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

Agree Prop. The article is only his point of view, too many hangovers around! Would rather invest in a company that is being conservative than one which is shouting stuff from the rooftops. One PET springs to mind here. And yes agree the results were very good. An active drilling program to look forward to so lots to be positive about for SEY.

Forgot to say, well done SWW on PRE, good call there. Some excitement for you today! We shall have the same here with our drilling results. :-))

Thanks, they still have to hit the target depth there, plus they have an expected big gas reservoir in Texas, imminently hitting target depth.

The CEO reckons another 60 cents in the share price for the Texas drilling when they hit.

That was without this, so there is more to come.

nice. i am in an aussie stock with similar prospects around the gulf of mexico. so much potential out there.

i think key to all of this is just having faith in a team and going for companies that already have some sort of income stream. we would all love to 20 baggers from a wildcat startup but when u hear those stories you never hear the 40 failures that were invested in before hand!

L trade of 2250000 at 16.25p through from yesterday. So who was that then that topped up!

whoops! Must be a typo. I only wanted two hundred and twenty-five shares in toto ; )

Article in the Businessonline.com re some oil companies, worth a quick read if you have the time. Not much we didn't know though.

http://www.thebusinessonline.com/modules/news/view.php?id=16017&s=12&

cheers gavdfc...

morning all, good weekend?

mkts off to a lovely start to the quarter but if anyone wants my tuppenceworth i think this a short rally before a sharp pullback. the new quarter money has puffed everything up but i think once that momentum wanes we will see mkts head south again. i may be wrong (and often am) but hey, its a monday morning view!

rgds
proptrade

Afternoon all,

Busy day today so not at pc all day. Cheers for the market summary Prop, lots of interesting views on CNBC as to where this market is going. "squeezy" seemed to be the buzzword this morning according to Tom Houegard.

Mention of SEY on Oilbarrel, nothing new really:

04.10.2004
Sterling Soars On The Back Of Increased Gas Production
Two successful acquisitions have lifted London-quoted Sterling Energy plc into another league from its position 12 months ago, a fact highlighted by its recently-released interim results for the six months to June 30 which showed a doubling of turnover to 5.3 million and a 78 per cent surge in pre-tax profits to 1.98 million.

Key to this transformation were the February 2004 purchase of producing assets in the US Gulf of Mexico from Osprey Petroleum Partners, which more than doubled the companys production to the equivalent of 8.6 million cubic feet of gas per day, and the 40 million takeover of Fusion Oil & Gas at the end of 2003.

That deal has added some real spice to the companys portfolio, providing investors with exposure to some of the most eagerly anticipated drilling projects currently underway in the industry. The jewel in the crown for Sterling, as for so many other E&P juniors, is its stake in the licences off the coast of Mauritania where a multi-well exploration, appraisal and development drilling campaign is now underway. Sterling holds a 6 per cent royalty interest in PSC B and 3 per cent in PSC A. In all, Sterling is due to participate in some 20 wells - and, importantly, the company doesnt have to dig deep to fund these projects because of the free carries previously negotiated by the Fusion management team.

The highlights of the drilling programme in Mauritanian waters include three exploration wells in PSC B on the Tevet, Capitaine and Merou prospects, with the latter two thought to be equivalent in size to the giant Tiof discovery. Two exploration wells are planned in PSC A plus four appraisal wells on Tiof and eleven developments wells on the Chinguetti oil development, which when it comes onstream will generate further income for Sterling.

In fact, Mauritania could prove to be a nice little earner for Sterling. A deal struck between Premier Oil and Fusion in May 2003 means that Fusion - now Sterling - receives a discovery bonus from its fellow British firm once each field with in excess of 50 million barrels is declared commercial, which shouldnt prove difficult given the size of the structures lying in Mauritanian waters. The bonus payment adds up to a healthy US$2 million for finds in PSC B and US$1 million in PSC A.

Elsewhere, Sterling has signed up for a well on the Ntem licence in Cameroon. It plans to sink what it calls a high impact well here in the second half of next year.

The company also recently boosted its African holdings with the award of two large exploration licences offshore northwest Madagascar. The Ambilobe and Ampasindava blocks cover 34,000 sq km of undrilled acreage that has been home to hydrocarbon shows while heavy oil deposits have been recorded onshore. Speaking to oilbarrel.com last month, chief executive Harry Wilson described the new acreage as a large unexplored area with quite high potential.

Meanwhile the company is looking to put its enhanced cash flows to good use and is keeping a watching brief on projects that could add value to its existing, and increasingly profitable, portfolio.

Here's to a blue day.

nice overview. cheers for the post...

Morning all,

The weekly update:

http://moneyam.uk-wire.com/cgi-bin/articles/200410050700207054D.html

This is even better............

Australia's Woodside finds indications of more oil off Mauritania coast
AFX


SYDNEY (AFX) - Woodside Petroleum Ltd said drilling at its Tevet-1 exploration well off the coast of Mauritania in West Africa have shown signs of oil and gas.

The company, about 34 pct owned by Shell, said wireline logs run from the Stena Tay rig drilling Tevet-1 indicated the presence of oil and gas bearing zones.

It said logging and evaluation, including pressure and sample collection, is continuing and results will be reported once that program is completed and evaluated.

Located about 10 kms northeast of the Woodside operated Chinguetti oil project now being developed, Tevit is the first exploration well in a current 100 usd exploration program off the Mauritanian coast which is targeting 1.3 mln barrels of oil in six new prospects.

Woodside owns 53.846 pct of Tevet-1 and is the operator. Australian listed Hardman Resources Ltd has 21.6 pct, Roc Oil, also listed in Australia, has 3.693 pct, BG Group Plc of the UK has 11.63 pct and the UK's Premier group of companies have 9.231 pct.

Woodside also reported the drill ship West Navigator, has run wireline logs indicating the presence of oil at the Tiof-3 appraisal well within the target zone.

The exploration and production company has said the Tiof field has the potential to be as big as the Chinguetti oil project which has gross reserves of 120 mln barrels of oil.

&

http://moneyam.uk-wire.com/cgi-bin/articles/200410050740527069D.html

"Woodside Petroleum Ltd said drilling at its Tevet-1 exploration well off the coast of Mauritania in West Africa have shown signs of oil and gas."

So oil found there, and oil found here:

"Woodside also reported the drill ship West Navigator, has run wireline logs indicating the presence of oil at the Tiof-3 appraisal well within the target zone."

Excellent.

Press release from Sterling would be nice..............

Would be nice, may get one later on. I see Premier released an update.

http://moneyam.uk-wire.com/cgi-bin/articles/200410050740527069D.html

ok, bring on those announcements...

Up we go, first buys at 16.75 now. :-))

At last!!!

Now buying at 17.25.

Shouldn't you guys be swinging from the rafters today and chanting "Fillyaboots ...... a quid by Xmas!"

:o)