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

Sold out last year, better performance else where in my mind, Chingetti already added into the sp so can't imagine another push from this field..

explosive, views taken on board but im sure that there is also an agreemnet with a big USA oil company in Madagasscar!

Cellby, you should get back on!!! just look at the trade volume each day, it is turning over in the millions and each day sees a certain amount of volatility with the day closing at approx 1-2% above on the previous. This has been happening for the last fortnight. So its a steady appreciation of the SP and nothing extra-ordinary which probably therefore goes unnoticed by many private investors. Thus I assume that perhaps a more steep sp appreciation could be possible especailly whne info on Maurintania is reflected in the accounts!!!!

jameel06
sorry I did not get back to you had to go help a pal at short notice for a couple of days he is not on line.
picked the info up on another bb.
I think (hope) the sp will go up when oil starts to flow.
I am a holder in these, if this companys income this year is to go up 5x the share price must shurely at least go 2x by the end of year. (my thoughts)

jameel006,

You have hit the nail on the head, SEY's .25p price rises are have been consistent, yet have largely gone unnoticed by the BB community, as they concentrate on those stocks such as VOG or Meridian, that have climbed precipitously recently.

I prefer slow and steady rises personally.

Chinguetti production to start next month

Monday, January 30, 2006

PERTH-based Hardman Resources says the Chinguetti partners - which also include Australian companies Woodside and Roc Oil - are on track to start production at this major offshore West African project in the second half of February.



Production testing at Chinguetti

Hardman said development of the Mauritanian oil field was now 96% complete and production was expected to ramp up during March and reach peak rates in April. Output then should be about 75,000 barrels a day.

Chinguetti's final budget forecast remains at US$705 million (A$935 million), with a continency of US$45 million (A$59.7 million), Hardman said.

Cashflow from Chinguetti would be used to fund the company's exploration programs in Mauritania and Uganda, according to Hardman managing director Simon Potter.

"Chinguetti production, bringing strong revenues boosted by the high oil price, is close at hand," he said.

"During 2006 we shall begin deploying these revenues to accelerate development of the group."

However, a cloud has been cast over the project with Chinguetti operator Woodside having been named in accusations of fraud and corruption against former Mauritanian oil minister Zeidane Ould Hmedia.

Last week, media reports said Hmeida had been imprisoned and was awaiting trial.

Reuters South Africa reported that prosecutors claim an amendment to a production sharing contract with Woodside that Hmeida signed in December 2004 reduced the share paid to the Mauritanian state.

But the Chinguetti partners defended the validity of their Mauritanian leases and production sharing contracts, after reports surfaced over the alleged corruption.

Operator Woodside and partners Hardman Resources and Roc Oil told the ASX in separate statements that discussions with the Mauritanian government were continuing over their PSCs in the country, but said this was normal.

Chinguetti is the first oil development in the impoverished West African nation, and the new government expects oil development to generate economic growth of 20% cent this year.

Despite fears the corruption allegations Hardman shares closed up 3.5 cents at $1.935 on Friday and opened at $1.95 today

Roc closed at $3.04 on Friday and opened at $3.07 today.

Woodside closed at $4.472 on Friday and opened at $4.580 today.

Looking good, my buy at 17.25p is looking nice now and the black stuff is about to flow!! sp targets anyone?

Jameel006 - "explosive, views taken on board but im sure that there is also an agreemnet with a big USA oil company in Madagasscar!"

If such and agreement exists with a big oil company in Madagasscar then lets hear about it or have an RNS on it... Sorry Jameel but "I'm sure" isn't good enough for me... Personally I always though SEY would be aquired by a bigger player in the market a view shared by many... I'm staying out of this one as I think better shares on the market than SEY at the moment. Each to their own though and I wish you the best of luck, never know I could come back to this stock in the future.

andysmith,

To be pefectly honest, share price predictions are a VERY inexact science, in fact more guesswork IMO.

Having said that, there does seem to be a consensus amongst BBers that SEY will run up to 30p on the back of Chinguetti production, though I personally doubt that, 25p being the highest price I can see without any further news.

explosive - this is for you.

Posted 3 pages back.

Confirmationj is on the Sterling Web Site.

http://yahoo.reuters.com/financeQuoteCompanyNewsArticle.jhtml?duid=mtfh91028_2006-01-16_10-48-28_l16759835_newsml

"Exxon Mobil to open office in Madagascar"
Mon Jan 16, 2006 05:48 AM ET
ANTANANARIVO, Jan 16 (Reuters) - American oil giant Exxon Mobil (XOM.N: Quote, Profile, Research) is to open an office in the Madagascan capital as it prepares to start drilling in two recently acquired offshore blocks, the government said on Monday.
Elise Razaka, director general of the Office of National Mines and Strategic Industries, said Exxon would set up an office in Antananarivo on Jan. 27.

"Because of the oil drilling works it will soon undertake offshore, Exxon Mobil is opening an office in Antananarivo," Razaka told Reuters.

