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

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!

gmph1 on advfn found this.

I can not find the link but the story is confirmed via subscription only sites.

"The Gabonese Minister for Oil Richard Auguste Onouviet signed Tuesday with Libreville an Agreement of technical assessement (AET) allotting the oil block "Ibekelia" to the British company Sterling Northwest Africa Holding Limited.

The block of a surface of 672,64 km2 is located in the province of maritime Ogoouin a favorable oil environment, according to technicians of the Gabonese ministry of oil.

This block was with the precondition held by the Shell company of 1966 to 1976. This company reassigned in the State. It was then allotted in turn to Gabon Reference mark (1986-1992), Total (1997) and Pioneer Ressources (1997-2004).

Sterling has two licences oil (THEMIS Marin and Iris) in the North-West and the south of the block of Ibekelia. Sterling would be about to carry out a production of 10 thousand of barrels per day on these licences. These results would justify the optimism of the officers of the company British to unearth crude oil reserves in the block of Ibekelia.

Sterling is associated this block of Ibelia with two other companies. It is about Side African Energiy corporation limited and Ascent Gabon limited.

"I wish good luck in Sterling and its partners", declared the Onouviet minister after the signature of the document.

Mr. Onouviet added that Gabon had managed to stop the alarming decline of its oil production. This one could be located at 13,5 million tons in 2005 "if there is no major incident before the end of the year".

The production which had culminated in 1997 with 18,4 million tons fell to 15 million tons in 1999. The level low was reached in 2002 with 12,5 million tons. A light rise was however noted in 2003 with 13,4 million tons and approximately 13,6 million tons in 2004.

The policy of maximum recovery of the reserves in the mature fields and the arrival of the operators of small size made it possible Gabon to maintain its production oil on an acceptable level.

Source: Xinhua "

It';s on land I think?

I will jump the gun and say they need a wealthy farm in partner and a free carry or at least a partial.

Maybe Premiere would like to bankroll this one as well.


Well you heard it here second and before the Company could say a word.

I wonder if this will make the sp go up 150% like PET did??

Nahhhhhhhhhhhh...............................................

My first thought is to buy some more.

My second is the Market is closed and I should go to bed.

Night all!

See you in the morning before breakfast.

Gav,

Yes total world oil consumption is around 82 million BOO per day, and the USA consumes 25%, as you say, 20 million BOPD.

They cannot reasonably release any more IMO as they are now down to 10 days consumption.



SWW,

Many thanks for posting that!

SWW, really well spotted.

relatively good day today. CSB is a real winner...

Ramper.