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

lizard,

Well SEY are a solid company IMHO, but sadly political events have changed things, rather than actions of the company.

I remain a holder, and hope that we will soon have clarification of the situation, and if there is a new government, some indication of whether or not they are going to honour deals negotiated and agreed with the previous administration.

So many rats on such a splendid ship. Is it really going to sink and wet your all of your tails?

queen1,

One would hope not!

I'm a little surprised that so many loyal holders have bailed totally, I would have thought a top slice may be prudent, and I must admit I have considered that too.

This statement has been released by the new rulers, and the last paragraph confirms their commitment to honour all deals already done, so hopefully we may see some stability in the morning.

------------------------------------


Mauritania coup: Full statement

Following the coup in Mauritania, a group calling itself The Military Council for Justice and Democracy issued the following statement on the state news agency Ami:

In the name of God, the Merciful, the Gracious.

The national armed forces and security forces have unanimously decided to put a definitive end to the oppressive activities of the defunct authority, which our people have suffered from during the past years.

These activities have led to a severe deviation which has begun to threaten the future of our nation.

The national armed forces and security forces have decided to institute a Military Council for Justice and Democracy.

This council is committed before the Mauritanian people to create the appropriate circumstances for an open and transparent democracy.

This will enable the civil society and all political activists to participate with complete freedom.

Our armed forces and security forces will not rule for longer than the necessary period required to prepare and create the genuine democratic institutions.

This period will not exceed two years at the most.

The council finally confirms Mauritania's commitment to all the international treaties and agreements which it has signed.

morning

business as usual

http://news.bbc.co.uk/1/hi/world/africa/4741243.stm



http://www.woodside.com.au/Investors/News+2005/August/20050803+Mauritania.htm


http://www.woodside.com.au/Investors/News+2005/August/20050804+Mauritania+Update+2.htm

Have SEY signed any agreements that are binding ?

What it means is business as usual FOR NOW .

Was out yesterday so missed out on yesterdays events all round. As to the coup, seems to me that we've been down this road before, but this time it looks like it may be a bit different. No one can predict whats going to happen from here on in so I wont even try, too many unknowns and uncertainties. Can't blame anyone for selling and taking a profit, especially under those circumstances. I imagine most who got out yesterday were sitting on profits. Although the message of business as usual is being put out by those involved, I'm keeping a very close eye on things and wont hesitate to sell if I think the situation may or does get worse.

Can see why HNR got hit most due to their overall exposure in Mauritania followed by us. Scratching my head as to why DNX rose so much! A number of factors maybe, investors selling HNR and SEY and buying DNX, new highs for oil, DNX breaking to new highs or upcoming news. Will leave that one to Fundy to try and figure out!

Oilbarrel article on yesterdays events.

Coup attempt

Whatever we all may think will happen now, in that business may return to normal and old agreements honoured etc, for the immediate future I forsee a bail out of retail punters who really do not need the stress of instability like a Military Coup affecting their investments.

All the reassuring words in the World will not make a difference.

I therefore expect selling to continue for the next couple of weeks.

That means I also expect to have that time to finally decide whether to come back into the fold or not.

FWIW Sterling do have insurance against this sort of thing, this was confirmed by Andrew Gross on Oil Barrel, I hope that insurance is far reaching.

Shareholders have limited protection in that case against any nastiness that may result.

I am now watching with interest asa to where Sterling goes from here.

The whole episode is a great shame as I feel they were on the verge of a momouth change for the better, everything seemed to be going just right for the moment.

I'm staying with it. This will blow over in a couple of days and then all those who sold will be locked out and have to pay more if they choose to buy back in.
This is nothing new and was always an ongoing risk in Mauritania.
The oil is 60 miles off shore. It is not at risk.

Pondy

With Mauritanian President Maaouya Ould Taya out of the country, the armed forces on Wednesday said they had seized power to end his "totalitarian regime" and had set up a military council to rule in his place.

Ould Taya, who himself came to power in a coup in 1984 and has withstood several previous ousting attempts, was overseas as troops seized state media, the armed forces headquarters, and positioned themselves outside the presidency building in the capital, Nouakchott, in the early hours of the morning. The airport was also closed.


Later, in a communique broadcast on state media, a "Military Council for Justice and Democracy" announced it would rule the desert nation, which is hoping to get rich from oil, for a maximum of two years.

"The armed forces and the security forces have unanimously decided to put an end to the totalitarian practices of the defunct regime under which our people have suffered so much these last years," the statement from the hitherto-unknown group said. "This council vows before the Mauritanian people to create the conditions favourable for an open an transparent democracy."

