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

Just heard on CNBC that the hurricane should enter the GoM then move back into Florida, it will miss the oil platforms. No doubt there will be another one along soon, sort of like a bus! Start guessing the name, to begin with L! Lucky you in NY!

Found this interesting, but no surprises. http://edition.cnn.com/2005/BUSINESS/08/28/oil.pricemonday.reut/

I believe this now affects Sterlings assets.

http://www.usatoday.com/weather/graphics/hurricane/hurricane2005/flash.htm?strmName=Katrina&strmNum=strm12&tabName=a

It certainly affects Eugene Island.

Eugene Island

To a lesser extent High Island

High Island

"Katrina prompts Gulf evacuation of 711 rigs, platforms: MMS
AFX


SAN FRANCISCO (AFX) -- Hurricane Katrina forced the evacuation of 711 oil and natural-gas rigs and platforms in the Gulf of Mexico, according to the latest update from the Minerals Management Service. About 91.7% of daily oil production in the region, or 1.38 million barrels per day, and 83% of daily natural-gas output, or 8.3 billion cubic feet, have been shut in, the MMS said.



This story was supplied by MarketWatch. For further information see www.marketwatch.com."




Sterling are not normally forthcoming with bad news.

I wait for a better buy in price or not at all.

Drilling update out nothing of immediate interest

regards

More importantly, no hurricane effect

morning all. the ususal...disaster expectations and then the all clear!

how is everyone?

That's interesting, the link provided did not say the quote I posted here, so I have removed it pending further investigation.

Anyone seeing this will not know what I am on about, but don't worry.

scary but until we know there is no bad news and could tick up with an all clear.

are you back in SWW?

No, but I need to be as there is alot happening in the next few weeks, including the free c arry with PMO, I am playing a bit of trading brinkmanship...........

I wont be long, may be today

Looking at the chart, there was a distinct double top in the second half of July at 20.5p with an interim trough of 19.75 - which would indicate a subsequent retracement to 19p which is what we have seen lately. I think it is highly significant that we have remained above the double top resistance turned support of 18.75p of March/April after bouncing off it on the first slight overreaction after the double top. The last 5 days' drift downward has been on very minor volume - so no one seems to be reacting knee-jerk-wise to hurricane Katrina.

Given the coup in Mauritania and the hurricane in GoM (I assume that SEY are amongst those who shut in production until the storm's passing - is this correct, anyone know?), I reckon the SP is showing a good deal of resilience, deserved IMHO by the strong management and cash producing assets, whilst we wait for the highly prospective W. African assets to come on stream next year.

I can well understand SWW waiting and watching for a better buying opportunity under the circs, but as an existing shareholder I can see no reason not to continue to hold. I anticipate we will continue in the 19-20p box until there is further positive news. When are the interims likely to be forthcoming?

sd

Stockdog,

I spoke to SEY this morning, and they did indeed shut in production until the storm had passed.

They said they would need a couple of days before they will know if their facilities sustained any damage, and will RNS any significant news, if there is any.

Andy
Seems a totally necessary pre-caution, but they seemed to sound quite relaxed about it from the tone of your post. Thanks for finding out.

sd

Thank you for the info Stockdog.

stockdog,

thanks.

Interims end of September last year.

Thanks

Damage in the Gulf.

"Port Fourchon, Louisiana, the base for three-quarters of support services to the Gulf's deepwater oil and gas facilities and the land base for the offshore oil port, is shut because of the storm, Port Director Ted Falgout said in an interview.

``We have just got to the head of the port,'' Falgout said. ``We have yet to enter because there are several large vessels on the highway in the port itself.''

More than 600 offshore platforms are within 40 miles of Port Fourchon, according to the port's Web site.

``It's going to be extremely difficult to supply and repair platforms if the port is closed,'' Falgout said. ``The nearest alternative location for logistics is Venice, Louisiana, which was totally destroyed.''

Repairs to Gulf platforms and pipelines damaged by Hurricane Katrina will be delayed if the storm deposited silt in the port's channel, Falgout said.

`Incredibly Important'

Posted in more depth on TMF by emptyend.

I dont think this needs a commentary from me.

Here is the buff from Sterlings web site concerning Eugene Island

"Eugene Island

Location: Louisiana, Federal Waters
Area: 20 km sq (5,000 acres)
Sterling Equity: 60% WI; 45% NRI

The EI 268 field is the only production that Sterling currently has in the federal waters of Louisiana. This well is scheduled for a major workover in the second quarter of 2005.

Sterling is the operator with a 60% Working Interest. The fields productive intervals are Lower Pleistocene reservoirs. Since September 2003 0.3 BCF of gas has been produced from 1 well.

Still hoping to buy in but I will wait a day or 2.

All else is looking very good.

SWW,

Well we simply have to hope that Eugene Island somehow escaped the worst of the storm, and it will take a few days I guess, given the damage onshore.

What a month for SEY, first a military coupe, and now a hurricane!

a typical month in the life of an oil and gas exploration company!