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

Right then, no need for applause, I just can't help it.

The news.

Eugene, well we knew that.

Espadon, always a high risk trying to find out how far any lead goes, not really a surprise, just as well Tevet 2 is next, much less chance of failure there I reckon.

Gabon? Perhaps this is why they farmed it out to some gullible oil explorer. Well done.

Next come the results and Tevet 2 before the end of the month.

Hi SWW

Thread appears to have gone a little off the boil since the earlier contretemps with our Hilary.

At least SP is now reasonably steady and appears to be able to weather the weather.

Look forward to early 2006.

Nam

Agreed namreh3.

Still, I am now in the mood to perform some mind bending tricks, so watch what I am going to do to Tevet2.

I am in the process of moving all the oil from Chinguetti to the Tevet2 site using the power of thought, so that this blows the minds of the drilling team whn they find it.

I'll only get found out when they try to pump from Chinguetti and find ice cream and raspberry sauce with choc chips.

Wont that be a surprise?

Absolutely. It should be sprinkles with raspberry sauce!

Nam

Good news getting official confirmation re business as usual in Mauritania. Pity about the dry hole at Iris Marin. Noticed the big T trade for 3.5m at 19.30 after the close.

SWW, Whatever stuff you are sniffing, can you send some over to me? After a day like today I could use a magic mushroom or three.

7.7m sells and the SP drops 0.25p - pretty resilient IMHO.

Stockdog - they weren't all sells. That last trade of 3.5 million was someone sweeping up most of the sells during the day. Alot of other trades shown as sells were in fact buys - check out the prices and you will see that the MMs were operating at the lower end of the spread today.

I can confirm the buys reported as sells, I did a few funny ones during the day just to keep the mm on thier toes which confirmed it.

I then got a visit from the Men in Suits and had to stop.

I hate pink!

SWW, you are reverting to the "mad old ways!". good to have you back!

Don't know what you are on about prop, any way..................

Here is the prediction for the sp over the next coupl,ke of weekdss heading towards the interims.

The price has dropped, doubt it will go much lower, this is a classic pattern just prior to results, when the mm have an excuse in this case two dusters,

The results are expected to be extremely encouraging, (by me at least).

When the results come out, I expect a sharp increase in price followed by a plateau while we head towards Chinguetti going into production, and Tiof being finally appraised as commercial, they will give us another rise.

Any more and we need a bit more luck than has been experinced lately with the drill bit.

All these dusters is nice but I have a draw full now, and don't need any more.

would you mind checking your crystal ball and tell me the score in the arsenal game tonight. cheers SWW!

in all honesty i think your observations are spot on. time will tell but i agree this retracement is temporary...

Surely Arsenal should thump Thun, even without Henry.

As far as this retracement goes, lots of oils moving off their highs lately, so I see this as just a move along with the rest in a similar direction. No reason why we shouldn't really, especially after some dissapointing drilling results. Oil price has also eased back form it's highs of around $71 after Katrina to where it is just now. Nothing to panic about IMO, agree the retracement in the overall sector is temporary.

If releasing strategic reserves is the reason for the drift across the sector, then when the reserves are refilled will cause the same shortage as before, not that I am in favour of overly high oil prices.

I do not want the market for oils dried because oilies have upped the price too high, the greedy bu**ers.

$70 will do for the next few years.

Now then time to go cook dinner.

Don't do anything daft while I am gone, leave that to me.

whats on the menu?

I think the Europeans agreed to release 2m bbl a day for 30 days to help out after Katrina, and the Americans are releasing some from their SPR to those who request it. Whats been released will have to be replaced at some point and I thought this was only a temporary measure anyway.

Oil up over $1 to over $64 on the back of todays oil inventories.

gavdfc,

Yes I think the US is releasing 60 million barrels over a period, and that will diminish their reserves from, if I remember correctly, 270 million barrels to 210 million, probably as much as they can safely release IMO.

And as has rightly been stated here, they have to be replaced in the future!

Results Friday 23rd September

Excellent, results a week on Friday then.

Andy,

Will be interesting to see what happens when the 30 days are up. Really can't see the Americans continuing to release crude thus seriously depleting their SPR. After all, I thought the idea behind the SPR was to have crude stockpiled to cope with an emergency such as a terrorist attack and not just to release to control prices. The Americans use about 15m barrels a day do they not? So 60m is just 4 days worth then!