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

Hectorp,

Good to see you here, MAM has less posts but they are generally more focussed and on topic than over the road, and they don't tolerate personal abuse here.

Do you have any ideas what caused the increase on Friday?

RNS from Forum this morning, declaration of commerciallity on the Libertad gas field.

"Forum Energy, the UK energy group with gas, oil and coal assets in the
Philippines, together with the Department of Energy in the Philippines, today
declared commercial the Libertad gas field on the island of Cebu.

The Company is currently in discussions to utilise the gas for local electricity
generation, in line with a Philippine government directive to increase the use
of natural gas, and expects to generate up to 2 MW of electricity from the gas
produced.

Generation is expected to commence next year following a $2.5 million
development programme of the field and generation units."

http://www.companyannouncements.net/cgi-bin/articles/200511300700438757U.html

If anyone's interested, new research note from Edison's on FEP from the 28th Nov on their website.

http://www.forumenergyplc.com/downloads/Forum251105v3.pdf

Off topic
===========

Any FOGL holders here?

If so, please see my post on the FOGL thread.

Harrys on the prowl?

http://www.rigzone.com/t.asp?l=419362&m=238207

regards

Doc,

Good find, cheers.

wow, 3 pages back.....all i did was go to NY for a few days!

ehats up with these?

rgds
PT

SETS trading as of today.

ORM just got re-rated

Ormonde Mining La Zarza Results Bolster

Monday, December 05, 2005

0904 GMT [Dow Jones] Ormonde Mining's (ORM.DB) results from La Zarza in southern Spain should support the stock, says Seymour Pierce. "We view this as a further positive step on the path to the development of La Zarza, and reiterate our buy recommendation on Ormonde with a 24p target price." Trades +3.7% at 9.9p. (DWE)

?

Nam

5% off thus far. Comments?

Nam

Down nearly 6% on low volume...

Down nearly 6% on low volume...

is it down 6% on low volume?

Up with HNR / DNX today. Nice little bounce from yesterday. My broker wouldn't quote me late yeaterday for SEY at any volume, so couldn't top-up again. Spoilsports. Was in at 16.38p though earlier. Timing good again. Things are looking up.

Happy hunting.

Nam

If they acheive everything, as planned in their update today, it should pass 50p next year ... IMO
http://moneyam.uk-wire.com/cgi-bin/articles/200512070700222456V.html

Well, we were asking for an update from the company and now we have one. To my untutored eye it looks excellent, but interestingly we have had a couple of very large transactions go through the market this morning - over 13 million shares dumped at 16p following which the bid has moved up to 16.75p. Somebody please try to convince me that these things are not pre-arranged (rigged?) or an I just a hopeless conspiracy theorist. Smells to me as though the share price was run down to clear out a distressed seller.
Still holding in the hope and expectation of great things to come.

And we finish up at 17.25p on the bid. Improving if not flying.
Where is everyone today? I would have thought that today's RNS and trade action would have stimulated a few posts. Have you all sold out? Surely not.

pond life,

No, i'm here, still holding, and pleased with today' RNS, to be honest.

I expected some damage in the GOM, and SEY appear to have had a limited hit, and with the increase in gas prices, it should lessen the impact once full production is resumed.

I still hope they will commence production early in Mauritania, it remains a possibility I believe.

This is the AFX.



LONDON (AFX) - Sterling Energy PLC said that although it has yet to return to full production in the Gulf of Mexico following the US hurricane season, the associated rise in gas prices has more than offset any financial impact of shut-in facilities.
"Strong US gas prices and the increasing likelihood of these being sustained, has, in value terms, dwarfed the short-term impact of downtime in the Gulf of Mexico due to the effects of severe weather," said Sterling chief executive Harry Wilson.

Sterling added Gulf production is expected to be fully restored towards mid/end of December.


The oil and gas explorer also said that independent consulting engineers have upgraded its proven and probable US reserves by 5 pct to 58.3 bln cubic feet of gas equivalent as of Sept 1. Of these 60 pct are in the proven category.

In Africa, the group said the conversion of the floating production vessel for the Chinguetti field, offshore Mauritania, has been completed. It is on location at the field and the hook-up and installation is well underway, Sterling said.

First production is on schedule for March 2006, building up to a 70-75,000 bpd peak within several months.

The company said the commencement of production in Mauritania will mark "a transformation in the level of Sterling's attributable production and cash flow."

"We believe our rising cash flows will provide increasing strength to Sterling and permit us to be bolder in our exploration activities, as well as enable us to selectively add further production assets to our portfolio," said CEO Wilson.

Good to see the trading update today and was quite happy with what I read. Would have been nice to see prod from GoM not being affected, however considering the storms there this year, I think that would be wishing for a bit too much! I guess we will have put this years and any future storms in the GoM as part of the risk associated with doing business in that area. Hopefully next year won't be as bad. As far as selling out goes, I don't think so at this stage, especially after holding up until now.

Just got a copy of today's Evo note and they maintain their buy rating stating a target of 35p. With regard to Chinguetti, they advise start up 1Q06 with production rising to 70-75k bopd by end 06.

Regarding Tevet-2

"The Tevet-2 appraisal success means that this 50m bbl field is likely to be
developed through a tie back to Chinguetti. If declared commercial, SEY could
receive a $2m lump sum (if>50m bbls), a royalty interest (see above) as well as
tariff income for production through the Chinguetti facilities. In addition the field life
of Chinguetti would be extended by the increased production profile and reduced
unit operating costs."

As to Madagascar, the note say's that Exxon have brought forward their seismic program for the area into 06, a year earlier than planned.

For the GoM:

"As mentioned at the interims in September and in line with the industry, the impact
of hurricanes in Gulf of Mexico on third party transmission systems continues to
limit SEYs gas production. Current production of 8 mmcfd compares to 10.2mmcfd
in 1H05. There is some offset from significantly higher gas prices resulting from the
disruption (current spot prices are $13/mcf compared to $6.38/mcf average for
1H05, but overall there is a modest negative impact on FY numbers to take into
account the lower revenue. However, the higher gas price has a positive impact on
the future value of the reserves.

Outlook for 06 from the note:

"2005 financials will pale into insignificance in 2006 when the Chinguetti field comes
on stream in March. Production should rise rapidly to a gross peak of around
75,000 b/d. We estimate SEYs turnover could increase from 13m to more than
60m and PTP rise towards 24m. More importantly cash flow from operations (pre
capex, tax etc.) could be in the range of 40-50m (depending on oil and gas
prices), some 5x current levels.

2006 should see a decision taken to develop the Tevet field as a tie-back to
Chinguetti. Also the Tiof field could see a final development decision taken (with up
to 1bn barrels in place), where in addition to royalty payments from Premier, SEY
may look to replicate its Chinguetti financing deal with the Mauritanian government."

Rather than me summarise the whole note, if anyone wants a copy then email me. Any mistakes I've made in this post are not my fault, blame them on the beers I had earlier! :-)