An IRIN correspondent in the capital reported that hundreds of people had taken to the streets after the declaration. Convoys of cars were tearing around the city's sandy avenues, with youths honking their horns and shouting slogans like "Down with Taya", and "Long Live the Putschists".

Journalists contacted in several other towns around Mauritania reported similar scenes of joy unfolding.

No individual signed off on the council's statement, but military sources and people who were at the state broadcaster when it was taken over, said that the head of the presidential guard, Col Mohamed Ould Abdel Aziz, and the head of national security, Col Ely Ould Mohamed Vall, were involved.

The African Union condemned what it called a "coup attempt".

"The chairperson ... reaffirms the total rejection by the AU of any unconstitutional change of government," a statement by the 53-member organisation said. "He firmly condemns any seizure or any attempt to seize power by force."

There was no immediate reaction from opposition groups in Mauritania, but Ould Taya's ruling Social Democratic Republican Party (PRDS) urged all political entities to denounce the coup.

Ould Taya had been out of the Sahelian country, which straddles black and Arab Africa, attending the funeral of Saudi Arabia's King Fahd, when troops moved in at around 5:00 am.

Hours later, he arrived in Niger's capital, Niamey, but he made no declaration and reporters at the airport were kept away.

The president has reportedly angered many of Mauritania's 2.8 million-strong and staunchly-Muslim population by establishing diplomatic ties with Israel and launching a crackdown on Islamic fundamentalists groups in the country.

Ould Taya was nearly toppled during a bloody uprising in June 2003, which was put down after two days of heavy fighting in the capital by loyal forces. Mauritanian authorities also said they nipped two coup plots in the bud in August and September 2004.

Four army officers were convicted of masterminding the raft of coup plots and were sentenced to life in prison in February this year, while three leading opposition politicians were cleared of bankrolling the operations.

During the trial, some of the officers explained how they had wanted to put a stop to corruption, tribalism, poor pay and mismanagement in the army.

A diplomat in Nouakchott said on Wednesday that the situation was calm, contrasting it with the coup attempt in 2003.

"Last time there was lots of shooting and everyone was very scared. Today, although certain areas of Nouakchott are closed off, round by the radio and TV stations and the presidential palace, the rest of the city is going about its business as normal," he said by telephone

What yesterdays news does do is give all investors a timely reminder if one were ever needed as to the political risks associated with investing in companies that operate in politcally less secure parts of the world. I notice that buyers are piling back into HNR which was hit hardest yesterday. I'm guessing that they had a decent day in Oz overnight.

The oz price dropped to the eqivalent of 1.02p, this is just a money making exercise with that stock today, yes, I sold my last but the day before the coup, so now I am taking advatage and buying back lower.

Makes a change, normally my timing is wrong and I watch the stocks sailing north without me!

This is worth a read so give it a go and read it to the end.


Mauritania national security chief heads junta after coup
AFX


NOUAKCHOTT (AFX) - Mauritania's director of national security, colonel Ely Ould Mohammed Vall, has become head of the junta, or Military Council for Justice and Democracy, which seized power early yesterday, the Council said in a written statement last night.

'The colonel, Ely Ould Mohammed Vall, director of national security, will preside over the Military Council for Justice and Democracy comprising 17 other officers,' according to the statement read on national radio.

He was reputed as being close to President Maaouyia Ould Taya and having fought at his side on his coming to power in a coup in December 1984.

Troops seized power in the oil-rich northwest African country yesterday, overthrowing President Maaouyia Ould Taya while he was abroad and pledging to bring in democracy, in a move which sparked condemnation from US and other leaders.

'The military and the security forces have unanimously decided to put an end to the totalitarian practices of the regime from which our people have suffered so much in the last years,' a statement quoted by the state news agency said, adding that the new regime would usher in democracy within two years.

The statement was issued several hours after troops took over the armed forces headquarters and state radio and television buildings at dawn, surrounding ministries and the presidential palace in the capital Nouakchott.

Although residents of the city later emerged from their homes to express support for the coup leaders in apparently spontaneous protests, the United States led international condemnation of the move.

The US called for 'a peaceful return to order under the constitution and the established government of President (Ould) Taya', acting State Department spokesman Tom Casey said adding Ould Taya, a US ally, was 'the established, constitutional president of Mauritania'.

UN Secretary General Kofi Annan also condemned the seizure of power, with spokesman Stephane Dujarric saying he was 'deeply troubled' by the reports and stressing Annan 'condemns any attempt to change the government of any country unconstitutionally'.

