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

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! :-)

gavdfc

Thanks for the note.

Kind regards

ODE TO SEY

oh how i long for the day
when all threads were quiet while you were in play
hark, the quiet bird flutters silently
amid a beatless heart over morbid boards

SWW, Gav and Square
its seems like it is us over grief we share
join me in the passing of the cooking advice
rejoice in reincarnation and post once again!

RGDS
PT

18p

Still keeping the faith eh, Prop?

By the dearth of posts here, I had imagined the money had been squirrelled away elsewhere and that SEY was destined to be the one that got away from the many.

Still in.

Nam

Finished topping up and just waiting patiently for the Chinguetti start-up!!

Wish i could get some at 15 if i pen a note to santa whats me chances prop ?

dave..email him he may be more receptive...

Nice one.

It seems that we have a poet amongst us!

Yeah, but he don't know it......

don't get me started....

i missed you guys. i have been busy getting my business going but have been keeping and eye on things.

rgds
PT

Gav,

Cheers.


Prop,

At last!

Gav, thank you.

Andy, you bet!

No problem guys, you're welcome.

Countdown to the blackstuff flowing!! Can the useless twat Brown tax SEY on profits from this or is it only North Sea Production, excuse my ignornace!!
My target 30p minimum before I consider selling these, might even top up.

andy - no.

yet another late night...any good jokes?