like 40p at most including the premium.

That may be alright for the Board, but I would not be happy.

But then, been there before with Fusion Oil & Gas, so I would have to get on with it.

The buzz overnight was that Woodside are being looked at again by a Chinese Major .

The sp soared to $30 AUS, which is a new high.

Hardman and Roc rose a little in sympathy, Woodside own 10% of Hardman Resorces., so if Woodside do get taken out, Hardman is sure to follow.

I still have a few thou, Hardman having top sliced, and I will leave everything as it is, becuase Sterling may find themselves part of any prospective package.

Here is a piece posted on hotcopper.............. all sorry it's a little off topic, but then again, maybe not.

Costello's nightmare: China eyes Woodside
By Michael Evans
July 20, 2005


The word on Wall Street is that the Chinese may be eyeing Australia.

As the $US18.5 billion takeover battle for American oil and gas group Unocal between a Chinese government-controlled company and the American Chevron Corp becomes increasingly politically charged, there are whispers among hedge funds that if the Chinese miss out, they'll switch focus to Australia's Woodside Petroleum.

And the prospect of the China National Offshore Oil Corp (CNOOC) making a tilt for Woodside would provide a big headache for Federal Treasurer Peter Costello. In 2001, a clearly embarrassed Mr Costello and the Foreign Investment Review Board turned down the bid for the rest of Woodside by Dutch-controlled Shell on the grounds of national interest.

More recently, the bid for WMC Resources by the Swiss controlled Xstrata passed muster - before before being topped by the Anglo-Australian BHP Billiton. But the Chinese controlling a major Australian energy producer could pose a more complex proposition. While Chinese demand has fuelled the Australian resources and sharemarket boom, CNOOC's bid for Unocal is seen by some as China seeking to shore up its own resources security.

Advertisement
AdvertisementCNOOC's bid stumbled yesterday when its major non-government investor, the American investment house William Blair, sold its stake, saying it did not back the bid.

William Blair officials claimed the Chinese Government was "exerting more pressure" on CNOOC management and board to win the bid, Bloomberg reported.

US company officials have been quietly rumbling over CNOOC's state-owned parent chipping in up to $US7 billion in loans at below market rates and other funds interest-free.

CNOOC executives will appear before a US Congressional panel on Friday.

See todays article on www.oilbarrel.com - ''a rael coup''.

SWW,

Some interesting stuff there, thanks.

i don't want to see SEY taken out at these low levels either.

I believe the price will grow exponentially over time, and I intend to hold for over two years for the BATR.

A takeout in the near future will cause some people CGT problems I would think.

CGT?

Shush!

:-)

i won't complain at 40p...at least offer that level now and see if i get riled up!

for those that haven't laughed at this yet...