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

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.

LOL. hand up, i have no defence.

So much for Arsenal thumping Thun then!

SWW, good find re the Gabon post, cheers.

Down a tick.

Limps along just the same as usual.

Really could do with Stelring saying something really good like;

"We are confident that Woodside are picking duff targets on purpose just to find the extremities of the licences in Mauritania. Whilst we do not approve of the targets, as we have a free carry, we really can't grumble. There will come a time shortly when they have to return to the meat in the sandwich, and make a meal of it."

Lol!! L2 not looking great right now.

From PMO's results today:

"On the Themis Marin licence, we have acquired additional 3D seismic data that
will be used to work up prospects for drilling in the 1st-2nd quarter of 2006
(Premier equity 18 per cent)."

So that won't be drilled until next year then.

Andy,

Had a look into the size of the SPR, it seems from OPEC's Sept monthly report that it holds around 700mb at full capacity and at 9th Sept it currently holds 699.2mb. The figures are taken from the PDF. Worth a look if anyone's interested.

During August 2005, the Strategic Petroleum Reserve (SPR) reached its full capacity,
standing at 700.5 mb, after a gain of 2.3 mb. This level is expected to see a drawdown of
30 mb during next month as part of a rescue plan announced by the IEA to compensate for
barrels lost to Hurricane Katrina. The draw could be higher if US refiners take part in a loan
programme of about 10 mb which was announced by the US administration on the wake of
hurricane damages.
further to 6% and 7% respectively compared with end-July levels.
Table 19: US onland commercial petroleum stocks, mb*
Change
1 Jul 05 29 Jul 05 2 Sep 05 August/July 2 Sep 04 9 Sep 05**
Crude oil (excl. SPR) 324.9 318.0 315.0 -3.0 278.5 308.4
Gasoline 215.3 205.2 190.1 -15.1 208.1 192.0
Distillate fuel 117.2 127.3 134.4 7.1 130.5 133.3
Residual fuel oil 37.5 36.2 32.3 -3.9 37.1 32.3
Jet fuel 41.2 40.1 39.4 -0.7 41.8 39.2
Total 1,015.5 1,021.50 1,009.60 -11.9 984.7 1,005.5
SPR 696.3 698.2 700.5 2.3 669.0 699.2

http://www.opec.org/home/Monthly%20Oil%20Market%20Reports/2005/pdf/MR092005.pdf

Anyone think that the Gabon license deal above, is price sensitive or is it just me being mistaken?

No thoughts hey gang?

My thought is yes it is, and they are hanging it out till next week.

I am emailing them to find out why?

I will say, "Why?".

Why?

Now that's a very good question.

Whats the odds on no answer?

Now then, one other point before closing - Energy Africa is owned by Tullow Oil.

Thats all folks!!

RHPS sell rec on SEY yesterday and today the sky seems to have fallen in as they all jump ship. Sell after sell after sell. Do I smell a conspiracy here? Why jump ship when we are so close to results and so close to our first oil? Does someone want the stock?

All O trades, what do you think?

Sterling is having its own witching.....................

It's all private investors who subscribe to RHPS bailing out in unison. I think that I have clocked just one single buy going through so far. L2 is 1 x 1 and looking very weak. I would hope / expect that the MMs will have someone lined up to take the stock. This close to results? Would welcome any RHPS subscriber letting us know what they have said.

Thanks to KM1966

Here is the recomendation from RHPS.

STERLING ENERGY (SEY): Sterling has given an update of
its various activities. In the Gulf of Mexico it has
been let off quite lightly by Hurricane Katrina, but
had to close one of its platforms, responsible for 20%
of Sterlings production for 5 days. In Mauritania
operations continue as normal despite the change of
government. Sterling has signed a Technical Evaluation
Agreement for the Ibekelia licence with the Gabonese
government, and covers an area of 673km2 contiguous
with the Gamba and Olowi oil fields and Sterling's
existing Themis Marin and Iris Marin licences.

However, drilling in the Iris Iboga Marin No 1 area
encountered only water bearing sandstones. Premier Oil
and Hardman have also recently announced disappointing
drilling results from Mauritania, an area in which
Sterling has high hopes. Expectations are high for
Sterling, and it cannot afford to disappoint. So after
nearly three years in the Red Hot list, and with the
oil price probably near a temporary high, it is time to
take our 257% profit