France called for democracy and the 'legal institutional framework' to be respected, while Britain, as current holders of the European Union presidency, called 'upon all sides to ensure full respect for democracy, human rights and the rule of law'.

Spain and the EU's executive commission in Brussels also condemned the move.

Ould Taya, a former army chief of staff who ruled with an iron fist since staging a bloodless coup in 1984, yesterday landed in the west African state of Niger, an aide to Niger President Mamadou Tandja said in Niamey.

He had been in Saudi Arabia for the funeral of King Fahd, and was prevented from returning home when the military closed down Nouakchott airport.

The statement by the unidentified coup leaders said the ousted regime had put Mauritania on a dangerous course, adding: 'For this reason, the military and security forces have decided to put in place a Military Council for Justice and Democracy.'

They pledged to 'establish favourable conditions for an open and transparent democratic system on which civil society and political players will be able to give their opinions freely.

'The military and security forces do not intend to hold power for longer than a period of two years, which is considered essential to prepare and establish true democratic institutions,' the statement said.

Ould Taya was a strong ally of the United States at the helm of Mauritania, which sits on some 1 bln barrels of oil and 30 bln cubic meters of natural gas, according to the government, but has scarcely begun production.

Hi guys. Thought I would drop in just to point out that in Pakistan, Pervez Musharraf (G W Bush name nemesis) quoted a limited time for the forced military oversight. That didn't quite materialise as expressed. Be very cautious with your hard earned in this area of the world. Must go. Nice to see team SEY are still kicking.
Nam

Mauritania Weighs On Exposed Oil Stocks

Thursday, August 04, 2005 3:17:18 AM ET
Dow Jones Newswires



0701 GMT [Dow Jones] Media reports of a coup in Mauritania are putting downward pressure on the shares of oil companies participating in the region, says Bridgewell Securities. Dual-listed Hardman (HDR.AU) has most exposure, having "material exploration portfolio in the region." Roc (ROC.AU), Premier Oil (PMO.LN), Sterling Energy (SEY.LN) and Dana Petroleum (DNX.LN) also exposed. The main source of information is likely to be Woodside (WPL.AU), the dominant operator in the region, which said this morning that it has maintained normal drilling operations. (PBA)

Don't panic Mr Mainwaring. Sell-off over. Normal service has been resumed.

So it seems pondy.........

I would still like to see something from Harry concerning the deal that he cut with Ould Taya, before I will believe that normal service has resumed.

denjonn on the another BB found this thought you might like a look

In today's 'The Business'


Small oil firms wait nervously for outcome of Mauritanian coup
By : Richard Orange August 07, 2005
PRESIDENT Maaouiya Ould Taya may not be the only victim of Wednesday's bloodless military coup in Mauritania - the world's newest and poorest petro-state. Smaller oil companies that have staked their future on a coming oil boom in the West African desert nation will be spending the weekend nervously checking on every news update.

Their reward for years of involvement in the country was not due to arrive until next March when the offshore Chinguetti discovery begins pumping 75,000 lucrative barrels per day. Set to cash in are the operator, Australia's Woodside, its partners, and, crucially, Mauritania's new rulers. Alongside Woodside are Australia's Hardman Resources, Roc Oil and UK firms BG Group, Premier Oil, and Sterling Resources.

But will they ever see the money? The biggest risk - that the new government comes in and tries to change the licence terms - is unlikely to come to pass. Chinguetti will produce Mauritania's first ever oil revenues and even the new junta won't want to jeopardise that. The junta, led by Colonel Ely Ould Mohammed Vall, has pledged to honour all of Mauritania's international obligations. It plans to rule for two years through a 17-member Council for Justice and Democracy.

One UK oil firm, though, has reason to be nervous. Sterling Energy's Mauritanian strategy is staked on its relations with the government and, crucially, with oil minister Zeidane Ould H'meida.

If he is ousted, the company could potentially see some of its existing deals questioned, while future deals may become impossible. Thus far, it is not clear whether he will go. The new leader, Colonel Ely Ould Mohammed Vall, was the director of national security in the deposed government.

In October Sterling brokered a deal under which it lent the government $130m to fund Mauritania's share of Chinguetti's development in return for the company pocketing two-thirds of the proceeds from the government's 12% stake. It paid the Mauritanian government $15m (8.4m, E12.3m) and paid $5m to a Kuwaiti company. What puzzled some was that fact that Mauritania could have funded its share more cheaply with $200m of unused loan capacity from the World Bank.