Last July, Exxon boosted its oil and gas presence in Madagascar by taking a 70 percent interest in two licences held by small UK-listed oil explorer Sterling Energy (SEY.L: Quote, Profile, Research) .

Though largely unexplored, the government thinks the world's fourth largest island has big reserves of oil that are profitable to extract at current prices.

It expects to have production of around 60,000 barrels a day in the next 3-4 years, much of it coming from offshore blocs on the northwest coast.

Razaka said that in one of the blocs, Exxon had teamed up with privately held American explorer firm, Vanco Energy, and Norway's Norsk Hydro (NHY.OL: Quote, Profile, Research) .

"The offshore prospecting works undertaken off Mahajanga, in the northwest of Madagascar, will be launched at the beginning of the year," Razaka said.

Besides Exxon and Norway's Norsk Hydro (NHY.OL: Quote, Profile, Research) , which has its own concession in addition to its venture with Exxon, the government says it is negotiating with other oil giants.

These include Chevron Texaco (CVX.N: Quote, Profile, Research) , Royal Dutch Shell (RDSa.L: Quote, Profile, Research) (RDSb.L: Quote, Profile, Research) , BP (BP.L: Quote, Profile, Research) , Total (TOT.N: Quote, Profile, Research) , Norway's Statoil (STL.OL: Quote, Profile, Research) and China's National Petroleum Corporation.

The impoverished island of 17 million is also being explored by mining companies looking for gold, gemstones, nickel and titanium.

Madagascar, an island off the southeast coast of Africa, is known to have oil and gas reserves, but they are poorly mapped and drilling remains at an exploratory stage

Production commences February 17th

"Production will begin Feb. 17 at the offshore Chinguetti oil field, located 65 kilometers (40 miles) west of Nouakchott in the Atlantic Ocean, said Aboubakr Ould Marouani, director of the state-run Mauritanian Hydrocarbon Company, which is charged with overseeing oil sales.

Oil will be loaded onto ships and exported beginning in mid-March, Marouani said.

The offshore field is operated by Woodside Energy of Australia.

Mauritanian officials say production is expected average about 75,000 barrels of oil a day for nine years."


ee(tmf)

lovely jubley

poo bear,


Cheers for that.

Surprised at only a .25p rise for that news personally, effectively production is starting early.

Now .5p
Good volume again today, with the best part of 5 million shares traded in four parcels. Some major moves are afoot.

What great news-75,000 barrels a day for 9 years,non stop prodn. let the show begin

What great news-75,000 barrels a day for 9 years,non stop prodn. let the show begin

someone know what 75kbpd is worth as Sey's share - is it 8% royalty? do they get a bonus for going on stream? too tired to look it up - apologies.

sd

Stockdog - it actually works out to nearer 12%(assume 12%), with the Premier Royalty added to the GOM deal.

It's mega, 75000barrelsx365days a yearx$45(approx)bblx12/100(percentx9years=

$133,042,500 gross, then apply extraction costs, transportation costs and taxes.

Woodside are in dispute with the Mauritanian Government, does ot affect Chinguetti production.

Woodside dispute

Woodside Petroleum Ltd. has been advised by the Mauritanian Government that it disputes
amendments to four offshore production sharing contracts operated by the companys whollyowned
subsidiary, Woodside Mauritania Pty Ltd.
The amendments, which are supplementary to the production sharing contracts, were negotiated
with the Ministry of Energy and Petroleum and approved by the Mauritanian Government and the
Mauritanian Parliament before becoming law in 2005. Woodside is confident that the amendments
are proper, valid and binding on all parties.
Woodside Mauritania Pty Ltd is in discussions with the Mauritanian Government to explore ways of
resolving the dispute.
Woodside welcomes the Governments willingness to address the matter under the dispute
resolution procedures of the production sharing contracts. If the dispute cannot be resolved
through discussion, the parties are likely to begin arbitration under the contract terms.
The dispute does not affect the Chinguetti project which remains on schedule to produce first oil
this month.
Woodside operates the Chinguetti Joint Venture and the four offshore production sharing contracts
on behalf of several joint venturers, including Hardman, BG, Premier, ROC Oil, Fusion, Petronas,
Dana Petroleum, Energy Africa and the Government-owned SociMauritanienne des
Hydrocarbures.

Interesting, poo. Hopefully this won't affect the share price today. There were a lot of big deals going through yesterday. A buy bot was working, buying parcels of 50,000 shares at 23.5p Every few seconds another buy would tick through and if the price tripped up to 23.75p then the buys would astop until the price came down again. Clearly there was a large seller feeding the market and at the close of play this was identified by a sale of 6,000,000 + shares.
The price ticked up another notch at the close, so let's hope that the seller has cleared and we can make more progress from here.
Perhaps one or two large holders are nervous of the possible dispute with the Mauritanian government. If they got wind of an RNS out today this could have triggered selling. If the price doesn't tank today then they clearly got it wrong.