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

Dr Square,

Thanks for posting that, and it mirrors my concerns re SEY going forward from here.

I have every confidence in the management, and SEY have proved they can deliver as a company, but, just as we are aproaching delivery, Ould taya is deposed in a coup!

My main concern is of course the relationship between SEY and the new governemt, and whether or not their contract will be honoured.

This throws the imediate future into some doubt, and most holders seem to have either sold or top sliced.

To date I have done neither, but am considering my options as SEY is one of my largest holdings.

What a shame that a well run company with many loyal holders waiting patiently have possibly had their reward as investors taken away by totally unconnected events!

Thanks Doc. Like Andy I am watching and waiting.

Stock Ould Dog
(I think the seriousness of the situation requires my full name)

Sad to see my risk statement coming to pass. ref earlier posting
However been here before many times - though not in Mauritania.
These events tend to be corriographed
The new lot are not too different normally to the old bunch, in many cases they are the same people under a different label.
In spite of the posturing the Govt of the day still needs revenue etc and usually continue to act out previous arrangements.
This generally is an attempt to get international acceptability, long term loans and assistance continued.
I would be very surprised if SEY management have not got a contingency plan and the necessary arrangements in place
For the present I hold my position, though I will be watching like a hawk for signs that are different to the normal "little local difficulty"

Stockdob,

;-)




Sunray41,

I agree that I expect the new government to require the funds, and international acceoptance will only come from honouring contracts made previously, but it's the SEY special arrangement that concerns me.

They have (apparently) paid the $15,000,000 signature bonus, so with a new regime in place, and the money paid to the old one, will the agreement still stand?

I have contacted SEY, and am awaiting a reply.

i am away in beautiful Cape Cod and this all starts. not only a coup, but SWW - not a holder! at least buy a cheeky 25,000 to keep it on your books!

seen this all before. lived in indonesia through the Suharto departure, was trading he Philippines when Estrada was overthrown and traded Malaysia when Mahatir imposed the capital controls...(hey maybe i attract this stuff!).

In ALL cases, upheavel followed the staus quo with optimism. ALL commercial agreements were not only unchanged after the takeovers but in fact reiterated and enforced. these contracts are the lifeblood of thje nation and not to support an SEY contract would be seen as political and national suicide. you think these guys want sanctions. Pakistan is a great e3xample, sure there was upheaval but all the multinationals were welcomed and invited with open arms and in some cases enlarged contracts.

As said in posts above, don't panic. if anything there may be some great trading opportunities but NO WAY 97 million will be taken or repaid. if they did they would invite sanctions and then would be royally fcuked.

keep the faith, ride out the storm and for g-ds sake SWW buy a scap to keep me happy!

rgds
PT (ps i highly recommend whale watching)

proptrade,

At the AGM the $97 million was still banked in London!

No fears there for me, just the $15 million, and the ongoing royalty payment.

Still holding, albeit ponderously!

Things do look dark at the moment and the above thoughts mirror mine.

I bottled and sold and have no quarms in having done that.

Of course I also believe there is a very good chance that this will trun around, but I do not see the poiunt in risking my money till it does.

Those that are brave may experince a champagne cork effect on the sp if that happens and you will deserve it.

Good luck, I will still monitor and contribute if I have anything relevant.

Hello prop.

Just saw your post.

I'll think on it.

Did you swim with Great Whites?

Or was that just your Missus?

proptrade - thaks for words of wisdom which echo my own position. BTW as you suggest, the common factor in one's life experiences is, of course, oneself!

SWW - is a quarm a new sub-atomic particle peculiar to the oil business?

s(o)d

It is a mixture of the Charm quark - whether it is the up or down variety is anyones guess.
Nam

Prop - I can go back to the days of the Sukarno " foundations " and Dr M putting the squeeze on.
Nothing changes and they dont tend to kill the goose no matter the public posturing.
Have a good hol --- but watch the sharks !!
sr

Mauritanian Goverment Developments, (This keyboard can't speel)

Just been quoted 19.22p for 50k online.

So, any sells over 19p are in fact buys imo.

SEY had a tremendous wright up & recommendation in Money Week on Friday, obviously written before the advent... i am pretty shore the share price would have gone up instead of going down a little, & because the price is reasonably stable i will hold. Regards goal.

I dont think it will hold.

I see this drifting down until the situation is made more transparent in respect of Sterlings interests.

Someone has said the Oil Minister is still in place, which may help matters.

Obviously the spectre of Civil War is never far away either.

You can't please all of the people all the time

Sey have still not retunred my call Friday, which hardly surprises me, but they did say they would!

Still holding.

Business as usual.

Looks that way to me goal. Panic over. Oil is flying and my oil shares are all catching the breeze. What a nice day!
Betcha glad you didn't sell out.

pond,

Me too!

What I would like is some sort of RNS from SEY confirming the relationship and agreements made between SEY and the previous Mauritanian governemnt are still valid, and then we should fly!

EVO apparently have issued a new note.

Anyone seen it?