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

"Highlights

Osprey acquisition helped double turnover to 5.34 million and increase
pre tax profit by 78% to 1.98 million for the six months ended 30 June 2004
.
Daily production more than doubled to 8.6mmcfged over the period and US
reserves also increased more than 150% to 60 bcfge at 30 June 2004.

Realised average gas price remained 'high' at $5.76/mcf over the period
with a further $13million of forward sales to April 2005 locked in at $5.91/
mcf.

Chinguetti Field in Mauritania declared commercial - development plan
approved.

Two new exploration licences secured in Madagascar.

West Africa and Gulf of Mexico drilling programmes commenced with over 20
wells planned over the next year, most of which are 'carried' in Africa."


"Outlook
Sterling has just entered its most active drilling period to date, which will
see the company participate in over 20 wells in Africa and the Gulf of Mexico
over the next year. The majority of the African wells are in Mauritania where
our costs are fully carried. We have recently demonstrated our conviction in the
prospectivity of the Ntem Cameroon license by committing to drill a well - we
look forward to a high impact well on this block in the second half of 2005.

Although smaller than the African upside potential, the Gulf of Mexico drilling
programme is expected to add incremental production and cashflow at lower risk.
We continue to believe that balancing this risk and reward is key to the future
success of Sterling."

Nice :-))))

I like this part very much :-

USA
In the USA the focus in the first half of 2004 has been on building a team of
high quality experienced industry personnel and on delivering the $39.5m Osprey
production deal and its related bank finance.

Our US proven and probable reserves increased to more than 60 bcfge at mid-year
from 23.3 bcfge at the end of 2003, based on a full evaluation carried out by
independent consulting engineers. This increase reflects not only the Osprey
purchase but also an overall increase in reserves in other fields. At current
production rates these reserves are roughly equivalent to over 15 years of
production.

The Osprey deal, completed in late February, brought with it Sterling's first
operatorship, of the five fields, related pipelines and other infrastructure.
The purchase more than doubled reserves, adding more than 30 bcfe in the proven
and probable categories. It has also more than doubled production, which in the
first six months of 2004 averaged 8.6 mmcfged. Recent production sales have been
around 10.5 mmcfged.

That was a better way to show the interims hilary, thanks.

Good summary gavdfc

Loads of 'O' buys this morning, may take a whilke for themm to catch up with the results as there are rather a lot out today!

Richard :-

Thanks

:-)))

One 250000 trade at 16p Market Maker to Market Maker.

Now that is a good sign!

Nice MM trade. Looking good for moving up today, cracking set of results and the future looks rosy! But we already knew that! Should get a great write up in oilbarrel tom or Monday and lots of good press coverage.

Happy days indeed!

It'll only move up once that background seller goes clear. Relax.

They must have heard me. Spooky.

:o)

Am very relaxed Hilary, but happy too! :-))

well, i have been over the results a couple of times and am confident that SEY has delivered and was unwavering in their positive message.

i was most encouraged by the news that BG group bought a % of their acreage for a very keen valuation. bodes well for those with confidence, these guys don't mess when it comes to a 100+ million investment. (probably very old news but i had missed it somewhere down the line).

mkt is waiting for a strike before these bust 20p but that is fine with me, buying at this level later....

rgd
proptrade

A taxing issue:

"The taxation charge of 0.69 million principally relates to the US production
operations, with a tax rate charged of approximately 34%. Due to the level of
capital expenditures on drilling and similar costs, as well as depletion, we do
not estimate any significant current tax to be payable in the period. We have,
however, provided for the resultant deferred tax in full."

My reading of this is that they have put aside 690k to pay the tax for the period, but they do not expect to have to pay it due to offsetting it against cap ex, drilling and other depletion. Am I reading this correct? Sounds prudent to me if that is what they have done, anyone agree? Also, if that is the case then will the 690k not be added to the balance sheet when they have it confirmed they don't have to pay it?

correct...could be added back in a year and serves as a nice buffer in the meantime.

Cheers for the confirmation Prop. Moved up again I noticed.

just paid 16.25 for a few when they went 16.00 bid. the intention is to average a few more in over the coming days...

16.25 finally lifted. 16.50 offered now.

Just what we needed!

Down she goes........

BA flight makes emergency landing


Some 118 passengers were on board
British Airways flight A983 has made an emergency landing at Schipol airport in Amsterdam as a result of a "specific threat", the airline has said.
The crew on the aircraft carrying 118 passengers, which was travelling from Berlin to London, asked ground staff in the Netherlands for a military escort.

Two Royal Dutch air force jets were immediately scrambled.

"There was a specific threat to the airline but we are not releasing details," a BA spokesman has said.

All the passengers have been taken off the aircraft while the police carry out checks.

BA said the passengers would undergo security screening and the baggage would be taken off the aircraft and checked.

Two Olympic Airways flights were diverted this week after bomb scares which turned out to be hoaxes.

not so happy days....

And up again.

My what a roller coaster

I expect it to go up more for the next few days.

If there are any postive news feedbacks too, it may just blow it's top.

Double profit has not yet been fed into the price.

I wonder if like other OIl stocks it will hover for a couple of days before a drive upwards.

That has been the trend with the bigger one's TLW, PLR, HNR, ETC.

No need to cross fingers, I think it will happen.

as do i.

we have been patient for a long time but i think we are on the verge of SEY becoming truely noticed.

A 2.5 million T trade sell just went through.

Probably an old Fusion Holder.