Sterling has been gearing up to repeat the Chinguetti deal when the government exercises its stakes in the Tiof field - thought to be three times the size of Chinguetti. Harry Wilson, Sterling's chief executive told The Business before the coup: "We saw that this model of funding the government in return for a slice of reserves could last for four to five fields. After that they'd be able to do it on their own."

The other risk is security. The junta will hold on to power longer than those behind the three last coups. But its leader may hit resistence beyond the capital. The lack of spilt blood may not last.

With Chinguetti 80km offshore, fighting won't halt oil developments. Further inland, though, it could halt France's Total, CNPC and Baraka Petroleum from exploring.

After sheltering Saddam Hussein's family in the first Gulf war, Taya attempted to win back US backing, announcing support for Israel. This, combined with harsh treatment of Islamist insurgents led to growing anger against his rule.

Earlier this year, nearly 200 people, including former President Mohamed Khoum Ould Hialeah, were put on trial for a series of alleged coup plots. There may also be a deeper struggle for dominance among rival powerful tribes. With the prospects of oil wealth also a likely driving force, Mauritania may be the latest nation to suffer the oil curse.

Mauritania's economy grew at 4% in 2004 but it remains the poorest country in the Arab Maghreb Union. Per capita income is only $443 and almost 30% live on less than $1 a day.

denjonn on another BB found this thought you might like a look

In today's 'The Business'


Small oil firms wait nervously for outcome of Mauritanian coup
By : Richard Orange August 07, 2005
PRESIDENT Maaouiya Ould Taya may not be the only victim of Wednesday's bloodless military coup in Mauritania - the world's newest and poorest petro-state. Smaller oil companies that have staked their future on a coming oil boom in the West African desert nation will be spending the weekend nervously checking on every news update.

Their reward for years of involvement in the country was not due to arrive until next March when the offshore Chinguetti discovery begins pumping 75,000 lucrative barrels per day. Set to cash in are the operator, Australia's Woodside, its partners, and, crucially, Mauritania's new rulers. Alongside Woodside are Australia's Hardman Resources, Roc Oil and UK firms BG Group, Premier Oil, and Sterling Resources.

But will they ever see the money? The biggest risk - that the new government comes in and tries to change the licence terms - is unlikely to come to pass. Chinguetti will produce Mauritania's first ever oil revenues and even the new junta won't want to jeopardise that. The junta, led by Colonel Ely Ould Mohammed Vall, has pledged to honour all of Mauritania's international obligations. It plans to rule for two years through a 17-member Council for Justice and Democracy.

One UK oil firm, though, has reason to be nervous. Sterling Energy's Mauritanian strategy is staked on its relations with the government and, crucially, with oil minister Zeidane Ould H'meida.

If he is ousted, the company could potentially see some of its existing deals questioned, while future deals may become impossible. Thus far, it is not clear whether he will go. The new leader, Colonel Ely Ould Mohammed Vall, was the director of national security in the deposed government.

In October Sterling brokered a deal under which it lent the government $130m to fund Mauritania's share of Chinguetti's development in return for the company pocketing two-thirds of the proceeds from the government's 12% stake. It paid the Mauritanian government $15m (8.4m, E12.3m) and paid $5m to a Kuwaiti company. What puzzled some was that fact that Mauritania could have funded its share more cheaply with $200m of unused loan capacity from the World Bank.

Sterling has been gearing up to repeat the Chinguetti deal when the government exercises its stakes in the Tiof field - thought to be three times the size of Chinguetti. Harry Wilson, Sterling's chief executive told The Business before the coup: "We saw that this model of funding the government in return for a slice of reserves could last for four to five fields. After that they'd be able to do it on their own."

The other risk is security. The junta will hold on to power longer than those behind the three last coups. But its leader may hit resistence beyond the capital. The lack of spilt blood may not last.

With Chinguetti 80km offshore, fighting won't halt oil developments. Further inland, though, it could halt France's Total, CNPC and Baraka Petroleum from exploring.

After sheltering Saddam Hussein's family in the first Gulf war, Taya attempted to win back US backing, announcing support for Israel. This, combined with harsh treatment of Islamist insurgents led to growing anger against his rule.

Earlier this year, nearly 200 people, including former President Mohamed Khoum Ould Hialeah, were put on trial for a series of alleged coup plots. There may also be a deeper struggle for dominance among rival powerful tribes. With the prospects of oil wealth also a likely driving force, Mauritania may be the latest nation to suffer the oil curse.

Mauritania's economy grew at 4% in 2004 but it remains the poorest country in the Arab Maghreb Union. Per capita income is only $443 and almost 30% live on less than $1 a day.