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

Dr Square,

It looks as though the two companies are different.

funnily enough, HW commented that there are several companies called Sterling, and that it does cause confusion, at the last AGM.

There is also a Sterling involved in the North Sea I believe.

All,


I found this on an Australian BB, so cannot verify if this is a true quotation or not, but I believe it probably is.

It is from the CEO of Woodside Petroleum, to his employees, regarding the dispute they are having with the Mauritanian government.

The fifth item is the one that is significant for SEY holders.
I post for information puproses only, as SEY are a partner.

-----------------------------------------

The following was an internal email sent to Woodside employees last week:


You will know by now from our statement to the Australian Stock Exchange last Friday that we have been notified by the Mauritanian Government that they dispute amendments to our offshore production sharing contracts in Mauritania.

So we all understand the context of this dispute, I thought it useful to give you some background.

First, production sharing contracts are common the world over. After they are signed, amendments are often negotiated to clarify and interpret unforseen points that arise from actual operating experience. This has happened in this case. The amendments clarified such matters as abandonment and decommissioning, treatment of past costs, extensions to some exploration periods and additional training commitments.

Second, production sharing contracts invariably contain a dispute resolution mechanism for the parties to fall back on if they cannot agree. The Government is using this mechanism in this case and we welcome it.

Third, it is understandable for a new government, as in the case of Mauritania, to examine the contracts and any amendments and to debate their content. This is happening. It is also happening with other Mauritanian industries such as fishing.

Fourth, the current dispute with Mauritania refers only to amendments to our contracts, not the contracts themselves. In other words, our contracts are not under challenge.

Fifth, the dispute does not affect Chinguetti. It is business as usual for this project and we are on track to produce first oil this month, a significant achievement given we approved the development less than two years ago.

In the case of the amendments which the Government now disputes, we have been in discussions with them for several weeks. All along, our talks have been civil and we are determined to resolve the dispute amicably.

As you would expect, the dispute has caused some public comment, particularly in Mauritania, and the former Minister for Energy and Petroleum has been detained, apparently over the former Government's process of approving the amendments. Various commentators have suggested impropriety in this process but they have provided no evidence. We have chosen not to engage in the public debate, other than through the Australian Stock Exchange. For our part, we are confident that the amendments are proper, valid and binding on all parties. We are also confident that our people working in Mauritania have acted honestly, ethically and honourably.

We have much to be proud of in Mauritania and the people of Mauritania stand to reap significant benefits from our presence. While discussions continue on the disputed amendments, I ask that we maintain our focus and continue to support our Africa Business Unit.

We'll keep you posted as events unfold.

Regards,

Don Voelte
Managing Director & CEO

Andy
Your post ex-Woodside mirrors my experience
I remain committed to my holding

Hi all

Woodside announce mid week should get more clarification. But all indications still are no effect to Ching or Sterling.

http://www.rigzone.com/news/article.asp?a_id=29364

Regards

Dr Square,

Many thanks.

Andy,

Thanks for Woodside info, every confidence that market will wake up to this one and have added (again!) to my SEY holding today.

Ray A?

Rayrac?

Andy to pick up on your point about the North Sea, if my memory serves me right.
They have a minute royalties in 2 N/S Blocks.
Doing a countdown, 14 days left to 1st Production?
cyril

I find it most encouraging that they've just brought on board (today's RNS) a highly qualified City man, apparently just to look after all the cash that will flow from Chinguetti!!

no doubt he will be his own first port of call - lol!

niceonecyril,

Yes you are correct, from the SEY website;

------------------------------------
Other Interests

Location: Onshore UK, Netherlands and Canada

Sterling holds minor equity and royalty interests in various other countries. PEDL 071 is onshore UK (near Caythorpe) where Sterling holds a 10% equity. Donkerbroek is onshore the Netherlands where Sterling holds a 10% equity. A range of small equities and overriding royalty interests are held by Sterling onshore in Canada and USA.

------------------------------------

At the AGM they mentioned they were intending to dispose of the remaining UK and European interests.

I guess they are either still awaiting a deal, or have changed their minds.

Personally I would like to see them expand into the N.Sea, to diversify the political risk, but they have a good portfolio in Africa spread over several countries.

Been in the company 5 minutes and he can see the value.

Sterling Energy plc ("the Company")

Director's Share Purchase


The Company has been informed that Chris Callaway, who was appointed as a
non-executive director of the Company this morning, has today purchased 100,000
ordinary shares of 1p each in the Company ("Ordinary Shares") at a price of
23.25p per Ordinary Share, representing less than 0.01% of the issued share
capital. This represents Mr Callaway's beneficial holding of Ordinary Shares.

regards

He paid full price too!!

Forum aquisition in the Philippines!


http://www.ukdistribute.com/links/2006-02Basic.pdf

Well.

It's Chinguetti Eve, and not a sound was there to be heard................

Poo Bear

Novice dave just posted an article kick off delayed?? AD-VN

regards

poo,

Yes it's delayed, no great surprise really, something always goes wrong somewhere, in technical projects, and SEY and Woodside always said end of February, whereas Hardman possibly raised false expectations by saying mid February.

This may knock a tad off the price tomorrow, but only short term IMO.

-------------------------------



Feb. 16, 2006, 8:48AM
Mauritania Sets Up State Account for Oil


By AHMED MOHAMMED Associated Press Writer
2006 The Associated Press

NOUAKCHOTT, Mauritania Mauritania will set up a special state bank account to manage all oil revenues in the West African country in a bid to avert corruption and ensure transparency in the oil sector, a government spokesman said Thursday.

The desert nation is expected to begin pumping oil for the first time later month at an offshore platform that authorities hope will produce 75,000 barrels daily.

Communications Minister Cheikh Ould Ebbe told reporters the decision to set up the state account was made during a Cabinet meeting Wednesday night.

"These account will store all oil income of the state, such as resources generated by ... oil production, as well as royalties, taxes and other oil receipts," Ebbe said.

All state oil income must be deposited in the account and pledged the money "will be used exclusively for the state budget," Ebbe said.

Other African nations like Sao Tome and Principe, which has yet to start producing oil, have set up similar accounts to manage oil funds.

Last month, the World Bank suspended US$124 million (euro103 million) in loans to Chad after Chad's parliament passed legislation making major changes to a 1999 World Bank agreement on the allocations of oil revenue, including abolishing a fund set aside to fight poverty in the country after oil wells ran dry.

The World Bank suspension automatically froze Chad's ability to transfer oil revenues that have been deposited at the London branch of Citibank.

In Mauritania, oil production was due to start Feb. 17 but government officials say it has been delayed and is expected to begin by the end of the month at the offshore Chinguetti oil field, located 65 kilometers (40 miles) west of the capital, Nouakchott.

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.

The oil was expected to bring a vital source of income to the Arab-dominated desert nation, whose 2.7 million inhabitants live on less than US$1 (or euro1) a day.

Junta leader Ely Ould Mohamed Vall has ruled Mauritania since toppling President Maaouya Sid'Ahmed Ould Taya in a popular bloodless coup in August.

No problem really.

Hammer to crack a nut?

11 days left, thats 8 trading days before they turn on the taps
cyril

Thats the way..........

That means they can time it for the usual Tuesday update from Hardman.